The Ambanis, one of India's wealthiest families, set up a family office here in 2022.
Many of these families come from humble beginnings and now want to ensure their prosperity is passed down to the next generation, along with the values that helped grow it.
To avoid family feuds, they are setting up family offices here for effective governance, communication and decision-making. An estimated US$4 trillion (S$5.3 trillion) of wealth among the Indian diaspora will transfer from one generation to the next in the coming decade, according to DBS Bank.
Mr Shee Tse Koon, head of consumer banking and wealth management at DBS, said: "Singapore is a top destination for ultra-high-net-worth individual Indian families looking to establish a family office outside of India, thanks to its stable political and economic climate, favourable business environment and tax regime."
Mr Arvind Tiku, founder and group chairman of investment firm AT Capital, said Singapore's regulatory environment, as well as its credibility and transparency, places it ahead of other destinations.
Singapore is now home to almost 60 per cent of Asia's family offices. The number of wealthy families coming here is projected to have risen from 2,800 in 2022 to 3,200 in 2023, DBS said.
The bank on Nov 5 launched its sixth annual family office report, with the 2024 edition examining the Indian family offices.
It estimated that there are more than 13,200 Indians with a net worth greater than US$30 million, and this number is expected to increase rapidly.
هذه القصة مأخوذة من طبعة November 08, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة November 08, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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