During the pandemic, ultra-wealthy individuals flocked to Singapore, attracted by its less strict controls and favorable tax policies. The number of single-family offices based in the city-state more than tripled in three years, rising from 400 in 2020 to 1,400 by the end of 2023 according to government data.
But the industry is coming under scrutiny after Singapore uncovered its largest-ever money laundering case, leading to the arrest of 10 foreigners and over 3 billion Singapore dollars ($2.2 billion) in confiscated assets.
