SINGAPORE – More than half of the family offices in Asia are estimated to be located in Singapore, said KPMG Private Enterprise and family office consultancy Agreus in a report.

Some 9 per cent of the world’s family offices are located in Asia, with 59 per cent of these in Singapore, according to the 2023 Global Family Office Compensation Benchmark Report.

The report estimated that there are about 20,000 family offices globally. It noted that family offices have become accustomed to operating in times of uncertainty, and are quite uniform in their approach.

In the post-pandemic era, they have begun to review the affairs of the families they serve and put structures and relevant planning in place to protect wealth amid potential legislative changes and reputation management.

Family office chief executives in Asia have a wider range of take-home salary, earning between $158,001 and $500,000.

In the Americas, family office CEOs take home a salary ranging between US$198,001 (S$267,800) and US$264,000.

In Europe, the range is €198,001 (S$292,000) to €264,000.

Most family offices in Asia have been in operation for 10 years or less, with 23 per cent in operation for two years or less. About 39 per cent have operated for more than 10 years.

In comparison, family offices that have operated for more than 10 years account for 60 per cent in the Americas and 53 per cent in Europe.

Asian family offices mostly manage wealth for up to three generations, with 27 per cent for three generations, 38 per cent for two generations and 32 per cent for one generation.

In the Americas, 29 per cent of family offices manage wealth for three generations, 37 per cent for two generations and 23 per cent for one generation.

In Europe, three-quarters of family offices manage wealth for up to two generations, with 38 per cent for two generations and 37 per cent for one generation.