Growth of family offices in the Asia-Pacific region is accelerating. It is currently home to 1,300 family offices, out of an estimated 7,000 to 10,000 globally. The number of family offices in Singapore quadrupled from 2016 to 2018, according to the Monetary Authority of Singapore (MAS). This includes satellite offices by western counterparts, as well as new Asian family offices. With this in mind, MAS and the Singapore Economic Development Board (EDB) formed a family office development team earlier this year, in a bid to enhance the country's competitiveness as a family office hub.