Another person from the world’s ultra-wealthy set is starting an office in Singapore. This time, it’s Hong Kong business magnate Li Ka-Shing, whose 2022 net worth is said to be US$36.2 billion (SGD50.5 billion).
Li was listed as the 30th richest person in the world in 2019, and last year took pole position as the richest person in Hong Kong. He operates the largest health and beauty retailer in Europe and Asia and is the leading port investor in the world.
But the tycoon has evidently not stopped his expansion plans. Bloomberg reports that he is opening an office in Singapore as he aims to discover new deals as well as support portfolio companies trying to expand in Asia.
It is Horizons Ventures, Li’s private investment firm, that’s opening a new Singapore office, the first to be established outside Hong Kong.
Bloomberg reported that senior investment manager Jacky Li and portfolio curator Jeffrey Ho are part of the Horizon staff to be based in Singapore.
Li is just the latest among the ultra-wealthy to set up an office in Singapore, where low taxes and a path to permanent residency remain highly attractive. The list includes Google co-founder Sergey Brin, the world’s 9th richest tycoon, and UK inventor James Dyson. Hedge fund billionaire Roy Dalio, the founder of Bridgewater Associates, also opened a family office in Singapore.
Many choose to set up a family office, which is a private wealth management firm that caters to ultra-high-net-worth individuals — people who have $1 million or more in liquid financial assets.
Such firms manage the investments and finances of well-heeled individuals or families and offer consultancy services on varied aspects of finance including taxes, insurance, donations, and wealth transfer.
Several high-profile investors are choosing Singapore over Hong Kong, where Covid-related travel restrictions and tighter national security laws have made the city less attractive. But Bloomberg says that Horizons claims neither of these reasons is why it’s starting an office in Singapore, touting the city’s plusses as a hub for investors and expansion as the reason instead.
The report quotes Horizons portfolio curator Chris Liu as saying, “We have about 23 investments across the region, and operating out of this hub actually becomes pretty important because everyone is here. Building a hub out of Singapore and helping our companies create and identify strategic opportunities and partnerships in the South East Asian region makes total sense.”
“Connecting into this region, it makes more sense to be in Singapore than Hong Kong. A lot of our co-investors are in this part of the world rather than in the greater China region,” he added. /TISG