According to reports, the Second-wealthiest man, Reliance Industries Ltd. Chairman Mukesh Ambani is reportedly setting up a family office in Singapore.
Family offices are considered organizations that manage the affairs of the wealthy. The report has also added that Singapore has become a hub for family offices of the wealthy crediting its low taxes and relative security.
Singapore has become a growing preference for the wealthy to set up family offices including for Google co-founder Sergey Brin.
Ambani has already picked a manager to hire staff for the family office and to set it up. They have already picked real estate.
The report stated that Mukesh Ambani’s wife Nita Ambani is also helping in setting up the family office in Singapore, and they want to be up and running within a year. The family is yet to confirm the development.
According to the Monetary Authority of Singapore, an estimated 700 family offices were in place by the end of 2021. This has grown up from 400 the earlier year.
Earlier, it was reported Billionaire Mukesh Ambani for the second year in a row drew no salary from his flagship firm Reliance Industries in the last fiscal as he voluntarily gave up remuneration in light of the pandemic hitting the business and economy. In an annual report, Reliance said Ambani’s remuneration for the financial year 2020-21 was “nil”.
Mukesh Ambani the chairman and managing director of Reliance Industries Ltd. (RIL), a Fortune Global 500 company and India’s most valuable company by market value.
According to Forbes and Bloomberg Billionaires Index, Ambani’s net worth is estimated at US$95.7 billion as of 6 September 2022, making him the second richest person in Asia after Gautam Adani and the 8th richest in the world.
Reliance has diverse businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles.