Asian Wealth Solutions Forum 2019 - Exclusive Insights - Lee Woon Shiu - 2

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1. Is Singapore becoming the ‘go-to’ centre in Asia for HNWIs and ultra-HNW families?

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1. Is Singapore becoming the ‘go-to’ centre in Asia for HNWIs and ultra-HNW families?

If the results of the Deloitte International Wealth Management Centre 2018 is anything to go by, it would appear that Singapore is emerging as a front runner in this space. We are second only to Swit-zerland in this area, and I think we increasingly see Singapore play a more active role because of four factors. Stability. So, this is key for ultra-high-net-worth families. So before in the past in 2018, Hong Kong was the fastest mover in terms of the growth, but we see that come 2019, for this reason, Singa-pore may score higher in that front. That's number one. Number two, in second matrix of tax and regu-lations, Singapore, because of the tax exemption benefits that offers to family offices, is also fast gain-ing ground for that reason. And number three, the ecosystem. I think Singapore is also really becoming more and more robust, with more and more advisors across the entire suite of family office solutions. Not just in terms of advisors for tax and law, but also platform providers and builders, which come into Singapore to build a platform of family offices. So, all of that is contributing towards Singapore becom-ing the go-to jurisdiction for family offices and ultra-high-net-worth families in this part of the world.

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