Mukesh Ambani, who has been ranked 10th richest man in the Forbes billionaires list for 2022, is establishing a family office in Singapore, Bloomberg has reported citing people with knowledge of the matter.

The office will be set up by Reliance Industries, a firm owned and chaired by the Indian billionaire.

Ambani has already selected a manager to recruit employees for the new office, added the unnamed people.

The second richest man in Asia has also selected site for the new branch, one of the people told the publication.

With the move, Ambani has joined the list of ultra-rich individuals like hedge fund billionaire Ray Dalio and co-founder of Google Sergey Brin who have chosen Singapore to establish their family offices.

It is being believed that opening a family office in Singapore will help Ambani to achieve his greater goal of making his retail-to-refining business a global affair. It will also help in buying assets abroad.

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After naming Aramco’s chairman as a board member of Reliance last year, Ambani told his shareholders that it represented “the beginning of internationalisation” of his company. Though, he did not give any details on the development.

At that time, he also said: “You will hear more about our international plans in the times to come.”

The low rate of taxes and comparatively secure environment have made Singapore a popular destination for family offices, which serve the affluent lots.

According to Monetary Authority of Singapore, nearly 700 family offices were set up by the end of last year, up from the previous year’s 400.