US billionaire Ray Dalio latest to open family office in Singapore, as he seeks Asia base

The Bridgewater founder, with a net worth of over US$15 billion, will join the likes of vacuum cleaner tycoon James Dyson and the founders of Chinese hotpot chain Haidilao

Singapore’s efforts to attract more family offices include tax incentives and a Global Investor Program that gives the super-rich a path to permanent residence

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The central business district of Singapore. Photo: Bloomberg

Published: 10:33am, 28 Nov 2020Updated: 10:33am, 28 Nov 2020

Ray Dalio, the American billionaire founder of asset management firm Bridgewater Associates, is opening a family office in Singapore to run his investments and philanthropy throughout the region.

Dalio has long held ties to Asia and Singapore, and felt it was “high time” to open a family office there, his spokesperson said in a statement, without elaborating on the timing or staffing plans.

The Bridgewater founder “has had for the last three decades excellent relationships in Singapore and China”, according to the statement. “He likes and admires both and he is excited by what is happening in the region.”

Dalio, with a net worth of more than US$15 billion, is the latest uber-wealthy business leader to open a family office in Singapore.

Ray Dalio, founder of Bridgewater Associates, speaks at the 2019 New Economy Forum in Beijing on November 21, 2019. Photo: Reuters

Vacuum cleaner tycoon James Dyson’s Weybourne Group ramped up hiring in 2019 while Shu Ping, one of the billionaires behind Haidilao International Holding – the world’s biggest chain of Chinese hotpot restaurants – opened Sunrise Capital Management in the city last year.

Janine Racanelli is the chief executive officer of the Dalio Family Office, while Tom Waller is the chief operating officer.