The Reliance Industries chairman may join other billionaires like Ray Dalio and Google co-founder Sergey Brin, who have both opened family offices here
Reliance Industries chairman Mukesh Ambani has announced that he will be setting up a family office in Singapore, according to Bloomberg news.
The Mumbai-based billionaire, who is Asia’s second-richest man, has reportedly hired a manager to be in charge of hiring staff for the new entity, which will focus on real estate.
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Mukesh is just one of the many in the ultra-rich group to choose Singapore to set up their family offices. He will join hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin, who both have family officers here to manage their affairs. The Monetary Authority of Singapore has also estimated that about 700 family offices were in place by the end of 2021, up from 400 a year earlier.
Singapore has over the years become very attractive to the ultra-rich because of its security and relatively low taxes. However, this has also resulted in higher prices for cars, housing and other goods.
Read more: Why Are Family Offices Becoming More Popular in Asia?
According to Bloomberg, Mukesh’s decision to set up his family office in Singapore falls under his larger plan to take his retail-to-refining empire global and acquire assets outside India.
He is currently worth an estimated US$83.7 billion, according to the Bloomberg Wealth Index. He expects his Singapore family office to be running within a year. His wife, Nita Ambani, is reportedly helping to set it up, according to people familiar with the matter.
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