S'pore Aims to Boost Charitable Giving Amid Surge in Family Offices

Single family offices crossed 2,000 as at end-2024, a tenfold jump in just five years

- Chin Soo Fang

Singapore is seeking to boost charitable giving by family offices here, with the number of single family offices (SFOs) in the city-state having risen to more than 2,000 as at end-2024, a tenfold jump in just five years.

The rise in family offices – privately held companies that manage the wealth of ultra-rich families – can be attributed to the Republic's tax incentives, regulatory clarity and professional advisory networks. These conditions make it a trusted hub for high-net-worth individuals to turn their philanthropic ambitions into credible action, said Ms Mae Anderson, head of philanthropy services, Asia, at BNP Paribas Wealth Management.

The 2024 edition of Singapore's Biggest Philanthropic Organisations List by social impact consultancy Soristic Impact Collective included 117 organisations, up from 101 in the previous edition. Total giving hit $431 million, a 96 per cent jump from $220 million in the prior 2022 edition.

Among the top 10 givers, five were affiliated with individuals or families, two were affiliated with corporates, two were donor-advised fund sponsors and one was affiliated with a clan.

Apart from philanthropic work, family offices have helped to foster innovation, advance healthcare breakthroughs, and champion sustainability initiatives through the strategic deployment of private capital, a spokesperson for the Economic Development Board (EDB) told The Straits Times.

For instance, the Carbon Project Development Grant co-funded by EDB and private capital from family offices here has helped local firms develop carbon projects and credits. The Gates Foundation, which set up its Singapore office in May 2025, is also expected to mobilise at least US$100 million (S$128.5 million) from family offices and foundations here to improve healthcare across South-east Asia through its Health for Human Potential Community.