Quantifying Contributions of Family Offices to Singapore's Economy (written answer), 6 July 2023

Written answer of 6 Jul 2023 on single family offices (SFOs): MAS has data only on SFOs with section 13O/13U tax incentives; as at June 2022 these employed about 1,400 Singaporeans and PRs, about 900 jobs created in the last three years, two-thirds earned more than S$5,000 a month, more than 400 S$2,000-5,000, fewer than 50 below S$2,000; MAS announced tax-incentive changes the day before; the tax incentives do not confer PR or citizenship; about 30 SFO owners supported under the GIP since 2020 (already recorded); March 2023 GIP change requiring SFO applicants to deploy S$50 million (already in terms and events); PR/citizenship assessment factors (words). The SFO employment and wage figures are about the MAS tax-incentive scheme, which the answer says gives no residence rights; not recorded (no indicator, and not programme jobs: rbi_jobs_created is for businesses of programme investors).