Mukesh Ambani, the owner of Reliance Industries and Asia's second richest person, is going to open a family office in Singapore. According to a Bloomberg report, Mukesh Ambani has appointed a manager to operate it along with appointing new employees for his family office. He has already selected real estate for office. A person related to this case has given information in this regard. According to experts associated with the case, this case is completely private.

Singapore has become an attractive centre for the family office of the rich due to tax concessions and security. However, the growing global congestion on Singapore's shores is pushing up the prices of cars, homes and other items there. Singapore's Deputy Prime Minister Lawrence Wong indicated in an August interview that the rich may have to pay more taxes to boost growth. It has been said in the report that Mukesh Ambani's wife Nita Ambani is also assisting in setting up a family office in Singapore.  

The Ambani family wants to start it within a year. Ambani is opening these offices in Singapore with a view to taking his retail-to-refining business to the international level and acquiring assets outside India. In 2021, the chairman of Aramco was inducted into the board of Reliance. Last month, Reliance bought a 75 per cent stake in US software company SenseHawk for $32 million.

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