Singapore AUM Hits Record S$6.07 Trillion in 2024, Up 12.2% on Strong Inflows
Net inflows surged 50% to S$290 billion; traditional AUM grew 16%, alternatives 14%.
By Marcus Tan·March 21, 2025·5 min readOrionmano Industries
Net inflows surged 50% to S$290 billion; traditional AUM grew 16%, alternatives 14%.
Record AUM and Growth Drivers
Singapore's assets under management crossed S$6 trillion for the first time in 2024, reaching S$6.07 trillion as of December 31—a 12.2% year-on-year increase that cements the city-state's position as a premier global wealth hub. The growth was driven by strong market performance and a pronounced rebound in fundraising activity, according to the Monetary Authority of Singapore's (MAS) Singapore Asset Management Survey 2024, released in July 2025.
Net inflows rose 50% to S$290 billion, up sharply from S$193 billion in 2023, as improving investment sentiment revived fundraising efforts that had been subdued the prior year. The 12.2% expansion outpaced the global average, according to MAS, marking the second consecutive year of growth after a dip in 2022 and exceeding the previous record of S$5.4 trillion set in 2021. The financial services sector as a whole expanded 6.8% in 2024, more than double the 3.1% growth recorded in 2023.
Growth was broad-based across both traditional and alternative asset classes. Traditional AUM rose 16% year-on-year, while alternative AUM grew 14% to S$1.39 trillion. The alternative segment was propelled by a significant expansion in private equity and venture capital, which climbed 20% to S$789 billion. Hedge fund AUM surged 37% to S$327 billion, up from S$239 billion in 2023.
Real estate-related assets, however, posted declines. Direct real estate AUM fell 6% to S$158 billion, while real estate investment trust (REIT) AUM dropped 15% to S$115 billion from S$136 billion. AUM growth in alternatives was driven by both net inflows and asset value recovery, which more than offset the real estate and REIT contractions. Private credit investments rose 21% year-on-year, reflecting growing investor appetite for direct lending strategies.
Global Hub Status – Source and Destination of Funds
Singapore's role as an international gateway for asset management is underscored by the geographic composition of its AUM. A total of 77% of AUM was sourced from outside Singapore, with 33% originating from Asia-Pacific excluding Singapore, 19% from North America, 12% from Europe, and 13% from the rest of the world. Singapore-domiciled funds accounted for 23% of total AUM.
On the investment side, 88% of total AUM was deployed globally. The Asia-Pacific region excluding Singapore received 40% of total investments, with 22% invested in Singapore itself, 14% in North America, 12% in Europe, and 12% in the rest of the world. Discretionary AUM accounted for more than half of total AUM in 2024, demonstrating sustained confidence among global investors in Singapore's fund management capabilities and regulatory environment. The number of fund management companies reached 1,298 by end-2024.
Exhibit
Source of Funds for Singapore AUM (2024)
Percentage of total AUM sourced from each region
%Source: Orionmano Industries
Broader Financial Sector Context
The asset management industry's record performance sits within a broader expansion of Singapore's financial services sector, which grew 6.8% in 2024—more than double the 3.1% recorded in 2023. Elevated trading activity during the year generated higher net fees and commissions for banks and fund managers amid shifting global and domestic financial market sentiments.
Foreign exchange markets also saw heightened activity, with average daily traded volumes surpassing S$1.5 trillion in 2024, reinforcing Singapore's standing as a leading FX hub in Asia. The corporate debt market recorded strong growth, with total issuance increasing more than 30% from the previous year to exceed S$300 billion. The insurance industry expanded as well, with total assets growing 3.6% to S$456.4 billion.
MAS Managing Director Chia Der Jiun noted that Singapore will continue to be a trusted and attractive wealth management centre, underpinned by high regulatory standards. "Our financial ecosystem will be tough on suspicious and illegitimate monies, but welcoming and efficient to legitimate wealth," he said during the MAS Annual Report media conference.
Outlook
While 2024's growth rates were exceptional—driven by strong market performance and a recovery in fundraising—the pace is unlikely to continue at the same level amid persistent global uncertainties. However, Singapore's deepening role as a gateway to Asia, combined with its robust regulatory framework and growing ecosystem of 1,298 fund management companies, positions the city-state to sustain asset management growth over the medium term, even if the trajectory moderates from 2024's elevated base.
