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Mukesh Ambani ranked 10thth The richest person on Forbes’ 2022 Billionaires list is looking to set up a family office in Singapore, Bloomberg reports, citing people familiar with the matter.
The office will be established by Reliance Industries, which is owned and chaired by an Indian billionaire.
Ambani has already selected managers to recruit employees for the new office, the unnamed people added.
Asia’s second-richest man also chose a new branch location, one of the people told the magazine.
The move puts Ambani on the list of Singapore chosen by ultra-wealthy individuals like hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin to set up family offices. I was.
Opening a family office in Singapore is believed to help Ambani achieve its larger ambition of making its retail to refinery business global. It is also useful when purchasing assets abroad.
After appointing the Aramco chairman to Reliance’s board last year, Ambani told shareholders it represented the “beginning of internationalization” for his company. did not say anything about
At the time, he also said:
Low tax rates and a relatively safe environment make Singapore a popular destination for family offices serving the wealthy.
According to the Monetary Authority of Singapore, the number of family offices established by the end of last year was nearly 700, up from 400 the previous year.
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