A Three-Way Race for Ultra-Wealthy Families
The competition to attract the world’s wealthiest families has intensified into a three-horse race across Asia, with Singapore, Hong Kong, and the United Arab Emirates each offering distinct advantages. Singapore enters 2026 as the dominant private wealth and asset management center in Asia outside Greater China, but Hong Kong is clawing back share through tax incentives and a revived IPO pipeline.
The numbers tell a nuanced story. Singapore exceeded 2,000 single family offices as at end-2024, up 43% year on year, while Hong Kong recorded 3,384 family offices as at end-2025, up 25%. The Dubai International Financial Centre tracks family-related entities—including holding companies and foundations—and saw 1,289 such entities as at end-2025, a 61% increase from a year earlier.
Different Philosophies, Different Propositions
Singapore’s Regulatory Clarity vs. Hong Kong’s Flexibility
The two primary Asian hubs are pursuing fundamentally different strategies. Singapore is placing greater emphasis on regulatory clarity, oversight, and operational discipline. Hong Kong is focusing on investment flexibility, tax competitiveness, and the breadth of its asset management proposition.
Singapore’s revised framework, effective from 15 June 2026, introduces a dedicated class exemption for qualifying single-family offices from fund management licensing under the Securities and Futures Act framework. This rules-based approach appeals to families prioritizing certainty and compliance infrastructure. As TMF Group data shows, Singapore and Hong Kong sit at very different points on the regulatory complexity spectrum—Singapore in the middle, Hong Kong among the least complex jurisdictions in the world.
The UAE’s Emerging Role
Dubai and Abu Dhabi are carving out a complementary niche. While Singapore “will always be the bedrock” for setting up family offices in Asia, different centres serve different purposes, according to Raymond Ang, Standard Chartered’s global head of private bank. Hong Kong offers strong trading flow and active capital markets, while the UAE provides businesses a “great place of access” to the West.
The Multi-Jurisdiction Strategy of Modern Wealth
Why Families Are Choosing “And” Rather Than “Or”
The most sophisticated ultra-wealthy families are increasingly adopting a multi-jurisdictional approach, establishing family offices in three to four locations rather than concentrating operations in a single hub. This mirrors the strategy of Western wealthy families who have long maintained presences across multiple financial centers.
Standard Chartered reported that affluent clients brought the lender close to US$52 billion in net new money in 2025, with the bank particularly focused on serving global Chinese and global Indian clients. The bank’s strategy of maintaining booking centres in Singapore, Hong Kong, the UAE, and Jersey reflects the reality that wealth management is becoming a networked, multi-hub operation.
The Ambani Case Study
The Ambani family office illustrates this multi-jurisdiction trend. Led from Mumbai with a Singapore branch, the office manages an estimated $50 billion or more as of mid-2026, allocating the family’s roughly 50% stake in Reliance Industries alongside $15-20 billion deployed externally across technology, energy, and venture capital. The Ambani office is simultaneously expanding its Singapore operations while Li Ka-shing’s Hong Kong office has been dealmaking there, demonstrating that capital flows between hubs rather than choosing one over another.
The Talent and Ecosystem Dimension
Where the Professionals Are Going
Singapore has a head start over Hong Kong and the UAE when it comes to building an ecosystem to attract family offices. The city-state’s ability to attract and retain top wealth management talent, combined with its network of legal, tax, and advisory professionals, creates a self-reinforcing advantage. Bank of Singapore, for instance, strengthened its Family Office and Wealth Advisory senior bench in 2026, appointing Elvin Ho as Head of Family Office and Structuring Solutions to support its ultra-high-net-worth push.
Meanwhile, the DBS-backed family office platform reached S$1 billion in assets under management just two years after launch and is on track to hit S$2 billion by end-2026. The platform is currently engaged in discussions with over 15 potential clients, reflecting sustained demand for institutional-grade family office services.
The Verdict: No Single Winner
For families weighing their options, the decision increasingly hinges on specific needs rather than a binary choice. Singapore offers unmatched regulatory certainty and a comprehensive ecosystem. Hong Kong provides proximity to Chinese markets and trading flows. The UAE delivers Western access and a growing family office infrastructure. As Asian families mimic their Western counterparts in establishing multi-hub presences, the competition between Singapore, Hong Kong, and Dubai may ultimately benefit all three—by creating a denser, more sophisticated network of family office services across the region.
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