Billionaire Mukesh Ambani to open family office in Singapore

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.

But the rising number of global rich crowding Singapore’s shores is also resulting in higher prices for cars, housing and other goods. Deputy Prime Minister Lawrence Wong signaled in an August interview that the wealthy may face more taxes to boost inclusive growth.

Ambani

Ambani’s move to set up the family office ties in with his larger vision of taking his retail-to-refining empire global and acquiring assets outside India. While announcing the appointment of Aramco’s chairman on the board of Reliance in 2021, the billionaire told his shareholders that this marked “the beginning of internationalization” of his conglomerate, without elaborating. “You will hear more about our international plans in the times to come,” he had said at the time.

Reliance paid $79 million for Stoke Park Ltd. in April 2021, adding an iconic UK locale that’s been the setting for two James Bond films. It also bought an indirect 73.4% stake in Mandarin Oriental New York for $98.15 million in January and an $80 million beach-side villa in Dubai this year.

Ambani, who is worth an estimated $83.7 billion according to the Bloomberg Wealth Index, wants the Singapore family office to be running within a year, one of the people said. His wife Nita Ambani is also helping to set it up, the people added.

Reliance has been pivoting from its legacy oil refining and petrochemicals business toward e-commerce, green energy and the expansion of its retail footprint across India. In 2020, its technology venture Jio Platforms Ltd. lured more than $25 billion from marquee Silicon Valley investors including Meta Platforms Inc. and Google. It has also unveiled ambitious plans to take on Amazon.com Inc. in the country, including in streaming.