Mukesh Ambani to set up family office in Singapore

(Bloomberg) --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 organizations 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.

But the rising number of global rich crowding Singapore’s shores is also resulting in higher prices for cars, housing and other goods. Deputy Prime Minister Lawrence Wong signalled in an August interview that the wealthy may face more taxes to boost inclusive growth.