Google co-founder Brin opens family office in Singapore

SINGAPORE (AFP) – Google co-founder Sergey Brin has opened a family office in Singapore to help manage his fortune, making him the latest tycoon to establish a private investment company in the financial hub.

The company overseeing the assets of Brin, the world’s ninth-richest person with wealth of USD86.5 billion, set up its Singapore branch late last year, according to documents filed with the corporate regulator.

The ultra-wealthy have increasingly chosen the city-state in recent years to open so-called “family offices” focussed on handling their fortunes and lives, among them British billionaire inventor James Dyson.

They are attracted by the city-state’s low tax rates, political stability, and incentives such as a scheme giving investors a pathway to permanent residency.

The city-state of 5.7 million, which has a large expatriate population, is home to about 200 single-family offices overseeing assets worth some USD20 billion, according to the government.

Singapore is also widely seen as having received a boost from long-running turbulence in rival financial hub Hong Kong.