Google co-founder Sergey Brin opens family office in Singapore to help manage his fortune.
Sergey Brin (Sergey Brin) is the ninth richest person in the world with a net worth of $ 86.5 billion (£ 63.2 billion).
He joins the trend of super-rich families opening family offices in the Asian financial center, including the famous British inventor and entrepreneur sir James Dyson (James Dyson), founder of the eponymous company Dyson.
Family Offices are private investment companies set up to manage the assets of wealthy individuals and family clans..
Brin’s family office is called Bayshore Global Management and opened a branch in Singapore late last year, according to filing with regulators..
The name comes from North Bayshore, part of Mountain View’s city the state of California, where Google is headquartered.
Bryn is currently the last of the number billionaires who took advantage of Singapore’s low tax regime and generous family office incentives. Singapore regulators also offer a number of exemptions for these private equity firms.
Singapore is also one of the most comfortable places in the world to do business and is ranked by this criterion. second place in Asia according to the World Bank.
Head of a hedge fund Ray Dalio (Ray Dalio), worth about $ 17 billion, announced in November that he was opening a family office in Singapore, while the family office of James Dyson’s Weybourne Group opened in 2019.
Many wealthy families also choose Singapore as they want more opportunities to invest in Asia’s fast-growing economies..
Ray Dalio, founder of Bridgewater Associates, said in a statement that over the past three decades he has developed an excellent relationship with Singapore and China.
«He likes both and is excited about what is happening in the region.», – said in a statement.
Sergey Brin visited Singapore with another Google co-founder Larry Page (Larry Page) in 2016 to learn about its development.
After creating the Internet giant in 1998, both founders moved away from active management of the company..
Sundar Pichai (Sundar Pichai) has been the CEO of Google since 2015 and took over its parent company Alphabet in 2019.
There are about 200 family offices in Singapore managing nearly $ 20 billion in assets, according to government figures..
Singapore has a global reputation as a country with a relatively stable political and economic landscape, as well as a rival Asian hub in Hong Kong that faces political tensions.
Facebook co-founder, billionaire Eduardo Saverin (Eduardo Saverin), who stood at the origins of the main social network in the world along with Mark Zuckerberg (Mark Zuckerberg) moved to Singapore in 2009 to live and work there.