Family Office

The Global Spread Of The North America Family Office Model

Harriet Davies, Editor Americas, 14 February 2012

articleimage

The current “hybrid model” of a family office in Asia, and especially in the wealth hub Singapore, is likely to transition to a North American/European model of the integrated family office over time.

The current “hybrid model” of a family office in Asia, and especially in the wealth hub Singapore, is likely to transition to a North American/European model of the integrated family office over time, according to a new white paper, Singapore Family Offices, by Richard Wilson Capital Partners.

Singapore is a hotbed of private wealth: 15.5 per cent of households are millionaire households, placing it number one globally by this measure, followed by Switzerland (9.9 per cent) and, in seventh place, the US (4.5 per cent), according to data from Boston Consulting Group.

While this does not attest to overall numbers of wealthy people – as the population of the city state, at around 5.2 million compared to the US’s 313 million, is comparatively tiny – it does indicate a concentration of wealth that is indicative of the country’s business and wealth tax regime.

A snapshot of its economy shows it registered growth last year of 14.5 per cent and in the crisis only experienced one year of negative growth, of -0.8 per cent in 2009 (source: US government).

Singapore is also a regional hub for Asia, a region with 17,500 ultra high net worth individuals – equivalent to 17.5 per cent of the world’s ultra-wealthy population – the white paper claims.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes