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Covid Fears Are Pushing World’s Mega Rich to Set Up in Singapore

The Singapore skyline.

The Singapore skyline.

Photographer: Lauryn Ishak/Bloomberg

The world’s rich, reminded of their own mortality, are setting up family offices in greater numbers and plumping for Singapore as a base, according to Monetary Authority of Singapore Deputy Director Spencer Hsu.

“It appears the pandemic has actually served as a reminder of individual mortality and prompted families to bring forward plans, which they may have cast aside previously,” Hsu, who’s also part of the central bank’s family office development team, said during a virtual forum in the city-state Wednesday.