India’s Second richest individual, Mukesh Ambani, who has also been ranked 10th richest man in the Forbes billionaires list for 2022, according to reports is establishing a family office in Singapore. He is also is Asia’s second richest person.
Ambani has already selected a manager to recruit emplo
With the move, Ambani has joined the list of ultra-rich individuals like hedge fund billionaire Ray Dalio and co-founder of Google Sergey Brin who have chosen Singapore to establish their family offices.
It is believed that opening a family office in Singapore will help Ambani to achieve his greater goal of making his retail-to-refining business a global affair. It will also help in buying assets abroad.
After naming Aramco’s chairman as a board member of Reliance last year, Ambani told his shareholders that it represented “the beginning of internationalization” of his company. Though, he did not give any details on the development
The low rate of taxes and comparatively secure environment have made Singapore a popular destination for family offices, which serve the affluent lots.
According to the Monetary Authority of Singapore, nearly 700 family offices were set up by the end of last year, up from the previous year’s 400.