Not just Chinese, more super-rich Indians including Mukesh Ambani are setting up family offices in Singapore
- Singapore’s Farro Capital has amassed more than US$1 billion in assets, with much of its current client base is of Indian origin
- While Singapore has gained recognition in recent years for an influx of wealthy Chinese families, its low levies and relative stability are attracting a menagerie of global tycoons
Farro’s rapid accumulation of assets underscores Singapore’s continuing appeal to the super-rich, despite recent efforts to raise wealth taxes and introduce stricter conditions for tax breaks. While it’s gained recognition in recent years for an influx of wealthy Chinese families, the city’s low levies and relative stability are attracting a menagerie of global tycoons.
03:12
Singapore reverses downward-population trend, while Hong Kong exodus continues
“We are targeting families across the region from Japan to the UK and the US – whoever wants to have access to Asia with Singapore as a centre,” Tibrewal said. “We’re looking at adding another 50 families in the next 18 to 24 months”, with an average AUM contribution of US$30 million each, he said.
More than 700 family offices – organisations that manage the lives and affairs of the super-rich – were based in Singapore at the end of 2021, according to official estimates. More have set up there since, despite the imposition of tighter rules last April.
Farro’s base in downtown Singapore is a simple office with a single boardroom, far from the glitzy, art-filled lobbies of many peers. It aims to have 20 staff by the end of the year who are able to do everything from arranging home loans to making portfolios ESG compliant, negotiating bank fees and sourcing deals. Its own fees vary depending on the level of work required.