Mukesh Ambani is going to open a family office in this country, preparing to make Reliance global
Mukesh Ambani, Asia's second richest person and chairman of Reliance Industries, is preparing to open a family office in Singapore.
Mukesh Ambani, Asia's second richest person and chairman of Reliance Industries, is preparing to open a family office in Singapore. According to a report by Bloomberg, those concerned with this news have given this information. However, a Reliance Industries spokesperson declined to comment on this.
Bloomberg quoted sources as saying that billionaire Ambani has also started hiring employees for this new unit and a manager has also been hired to oversee it. Not only this but a real estate property has also been selected to open a family office in Singapore. However, there has been no official statement from the Ambani family on this.
Singapore, the stronghold of the world's big businessmen
With the preparations to open a family office in Singapore, Mukesh Ambani has joined the club of businessmen who have opened their company's family office in Singapore. Earlier, hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin also opened offices in Singapore to manage their global businesses.
Singapore is the first choice of the rich
Due to low taxes and better security, Singapore is becoming the choice of the world's rich family office. According to the Monetary Authority of Singapore, 700 people have opened family offices in 2021, up from 400 a year ago.
What is Ambani's plan?
Let us tell you that Mukesh Ambani is trying to take his retail-to-refining business globally. In 2021, the chairman of Aramco was inducted into the board of Reliance. Along with this, last month Reliance bought a 75 percent stake in US-based software company SenseHawk for $ 32 million. Reliance paid $79 million for Stoke Park Ltd in April 2021. It bought a 73.4% stake in Mandarin Oriental New York for $98.15 million in January and a beachside villa in Dubai for $80 million this year.
Ambani’s aim is to take the business globally
Mukesh Ambani wants to take his business from retail to refining globally and they also, want to buy assets outside India. Because of this, he is preparing his family office in Singapore. Announcing the appointment of Aramco's chairman to Reliance's board in 2021, Ambani told his shareholders, "this marks the "beginning of internationalization" of the Reliance Group. You will hear about many of our international plans in the coming time.
Along with this, last month Reliance bought a 75 percent stake in US-based software company SenseHawk for $ 32 million.
Top 10 in the list of the richest in the world
According to the Bloomberg Billionaires Index, Mukesh Ambani is the 10th richest person in the world. He has around $87 billion in assets. However, his wealth has decreased by about $ 6 billion in 2022 compared to the previous year.