Billionaire Mukesh Ambani, the second richest man in Asia, is reportedly setting up a family office in Singapore. Family offices are organisations that manage the affairs of the wealthy. Singapore has become a growing preference for the wealthy to set up family offices, including Google co-founder Sergey Brin.
According to a report by Bloomberg, 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, that they want to be up and running within a year. The family is yet to confirm the development.
Singapore has become a hub for family offices of the wealthy, the report added, crediting its low taxes and relative security. According to the Monetary Authority of Singapore, an estimated 700 family offices were in place by the end of 2021, up from 400 the previous year.
Mukesh Ambani, who was up till recently the richest man in Asia, was surpassed by Gautam Adani. According to the Bloomberg Billionaires List, at the time of publishing this article, Gautam Adani’s net worth was $127 billion, while Mukesh Ambani’s was $83.7 billion.
According to Forbes’ Real Time Billionaires List, Adani’s net worth was $132.9 billion, while Ambani’s was $87.1 billion.
The latest IIFL-Hurun Richest Indian List also placed Ambani lower than Adani in terms of net worth. Gautam Adani topped the list of wealthy Indians with a net-worth of Rs 10,94,400 crore, while Mukesh Ambani, who was on top of the list last year, had a net-worth of Rs 7,94,700 crore.
Also read: Gautam Adani beats Mukesh Ambani to secure the top spot in IIFL-Hurun’s Richest Indian List
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