“Singapore’s Strategy: Attracting Future Industry Leaders Over Wealth Alone “

Singapore is intensifying efforts to attract not only high-net-worth individuals (HNWIs) but also future industry leaders and high-impact entrepreneurs, according to former Economic Development Board (EDB) executive Matthew Lee, as reported by Citywire Asia. Under the expanded Global Investor Programme, Singapore seeks next-gen entrepreneurs and founders of fast-growth companies alongside traditional family office principals, offering permanent residency based on qualifying investments.

Lee, now with Kamet Capital, describes the country’s approach as a “beehive” model, aiming to draw top-tier business talent, which he likens to “queen bees” that help the ecosystem flourish. “Singapore can’t anchor every entrepreneur out there but needs only the best business minds and investors,” he explains. Early arrivals are more likely to grow their investments locally, adding to Singapore’s economic landscape.

Supported by close collaboration between the EDB and the Monetary Authority of Singapore (MAS), the local family office ecosystem has surged from 400 entities in 2020 to 1,400 in 2023. This growth has spurred jobs in banking, legal, and asset management sectors, as well as sustainable investing initiatives. Industry leaders like Kamet CEO Kerry Goh envision Singapore becoming Asia’s “Silicon Valley,” with family offices nurturing local startups and academic partnerships to boost innovation.

While regulatory tightening may have slowed family office growth, industry leaders say strong talent and operational support will bolster Singapore’s resilience. Prime Minister Lawrence Wong underscored the responsibility of wealthy residents to contribute to society, adding, “If you’d like to be here, follow our rules. Otherwise, feel free to invest elsewhere.”