Ray Dalio to set up family office in Singapore

Billionaire founder of Bridgewater Associates and philanthropist, Ray Dalio, with a net worth of more than USD15 billion, is planning to setup a family office in Singapore to run his investments and philanthropy throughout the region.

According to the billionaire’s spokesperson, Dalio has long-held ties to Asia and it is high time to open a family office in Singapore and is excited by what is happening in the region. The Bridgewater founder has had for the last three decades excellent relationships in Singapore and China.

The billionaire philanthropist is the latest uber-wealthy business leader to open a family office in Singapore, joining vacuum cleaner tycoon James Dyson’s Weybourne Group Ltd which ramped up hiring in 2019 and Shu Ping, one of the billionaires behind Haidilao International Holding Ltd, the world’s biggest chain of Chinese hotpot restaurants which opened Sunrise Capital Management.

According to UBS Group AG, family offices in Asia have outperformed their global peers thanks to their bigger exposure to Chinese stocks and tech companies.

The wealth they control and the jobs they offer are key reasons why Singapore’s government has been keen to attract more to the city state with tax incentives and the Global Investor Program. This also gives the super-rich a pathway to be a permanent residence in Singapore. About 200 single-family offices are estimated to be managing assets worth about USD20 billion in the city.

Last month Dalio announced a USD25 million grant to education and research provider Wealth Management Institute Ltd to help train policy makers and investment professionals in Singapore. Westport, Connecticut-based Bridgewater manages about USD148 billion, making it the largest hedge fund manager in the world.