SINGAPORE — The pace of inquiries to set up family offices in Singapore has slowed amid an investigation into a case of massive money laundering in the city-state, though some remain hopeful that the wave of Chinese wealth flooding into the city has not yet crested.

The number of single-family offices in Singapore nearly tripled from 400 in 2020 to about 1,100 by the end of 2022, data from the Monetary Authority of Singapore (MAS) shows. No official breakdown by country of origin is given, but lawyers and wealth advisors in Singapore have been courting wealthy Chinese looking to diversify from their home country.