India’s Reliance boss Mukesh Ambani to set up family office in Singapore

The billionaire, who has picked a manager to hire staff for the new entity, wants it to be running within a year

Ambani is the latest in a series of ultra-rich people, including Google co-founder Sergey Brin, to pick the city state for their family offices

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Indian billionaire Mukesh Ambani. File photo: AP

Published: 1:01pm, 7 Oct 2022

Asia’s second-wealthiest man, Reliance Industries Ltd. chairman Mukesh Ambani, is setting up a family office in Singapore, according to people familiar with the move.

The Mumbai-based billionaire has picked a manager to hire staff for the new entity and get it running, the people said, asking not to be identified because the matter is private. The Ambanis have also chosen real estate, one of the people said.

A spokesman for Reliance, who also represents Ambani, wasn’t available for comment.

Ambani is the latest in a series of ultra-rich people to pick Singapore for their family offices – the organisations set up to manage the affairs of wealthy clans – joining the likes of hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin.

The city state has become an attractive hub for family offices thanks to its low taxes and relative security. The Monetary Authority of Singapore estimates about 700 were in place by the end of 2021, up from 400 a year earlier.

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