Sinkies, song boh? We voted for this! 
SINGAPORE: A new generation of young Indian business elites is increasingly turning to Singapore to set up family offices, following in the footsteps of the Ambani family, which established its own office in the city-state in 2022.
Family offices—private wealth management firms set up to manage and grow the financial assets of high-net-worth families—have become a key tool for preventing intergenerational feuds and ensuring effective governance and decision-making.
Experts predict that over the next decade, an estimated US$4 trillion (S$5.3 trillion) of wealth within the Indian diaspora will transition from one generation to the next, according to DBS Bank.
“Singapore has emerged as a top destination for ultra-high-net-worth Indian families looking to establish a family office outside India, thanks to its stable political climate, favorable tax regime, and business-friendly environment,” said Mr. Shee Tse Koon, head of consumer banking and wealth management at DBS.
Mr. Arvind Tiku, founder and group chairman of investment firm AT Capital, emphasized that Singapore’s clear rules and reputable governance structure give it an edge over other destinations in the region.
The city-state is now home to nearly 60% of Asia’s family offices. According to DBS, the number of family offices in Singapore grew from 2,800 in 2022 to an estimated 3,200 in 2023.
The DBS Family Office Report also revealed that there are now over 13,200 Indians with a net worth exceeding US$30 million, and this figure is expected to rise sharply in the coming years.
In 2023, around 6,500 high-net-worth Indians reportedly relocated from India to global hotspots such as Dubai, Singapore, Europe, and the US, looking for new opportunities and investment landscapes.
“I once thought real estate in the UK was a safe bet, but after Brexit, COVID-19, and the Ukraine war, returns have been far from ideal,” said Amit Patni, founder of Raay Foundation and scion of the Patni Computers family.
After selling his stake in the IT company, which was acquired by iGate in 2011 for US$1.5 billion, Patni set up a single-family office, Raay Global Investments, to focus on long-term growth and entrepreneurial ventures.
Family offices are increasingly diversifying their portfolios, moving beyond physical assets to include public and private equity investments, as well as alternative assets like technology start-ups.
According to DBS, Indian family offices have invested in over 200 start-ups in the past two decades, making them active players in funding rounds across the globe.
The younger generation of super-wealthy Indians, especially those living overseas, are also focusing more on technology-driven investments as a way to build future wealth.
These structures allow several families to pool resources and share high-quality financial advice without the cost of running a dedicated single-family office.
Vimal Shah, chairman of Bidco Africa, which operates a leading consumer goods company in East Africa, relies on a network of MFOs based in Singapore, Mauritius, Dubai, and Switzerland to help manage his family’s wealth. “MFOs offer us personalized advice on where to invest, allowing us to make more informed decisions,” he said.
Those who have relocated abroad tend to invest more internationally, a trend that reflects a growing preference for diversification and global opportunities.
As India’s wealth continues to grow, both domestically and among the diaspora, family offices will play an increasingly central role in how its richest families preserve and expand their fortunes, ensuring that future generations are poised for continued success.
https://theindependent.sg/wealthy-i...-in-singapore-to-safeguard-future-prosperity/
Wealthy Indian elites set up family offices in Singapore to safeguard future prosperity
By Gemma Iso
November 7, 2024
SINGAPORE: A new generation of young Indian business elites is increasingly turning to Singapore to set up family offices, following in the footsteps of the Ambani family, which established its own office in the city-state in 2022.
Family offices mushrooming in SG
According to a Straits Times report, these affluent families, many of whom come from humble beginnings, are looking to protect their growing wealth while passing down both their financial assets and core values to future generations.Family offices—private wealth management firms set up to manage and grow the financial assets of high-net-worth families—have become a key tool for preventing intergenerational feuds and ensuring effective governance and decision-making.
Experts predict that over the next decade, an estimated US$4 trillion (S$5.3 trillion) of wealth within the Indian diaspora will transition from one generation to the next, according to DBS Bank.
“Singapore has emerged as a top destination for ultra-high-net-worth Indian families looking to establish a family office outside India, thanks to its stable political climate, favorable tax regime, and business-friendly environment,” said Mr. Shee Tse Koon, head of consumer banking and wealth management at DBS.
Singapore’s appeal: Transparency and stability
Singapore’s regulatory environment, which offers credibility, transparency, and ease of doing business, is a major draw for wealthy Indian families seeking to set up family offices.Mr. Arvind Tiku, founder and group chairman of investment firm AT Capital, emphasized that Singapore’s clear rules and reputable governance structure give it an edge over other destinations in the region.
The city-state is now home to nearly 60% of Asia’s family offices. According to DBS, the number of family offices in Singapore grew from 2,800 in 2022 to an estimated 3,200 in 2023.
The DBS Family Office Report also revealed that there are now over 13,200 Indians with a net worth exceeding US$30 million, and this figure is expected to rise sharply in the coming years.
In 2023, around 6,500 high-net-worth Indians reportedly relocated from India to global hotspots such as Dubai, Singapore, Europe, and the US, looking for new opportunities and investment landscapes.
From real estate to start-ups
Historically, many wealthy Indian families have invested heavily in physical assets like real estate and gold. However, the global economic shifts in the wake of the COVID-19 pandemic, combined with rising interest rates and volatile property markets, have led some to reconsider these traditional investment strategies.“I once thought real estate in the UK was a safe bet, but after Brexit, COVID-19, and the Ukraine war, returns have been far from ideal,” said Amit Patni, founder of Raay Foundation and scion of the Patni Computers family.
After selling his stake in the IT company, which was acquired by iGate in 2011 for US$1.5 billion, Patni set up a single-family office, Raay Global Investments, to focus on long-term growth and entrepreneurial ventures.
Family offices are increasingly diversifying their portfolios, moving beyond physical assets to include public and private equity investments, as well as alternative assets like technology start-ups.
According to DBS, Indian family offices have invested in over 200 start-ups in the past two decades, making them active players in funding rounds across the globe.
The younger generation of super-wealthy Indians, especially those living overseas, are also focusing more on technology-driven investments as a way to build future wealth.
Multi-family offices: A growing trend
For Indian families with more modest wealth—typically those with US$5 million or more in investible assets—many are opting for multi-family offices (MFOs).These structures allow several families to pool resources and share high-quality financial advice without the cost of running a dedicated single-family office.
Vimal Shah, chairman of Bidco Africa, which operates a leading consumer goods company in East Africa, relies on a network of MFOs based in Singapore, Mauritius, Dubai, and Switzerland to help manage his family’s wealth. “MFOs offer us personalized advice on where to invest, allowing us to make more informed decisions,” he said.
Global investment horizons
While Indian family offices have long favoured real estate, many are now looking for opportunities beyond the domestic market. The US remains a top destination for global investments, but families are also exploring emerging markets such as India, the Middle East, and Southeast Asia.Those who have relocated abroad tend to invest more internationally, a trend that reflects a growing preference for diversification and global opportunities.
As India’s wealth continues to grow, both domestically and among the diaspora, family offices will play an increasingly central role in how its richest families preserve and expand their fortunes, ensuring that future generations are poised for continued success.
https://theindependent.sg/wealthy-i...-in-singapore-to-safeguard-future-prosperity/
