PUTRAJAYA: Renowned singer Datuk Jamal Abdillah made an appearance at the Malaysian Anti-Corruption Commission (MACC) headquarters here, reported Sinar Harian.
SINGAPORE: A new cohort of young and successful Indian business elites are joining the Ambanis , the family behind Indian conglomerate Reliance Industries, in setting up their family offices in Singapore to preserve and grow their wealth.
“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,” said Shee Tse Koon, head of consumer banking and wealth management at DBS Bank.
It estimated that there are more than 13,200 Indians with a net-worth greater than US$30 million, and the number is expected to increase rapidly. “People tend to use company cash flow to keep expanding without thinking about safeguarding enough money for the family,” he added. “My family office has done all the trust management and estate planning for my children, so if anything happens to me, it will continue working for the family without any confusion,” he said.
“They provide us with all the details and advice about where to invest, which the family then digests before deciding what we want to do,” he said. Until recently, wealthy Indian families were most likely to invest their wealth in physical assets like real estate and gold. Around a third of their assets comprise residential real estate properties, both at home and abroad.
Indian Families Ambanis Office
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