Singapore is streamlining processes for ultra-wealthy individuals seeking to establish accounts and family offices.
From July 2025, high-net-worth individuals (HNWIs) setting up family offices or private banking accounts in Singapore can expect a faster, more efficient process. The Monetary Authority of Singapore and local banks have collaborated to cut the typical account-opening time from six months to just three months.
This move aims to position Singapore as the leading wealth management hub in Asia, competing with Hong Kong, Dubai, and Zurich. Family office growth has been explosive—rising from 1,650 in 2024 to over 2,000 in mid-2025—driven by tax incentives, political stability, and a robust financial ecosystem.
Industry insiders say the faster process will attract a new wave of billionaires and ultra-wealthy entrepreneurs from China, India, and the Middle East. These clients bring not only deposits but also investment flows into Singapore’s equity, bond, and real estate markets.
Singapore wealth management, high net worth clients, family offices, banking
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