Mukesh Ambani sets out to open family office in Singapore
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Mukesh Ambani is the latest of entrepreneurs to set up a family office in Singapore.
The chairman of the Reliance Industries Ltd has tasked a manager to hire staff to run the place.
People who have the knowledge of the matter reportedly said that the Ambanis chose the real estate for the office.
Others to previously set up offices in Singapore include hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin.
The ultra-rich are turning Singapore into a hub for family offices of their businesses.
Singapore lures them because of its low taxes and relative security, among other features. According to The Indian Express.
An estimated 700 business leaders chose Singapore by the end of 2021—marking an up from 400 the previous year.
As with the flocking of global rich in the city state, prices of cars, housing and other goods go up.
Deputy Prime Minister Lawrence Wong in an interview in August indicated that the wealthy may face more taxes.
With this move, Singapore aims to boost what it says inclusive growth.
Ambani is believed to be aiming at acquiring assets outside India alongside taking his retail-to-refining empire to global.
The billionaire earlier reportedly told his shareholders that they would hear "more about the conglomerate's international plans in the time to come".
Ambani, who is worth an estimated $83.7 billion, will run the Singapore family office in about a year, according to a report by The Indian Express.
His wife Nita Ambani will be joining the venture to help him.