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Billionaire Mukesh Ambani to Open Family Office in Singapore

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Mukesh Ambani, the chairman of Reliance Industries and Asia’s second-richest man, is opening a family office in Singapore, Bloomberg reported, citing sources with knowledge of the move.
Mukesh Ambani, chairman of Reliance Industries, is setting up a family office in Singapore.Lewis Whyld/PA Images via Getty Images
  • Mukesh Ambani, the second-wealthiest person in Asia, is setting up a family office in Singapore, per Bloomberg.
  • Ambani is the chairman of Reliance Industries, a multinational conglomerate headquartered in Mumbai.
  • Many ultra-rich people have established family offices in the city, including Sergey Brin and James Dyson.

Apart from picking a new office, Ambani has already chosen a manager to get the operations off the ground and oversee recruitment, per Bloomberg. He also wants the Singapore outpost to be operational within a year.

Reliance Industries did not immediately respond to Insider’s request for comment.

Ambani is just the latest name in the list of ultra-rich who have established a base in Singapore in recent years.

In November 2020, hedge fund billionaire Ray Dalio set up a Singapore family office to manage his Asian investments. He joined the ranks of vacuum-cleaner billionaire James Dyson, who already had a family office in the city from when he relocated his company’s headquarters to Singapore in 2019.

Google co-founder Sergey Brin also followed in their footsteps, and set up a family office in the city in February 2021. A few months later in October 2021, Oppenheimer Generations which is linked to former De Beers chairman Nicky Oppenheimer also set up a unit in Singapore, per Bloomberg.

Ambani, whose net worth is $83.7 billion, is the second-richest man in Asia, per Bloomberg’s Billionaires Index. He heads India’s Reliance Industries, which operates primarily in the energy industry. Apart from oil refinery, the company controls a vast network of retail stores for groceries, clothing, jewelry, and toys, per its 2021 annual report. It also has an interest in telecommunications and runs Jio Infocomm.

 

 

 

Source: Businessinsider.com

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