--- title: "Singapore family-office statistics: what MAS's wealth figures measure | Altss Blog" description: "MAS's SFO count, S$6.7tn industry AUM and private-bank growth describe different populations. What those measures mean for family-office research." canonical: "https://altss.com/blog/singapore-family-office-count-mas-aum-private-banking" --- [Altss Research](https://www.linkedin.com/company/altss) 4 min read Updated Oct 22, 2026 Share # Singapore family-office statistics: what MAS's wealth figures measure MAS's SFO count, S$6.7tn industry AUM and private-bank growth describe different populations. What those measures mean for family-office research. [Back to blog](https://altss.com/blog) Share [LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=) [X](https://x.com/intent/tweet?url=&text=Singapore%20family-office%20statistics%3A%20what%20MAS%27s%20wealth%20figures%20measure) Copy link MAS reported more than 2,000 single-family offices receiving tax incentives at the end of December 2025. Its [August 5, 2026 parliamentary reply](https://www.mas.gov.sg/news/parliamentary-replies/2026/written-reply-on-sfos) identifies the relevant schemes as sections 13O and 13U. The same reply reports S$6.7 trillion in assets under management across Singapore's broader asset-management industry. The office count and the asset total describe different populations. For a private-markets fundraising team, combining those figures would create a misleading picture of available family capital. The industry-wide total cannot establish the assets of those offices, their average size or the amount available for external fund commitments. ## A policy count and an industry asset total The parliamentary question requested family-office numbers and assets, including country-of-origin breakdowns and applications under processing. The answer supplies the tax-incentivised SFO count and identifies broad regions of family origin. It does not give a country-by-country SFO asset table or quantify the assets behind pending applications. The reported count is also a lower-bound statement, rather than an exact total. It does not enumerate every family investment entity, multi-family office, fund vehicle or prospective LP in Singapore. Nor does a year-end stock of qualifying offices reveal how many were newly established during that year. The S$6.7 trillion figure belongs to the wider asset-management industry, whose assets MAS says grew 10.1% in 2025. That industry growth rate cannot be assigned to the assets of tax-incentivised SFOs using this reply. ## Family origin is not an investment destination MAS says the families originate predominantly from Asia Pacific, followed by Europe and the Americas. This describes the origins of the families whose money the qualifying offices manage. It does not map where their portfolios invest, or establish which countries and regional strategies an external manager can pitch to them. For a GP planning a Singapore roadshow, those are separate research fields. Family origin can provide relationship context; geographic mandate has to be established for the actual allocator. Treating an Asia-Pacific-origin family as evidence of demand for an Asia-Pacific fund would fill a gap the reply leaves open. ## Private banking supplies another measure In his [October 5, 2026 family-office summit remarks](https://www.mas.gov.sg/news/speeches/2026/keynote-speech-by-dpm-gan-kim-yong-at-wmi-gfoc-summit), MAS Chairman Gan Kim Yong described private-banking client assets growing around 50% over five years and 15% between 2024 and 2025. These are private-banking asset measures, with their own periods. They do not quantify family-office assets or the capital committed to private funds. The speech also separates an account-opening objective from observed results. Private Banking Industry Group member banks had committed to bringing median account-opening times within one month by year-end. Nearly half of new accounts opened by those banks over the preceding three months had been completed within a month. A target for a median and an observed share of accounts answer different questions. Neither measures the time a family office takes to select and commit to an external manager. ## From ecosystem scale to a named allocator These official publications establish the scale and development of different parts of Singapore's wealth ecosystem. They leave the manager-specific fundraising question open: which legal investor has the relevant mandate, authority and capital allocation? Answering that question requires evidence about the particular investor or transaction. Altss's [analysis of named family-backed investments](https://altss.com/blog/family-backed-direct-investments-october-2026-company-rounds-platform) addresses that separate level of activity. An aggregate office count cannot supply an undisclosed ticket, and a large industry asset pool cannot substitute for a named commitment. The dates remain part of the finding. The SFO count describes December 2025, the industry asset change describes 2025, and the banking figures describe the periods identified in the October speech. Publication in 2026 does not turn any of them into a measure of new October private-market investment. 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