Singapore AUM rises $6.7t despite China tax changes

Key banks report limited impact so far as clients assess China’s new tax measures.

Singapore’s wealth and broader asset management sector grew 10.1% year-on-year to $6.7t in assets under management (AUM) in 2025, despite China’s new offshore trust tax rules.

Key banks in Singapore’s wealth management industry have not observed a significant impact from China’s tax rules so far, according to Gan Kim Yong, deputy prime minister and minister for trade and industry and chairman of the Monetary Authority of Singapore (MAS).

Responding to parliamentary questions, he said clients are still assessing the implications of China’s new measures and the steps needed to meet their tax obligations.

Wealth owners choose Singapore for several reasons, including its regulatory standards, rule of law, and ecosystem of wealth managers and professional service providers, Gan said.

They also come from a diverse range of jurisdictions.

MAS has enhanced its fund tax schemes to support the family office ecosystem, with changes aimed at providing greater flexibility, reducing compliance costs, and expanding the types of investments eligible under the schemes.

MAS and the industry are also working to make account opening more efficient.

The industry aims to bring the median time needed to open an account down to within one month.

On the Common Reporting Standard (CRS), Gan said it has been implemented by more than 100 jurisdictions worldwide, including major financial centres.

The standard applies to financial account information, but not real estate and other immovable property holdings.

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