The initiative is set to be operational by the first quarter of 2025, as part of a slew of incentives targeted at reviving Forest City, a beleaguered $100 billion development project near Singapore, an established financial hub.

Credits: Getty Images; Author: Alexander Spatari;

The number of single-family offices globally is expected to grow to more than 10,720 by 2030 with total estimated assets under management of $5.4 trillion, from 8,030 family offices managing $3.1 trillion currently.