Handshakes Chief Information Officer, Ong Jun Hao, appointed by IMDA as one of 18 SG Digital Leaders in 2023

The family office numbers in 2021 and 2022 were strikingly higher than the pre-pandemic numbers of 45 in 2018 and 192 in 2019, noted Handshakes, which studies data from the Accounting and Corporate Regulatory Authority (ACRA) to derive information on family offices.

According to data from analytics platform Handshakes, out of 63,801 new corporate entities formed here last year, 29 per cent were foreign-owned – that is, foreigners held stakes of more than 50 per cent in them.