Singapore is a magnet for millionaires. The ninth richest person in the world, Sergey Brin, with an estimated net worth of US$88.1 billion, is the latest in a growing band of high-profile billionaires to have opened a family office in Singapore. The co-founder of Google will reportedly set up his Bayshore Global Management company in the island state. He will join a select set of renowned billionaires that includes Facebook (NASDAQ: FB) cofounder Eduardo Saverin, British inventor James Dyson, and hedge fund operator Ray Dalio, who have also moved some of their assets to Singapore. There are many more apart from these well-known names. In October 2020, Singapore’s senior minister, Tharman Shanmugaratnam, said there were about 200 family offices – including those owned by locals as well – in Singapore, with around US$20 billion of assets under management. That’s an average of US$100 million per family office. It cannot just be coincidence that these wealthy individuals have flocked to Singapore. There must be other reasons for their decision....