Mukesh Ambani goes global, to set up family office in Singapore: report

• Shubham
• 07 October, 2022

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By: Shubham Ghosh

Reliance Industries Limited chairman Mukesh Ambani, who is Asia’s second richest man, is set to open a family office in Singapore, Bloomberg reported citing informed sources.

The Mumbai-based billionaire has already roped in a manager to hire people for the new entity, the sources said on the condition of anonymity since the matter is private.

One of them also said that the Mumbai-based business family chose a real estate.

A spokesperson for Reliance, who also represents the tycoon, was not available for comment, the Bloomberg added.

Ambani is the latest among the ultra-rich people to pick the city-state for setting up family offices, joining the likes of hedge-fund billionaire Ray Dalio and Google co-founder Sergey Brin, the report added.

Singapore has emerged as a top attraction for family offices owing to its low taxes and relatively secure environment.

According to the Monetary Authority of Singapore, 700 were in place by 2021 end, up from 400 a year earlier.

However, the growing number of rich in Singapore is also leading to higher prices for housing, cars, and other goods. Singaporean deputy prime minister Lawrence Wong said in an interview in August that the wealthy may face more taxes in order to boost inclusive growth.

Bloomberg further reported that Ambani’s move to set up a family office is in sync with his larger vision of globalising his retail-to-refining empire and acquiring assets overseas.

Last year, the billionaire told his shareholders while announcing the appointment of Aramco’s chairman on the board of Reliance that this marked “the beginning of internationalisation” of his conglomerate, without elaborating.

“You will hear more about our international plans in the times to come,” he had said then.

Ambani, who is worth an estimated $83.7 billion (£74.7 billion) according to the Bloomberg Wealth Index, wants the Singapore family office to be running within a year, one of the sources said. His entrepreneur wife Nita Ambani is also helping to set up the office, they added.