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Business trends

Crazy rich Asians look to Singapore to manage wealth

City state readies tax incentives to lure family offices away from Hong Kong

Singapore began attracting more wealth as a safe haven even before the Hong Kong protests started in June. (Photo by Mayuko Tani)

SINGAPORE -- Wealthy individuals in Asia are increasingly choosing Singapore as a place to set up companies dedicated to managing their family assets as the prospects for protest-rocked Hong Kong look less certain.

Most family wealth management companies in Asia, called family offices, are located in major financial hubs like Hong Kong and Singapore, with the former leading the latter at a ratio of 6 to 4, according to Swiss financial giant UBS.

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