Mukesh Ambani to open family office in Singapore: Report

Asia’s second-wealthiest man, Reliance Industries Ltd. Chairman Mukesh Ambani is setting up a family office in Singapore.

According to a report in Bloomberg, the Mumbai-based billionaire has picked a manager to hire staff for the new entity and get it running. The Ambanis have also chosen real estate.

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.