Mukesh Ambani, the chairman of Reliance Industries Ltd., is establishing a family office in Singapore.
Mukesh Ambani, chairman of Reliance Industries Ltd. and the second-richest man in Asia, is reportedly establishing a family office in Singapore.
The insiders, who asked to remain anonymous since the topic is private, said that the billionaire from Mumbai has chosen a manager to hire employees for the new organization and get it up and running. One of the insiders claimed that the Ambanis have also decided on real estate.
Reliance, who also represents Ambani, did not have a spokesperson available for comment.
Ambani joins the likes of hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin as the most recent ultra-rich individuals to choose Singapore for their family offices, the institutions established to oversee the affairs of wealthy clans.
The city-cheap state’s taxes and relative security have made it a desirable location for family offices. About 700, up from 400 a year earlier, were reportedly in place by the end of 2021, according to the Monetary Authority of Singapore.
Read about the backlog of tax-break applications facing family offices.
However, the growing influx of wealthy foreigners into Singapore is also pushing up the cost of homes, vehicles, and other products. In an August interview, Deputy Prime Minister Lawrence Wong hinted that higher taxes on the wealthiest would be implemented in order to promote equitable growth.
Ambani’s decision to establish the family office fits in with his bigger plan to expand his retail-to-refining business outside of India and buy assets there. The tycoon informed his shareholders that the addition of Aramco’s chairman to the Reliance board in 2021 signaled “the beginning of internationalization.” “of his business, without going into further detail. In the future, you will learn more about our foreign plans, “He had stated that back then.
In April 2021, Reliance acquired Stoke Park Ltd. for $79 million, acquiring a renowned UK location that served as the backdrop for two James Bond movies. Additionally, it paid $98.15 million for an indirect 73.4% ownership in Mandarin Oriental New York and $80 million for a beachfront home in Dubai this year.
According to one of the persons, Ambani, whose estimated net worth is $83.7 billion based on the Bloomberg Wealth Index, wants the Singapore family office to be operational within a year. According to the people, his wife Nita Ambani is also assisting with set-up.
Reliance has been shifting its focus away from its historic businesses in oil refining and petrochemicals and toward e-commerce, green energy, and expanding its retail presence throughout India. Jio Platforms Ltd., its technology company, attracted about $25 billion from illustrious Silicon Valley investors in 2020, including Meta Platforms Inc. and Google. Additionally, it has revealed bold intentions to compete with Amazon.com Inc. in the nation, especially in streaming.
