Daily Times

Mukesh Ambani To Open Family Office In Singapore, Manager Hired: Report

Reliance Industries Ltd. Chairman Mukesh Ambani, the second-wealthiest person in Asia, is reportedly establishing a family office in Singapore.

The Mumbai-based billionaire has chosen a manager to hire employees for the new entity and get it up and running, according to people who requested anonymity because the matter is private. The Ambanis have also chosen real estate, according to one person.

Reliance’s spokesperson, who also represents Ambani, was unavailable for comment.

Joining the likes of hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin, Ambani is the latest in a string of ultra-wealthy individuals to choose Singapore for their family offices – the organizations that manage the affairs of wealthy clans.

Due to its low taxes and relative safety, the city-state has become an attractive location for family offices. The Monetary Authority of Singapore estimates there will be approximately 700 by the end of 2021, up from 400 the previous year.

However, the increasing number of global affluent residing in Singapore is also resulting in higher prices for automobiles, housing, and other goods. In an August interview, Deputy Prime Minister Lawrence Wong suggested that the wealthy may be subject to higher taxes in order to promote inclusive growth.

Mukesh Ambani To Open Family Office In Singapore, Manager Hired: Report

Ambani’s decision to establish a family office aligns with his larger objective of expanding his retail-to-refining empire internationally and acquiring assets outside India. In 2021, while announcing the appointment of Aramco’s chairman to the board of Reliance, the billionaire told his shareholders that this marked the “beginning of internationalization” of his conglomerate, without providing further detail. In the future, you will hear more about our international plans, he said at the time.

In April 2021, Reliance paid $79 million for Stoke Park Ltd., adding an iconic UK location that has been featured in two James Bond films. It also acquired a 73.4% indirect stake in Mandarin Oriental New York for $98.15 million in January and a beachfront villa in Dubai for $80 million this year.

One of the individuals stated that Ambani, who is estimated to be worth $83.7 billion according to the Bloomberg Wealth Index, wants the Singapore family office to be operational within a year. People added that his wife Nita Ambani is also assisting in its establishment.

Reliance has shifted its focus from oil refining and petrochemicals to e-commerce, green energy, and the expansion of its retail footprint in India. In 2020, Jio Platforms Ltd. attracted more than $25 billion from prominent Silicon Valley investors, including Google and Meta Platforms Inc. It has also unveiled aggressive plans to compete with Amazon.com Inc. in the country, including in the streaming market.