Reliance chairman Mukesh Ambani to open family office in Singapore: Report
The decision of Ambani to set up a family office in Singapore lies with his larger vision of taking his business to global level and acquire assests outside India.
Reliance Industries chairman Mukesh Ambani is reportedly planning to open a family office in Singapore. Mukesh Ambani is the latest in the series of ultra-rich people to choose Signapore for their family offices, Bloomberg reported. Family offices are organisations that manage the affairs of the wealthy.
According to the report, Mukesh Ambani has chosen a manager to hire staff for the family office to set it up. They have already picked real estate. The decision of Ambani to set up family office in Singapore lies with his larger vision of taking his business to global level and acquiring assets outside India.
Recently, Singapore has emerged as a preferred destination for the wealthy to set up family offices due to low taxes and relative security. The list also includes hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin.
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Furthermore, the report also suggests that Mukesh Ambani's wife Neeta Ambani is also helping to set up the family office in Singapore. An official confirmation from the Ambanis on the matter is still awaited.
In September, billionaire Gautam Adani beat Mukesh Ambani and topped the list of wealthy Indians as per the rankings released by the research firm Hurun India in partnership with wealth management firm, IIFL Wealth.
As per the Bloomberg wealth Index, Ambani's net worth is estimated to be around $83.7 billion. People familiar with the development said that Ambani wants the office family in Singapore within a year.
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