With surge in family offices, Singapore aims to boost charitable giving

Singapore is seeking to boost charitable giving by family offices here, with the number of single family offices (SFOs) in the city-state having risen to more than 2,000 as at end-2024, a tenfold jump in just five years.

The rise in family offices – privately held companies that manage the wealth of ultra-rich families – can be attributed to the Republic’s tax incentives, regulatory clarity, and professional advisory networks. These conditions make it a trusted hub for high-net-worth individuals to turn their philanthropic ambitions into credible action, said Ms Mae Anderson, head of philanthropy services, Asia, at BNP Paribas Wealth Management.

The 2024 edition of Singapore’s Biggest Philanthropic Organisations List by social impact consultancy Soristic Impact Collective included 117 organisations, up from 101 in the previous edition. Total giving hit S$431 million, a 96 per cent jump from S$220 million in the prior 2022 edition.

Among the top 10 givers, five were affiliated with individuals or families, two were affiliated with corporates, two were donor-advised fund sponsors, and one was affiliated with a clan.
 

Apart from philanthropic work, family offices have helped to foster innovation, advance healthcare breakthroughs, and champion sustainability initiatives through the strategic deployment of private capital, a spokesperson for the Economic Development Board (EDB) told The Straits Times.

For instance, the Carbon Project Development Grant co-funded by EDB and private capital from family offices here has helped local firms develop carbon projects and credits. The Gates Foundation, which set up its Singapore office in May 2025, is also expected to mobilise at least US$100 million (S$128.5 million) from family offices and foundations here to improve healthcare across Southeast Asia through its Health for Human Potential Community.

The Government is supporting family offices in strengthening their philanthropic efforts through various initiatives such as the provision of relevant courses.

For example, in 2021, the Monetary Authority of Singapore (MAS) and the Institute of Banking and Finance published a set of technical skills and competencies for the financial sector and family office professionals offering philanthropy advisory services. Locals who attend training courses using these benchmarks can obtain co-funding support for their course fees.

MAS also partners with philanthropic organisations, private banks and other stakeholders to create awareness of giving opportunities. This includes connecting the Community Foundation of Singapore and Community Chest to the SFOs that apply for MAS tax incentive schemes.

The philanthropic ecosystem here also includes organisations like ImpactSG, which helps to match funding to needs in Singapore and Asia. Co-founder and executive director Edmund Twohill said it has engaged with more than 100 individuals to contribute to Singapore since its launch in November 2024.

ImpactSG also partnered with Farro Capital, a multi-family office, in August 2025 to provide philanthropic advisory services to their clients. This partnership has already engaged with five families, resulting in a commitment of $600,000 in annual donations.

In addition, events like the Global-Asia Family Office Summit, to be held on 29 September and 30 September at the Conrad Singapore Marina Bay, serve as valuable platforms for family offices and advisers to exchange insights.

MAS also supports the development of philanthropic tools, such as ImpactCollab by Asian Venture Philanthrophy Network (AVPN), an online portal which helps users conduct due diligence checks on charities and evaluate the impact of their contributions.

To further encourage giving, MAS made enhancements to the tax schemes for SFOs in 2023 to recognise donations to qualifying local charities as eligible expenditure under the MAS tax incentive schemes. The Philanthropy Tax Incentive Scheme was also launched to encourage family offices to use Singapore as a base to manage their regional giving.

These enhancements complement the existing 250 per cent tax deduction for donations to eligible institutions and institutions of a public character, and the 100 per cent tax deduction to overseas humanitarian relief efforts under the Overseas Humanitarian Assistance Tax Deduction Scheme.

The number of SFOs awarded tax incentives grew from 400 as at end-2020 to more than 2,000 as at end-2024, said Deputy Prime Minister and MAS chairman Gan Kim Yong on 5 February in response to a parliamentary question. He is also Minister for Trade and Industry.
 

Encouraging collaborative action

Several SFOs told ST that clear regulatory frameworks for giving, tax incentives for donations, strong government support and robust wealth management infrastructure are among factors conducive to doing good here.

Mr Mark Dalio, founder and co-chief executive of OceanX that supports initiatives promoting ocean exploration, conservation, and education, said: “What also makes Singapore unique is its role as a convener. Platforms like the Philanthropy Asia Alliance (PAA) – which unites funders, implementers, and sector leaders to catalyse collaborative philanthropy – together with the country’s strong university and foundation networks, enable partners to come together around shared priorities.”

The non-profit established a formal philanthropic base here in 2023 under US-based Dalio Philanthropies, which also supports education, financial literacy, arts, and the community.
 

Ms Imelda Tanoto, member of the Tanoto Foundation’s board of trustees, said platforms like PAA, Asia Philanthropy Circle (APC), and AVPN enable collective action. “Here, government policies are clear and supportive, institutions are trusted, and networks are strong. For a foundation like ours, that creates confidence to deploy resources boldly and strategically.”

Established here in 2001, Tanoto Foundation began supporting healthcare research here in 2009. It has contributed more than $30 million to Singapore’s healthcare, and also supports education and leadership development.
 

In 2024, the Tanoto Foundation partnered with OceanX to give more than 100 young people from Singapore and Indonesia a rare opportunity aboard the OceanX vessel, introducing them to ocean conservation work.

Li Foundation also co-funded a study with APC and philanthropic partners like the Tanoto Foundation to review early childhood development policies and programmes in China, Indonesia, the Philippines, and Singapore. The findings have since led to several joint philanthropy projects to close the gaps identified.
 

Mr Lionel Li, founder and chairman of Li Foundation, said: “We don’t just fund but partner, ideate, co-create, and stay engaged over three to five years to shape solutions together.

“Often, this also involves collaborating with other key stakeholders to design a strategy, pool resources, and build a system for change – one that results in a multiplier effect far beyond what any actor could achieve alone.”
 

Source: The Straits Times © SPH Media Limited. Permission required for reproduction.