Mukesh Ambani, Asia’s second-wealthiest man, Reliance Industries Ltd. Chairman is setting up a family office in Singapore, according to people familiar with the move. Moreover, the billionaire has picked a manager to hire staff to get it running.
Mukesh Ambani To Open Family Office At Singapore
It is mentioned that Ambani is the latest in a series of ultra-rich people to pick Singapore for their family offices, the organizations set up to manage the affairs of wealthy clans, joining the likes of hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin.
Singapore has become an attractive hub for family offices thanks to its low taxes and relative security. Moreover, the Monetary Authority of Singapore estimates about 700 were in place by the end of 2021, up from 400 a year earlier.
Meanwhile, the rising number of global rich crowding Singapore’s shores is also resulting in higher prices for cars, housing and other goods. Lawrence Wong, Deputy Prime Minister, Singapore signaled during an interview in August that the wealthy may face more taxes to boost inclusive growth.