Billionaire Mukesh Ambani to open a family office in Singapore
Billionaire Mukesh Ambani, the second richest man in Asia, is reportedly setting up a family office in Singapore. Family offices are organizations that manage the affairs of the wealthy. Singapore has increasingly favored setting up family offices for the
Billionaire Mukesh Ambani, the second richest man in Asia, is reportedly setting up a family office in Singapore. Family offices are organizations that manage the affairs of the wealthy. Singapore has increasingly favored setting up family offices for the wealthy, including Google co-founder Sergey Brin.
According to a Bloomberg report, Ambani has already selected a manager to hire and set up the family office. They already have properties selected.
The report said that Mukesh Ambani’s wife Nita Ambani is also helping to set up a family office in Singapore that they want to be up and running within a year. The family has not yet confirmed the development.
Singapore has become a hub for the family offices of the wealthy, the report added, helped by its low taxes and relative safety. According to the Monetary Authority of Singapore, an estimated 700 family offices were set up by the end of 2021, up from 400 the previous year.
Mukesh Ambani, who was Asia’s richest man until recently, has been overtaken by Gautam Adani. According to the Bloomberg Billionaires List, at the time of publication, Gautam Adani’s net worth was $127 billion, while Mukesh Ambani’s was $83.7 billion.