Even though family offices are less in number in Asia and more difficult to keep a track of, many Asians looking for secure investment options are choosing family offices or private investment firms to manage their wealth, especially in Singapore and Hong Kong, according to the Monetary Authority of Singapore.

The authority said the number of family offices in Singapore increased four times within 2015 and 2017. These are increasingly turning into financial hubs as more and more rich Asians are opting for this choice in order to get the tax benefits as well.

Managing wealth, charities, wealth transfer, providing services from expert tax practitioners, lawyers, bankers and fund managers, are a part of the services offered by these family offices.

Asian family offices offer advice in succession planning and dispute resolution in addition to helping their clients expand their wealth avenues.

The APAC region itself had about 814 billionaires by the end of 2017, according to a research report released by UBS and PwC last month. The region accounted for about 38 percent of the world’s billionaire population.

The spur in growth of family offices acting as financial advisors for wealthy Asians has motivated international banks including Credit Suisse, HSBC, Citigroup and UBS to expand their business avenues and set up offices in Hong Kong and Singapore that would offer these services.

Private investment instruments and facilities such as family offices offer personal attention and a more hands-on approach while managing wealth.