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Ambani’s decision to set up a family office in Singapore is part of his larger vision to take his business global and acquire assets outside India.
Reliance Industries chairman Mukesh Ambani plans to open a family office in Singapore (Image: Reuters)
Reliance Industries Chairman Mukesh Ambani is reportedly planning to open a family office in Singapore. Mukesh Ambani is the latest in a string of ultra-rich to choose Signapur for their family offices, Bloomberg reported. Family offices are organizations that manage the affairs of the wealthy.
According to reports, Mukesh Ambani has chosen a manager to hire staff to set up the family office. They have already opted for real estate. Ambani’s decision to set up a family office in Singapore is part of his larger vision to take his business global and acquire assets outside India.
Recently, Singapore has emerged as a preferred destination for wealthy individuals to set up family offices due to its low taxes and relative safety. The list also includes hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin.
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The report also says that Mukesh Ambani’s wife Nita Ambani is also helping to set up a family office in Singapore. An official confirmation is still awaited from the Ambanis in this regard.
In September, billionaire Gautam Adani overtook Mukesh Ambani to top the list of richest Indians, according to a ranking released by research firm Hurun India in association with wealth management firm IIFL Wealth.
According to Bloomberg Wealth Index, Ambani’s net worth is estimated at around $83.7 billion. Ambani wants a family of offices in Singapore within a year, people familiar with the development said.
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