Reliance Industries chairman Mukesh Ambani is reportedly setting up a family office in Singapore, adding another major win for the Southeast Asian wealth hub.
Mukesh Ambani is setting up a family office in Singapore, according to a «Bloomberg» report citing unnamed sources. A location has been chosen and a manager selected to hire new staff and kick off operations. Ambani’s wife Nita Ambani is also helping set up the family office with expectations to start running within a year.
This marks yet another win for Singapore which saw the number of family offices surge to 700 in 2021, up from 400 a year earlier. High profile additions include hedge fund investor Ray Dalio, Google co-founder Sergey Brin and hotpot billionaire Shu Ping.
Asia's Second-Richest Man
Mukesh Ambani is the son of Reliance Industries founder Dhirubhai Ambani and Asia’s second-richest man at around $87 billion, according to Forbes estimates.
The timing of the new family office coincides with Ambani’s ongoing ambitions to internationalize Reliance and pivot its business from oil refining and petrochemicals to other diversified sectors including e-commerce and green energy.
