At the same time, Asia is also seeing significant growth in its family offices. According to an article by the Singapore Economic Development Board (EDB), Singapore saw the number of family offices in the country grow to 1,100 from 400 between 2020 to 2022.
AIA Singapore has launched the AIA Wealth Centre on April 30. Located at Six Battery Road, the centre is a one-stop space that offers a variety of wealth management services for its high net worth (HNW) customers.
The move comes in response to the projected surge in the affluent population in Asia. This population is expected to grow by 61% to reach 28.2 million individuals by 2026, compared to 17.5 million in 2021. The figure was mentioned in Knight Frank’s wealth report in 2022. Singapore is also expected to see its HNWIs increasing by 12% to 592,000 in 2026.
