The family office industry is growing, with a particular focus on Asia as the region becomes a global economic powerhouse. Singapore, an international financial center, is well-positioned to become a family office hub, with the number of family offices in the city-state rising five-fold between 2017 and 2019. Unlike their Western counterparts, most Asian family offices are relatively young and rely on the family business as their main vehicle for wealth generation. As family patriarchs and matriarchs age, there will be a significant intergenerational wealth transfer over the coming ten to fifteen years. The Covid-19 pandemic has disrupted the industry, affecting financial markets, communities, and businesses, including family offices.
