SINGAPORE (Reuters) – The variety of single household workplaces in Singapore grew to 2,000 in 2024, the deputy chairman of town state’s central financial institution, Chee Hong Tat, stated on Tuesday.

That is up from a determine of 1,650 Chee shared in September final 12 months.

Singapore has benefited from robust inflows of wealth into Asia on account of insurance policies beneficial for setting up household workplaces and trusts, low taxes and its location as a gateway to the rising Southeast Asian markets.

Single household workplaces are one-stop corporations that handle the funds of the very rich.

“There will be, I think, more interest from investors to look at Singapore as a key node and hub in Asia,” Chee stated in a session on the UBS Asia Wealth Discussion board convention in Singapore.

“We want to see how we can offer greater variety of investment options, including for people who want to put their wealth here also to grow their wealth,” he added.