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Covid fears are pushing the world’s mega rich to set up in Singapore

Bloomberg7/29/2020 05:29 PM GMT+08  • 2 min read
Covid fears are pushing the world’s mega rich to set up in Singapore
MAS says the world's rich are setting up family offices in greater numbers in Singapore, as the pandemic brings to light their individual mortality and succession plans for future generations.
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The world’s rich, reminded of their own mortality, are setting up family offices in greater numbers and plumping for Singapore as a base, according to Monetary Authority of Singapore Deputy Director Spencer Hsu.

“It appears the pandemic has actually served as a reminder of individual mortality and prompted families to bring forward plans, which they may have cast aside previously,” Hsu, who’s also part of the central bank’s family office development team, said during a virtual forum in the city-state Wednesday.

Singapore has been trying to attract family offices -- the secretive firms set up by the world’s richest clans to manage their money and interests across multiple generations -- in an effort to become Asia’s leading wealth management hub. Tax incentives, special fund structures and promises of residency have all been deployed.

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