Singapore’s stock market could draw as much as S$15 billion (US$11.23 billion) of inflows if 300 new single family offices were to set up shop in the city state this year, Maybank Securities predicts.
The estimate is based on each office having at least S$200 million of assets under management, the securities firm says in a report on February 23.
Singapore offers tax incentives to single family offices that manage at least S$200 million of assets and invest a minimum S$50 million in local stocks.
Last year, 600 new single family offices were opened in the city state, doubling from 300 in 2023.
Meanwhile, Maybank Securities describes proposals by the Monetary Authority of Singapore’s market review group to make the stock market more attractive by offering tax incentives as a “shot in the arm” for stocks.
The measures proposed by the group and announced by Lawrence Wong, Singapore’s prime minister, on February 18 include tax incentives for fund managers and enterprises that list their companies or funds in the city state.
“We believe these measures display a strong commitment to supporting the local bourse,” the report says.
