Wednesday, November 24, 2021

Asia’s Richest Man Looks to Walton Family Playbook on Succession

AmbaniAsia’s richest man, Mukesh Ambani, has built an empire worth $208 billion. How has he continued to build that empire? Well, Ambani has “studied the ways in which billionaire families, from the Waltons to the Kochs, passed on what they’d built to the next generation. 

Ambani’s succession plan is similar to that of Walmart Inc.’s Walton family and according to people familiar with the matter “could provide the framework for one of the biggest transfers of wealth in recent times.” 

Ambani, his wife Nita, and their three children will own stakes in the new entity which will oversee Reliance, and the family members will also serve on its board, although management will mostly consist of outsiders and professionals. 

See P R Sanjai, Anto Antony & K Oanh Ha, Asia’s Richest Man Looks to Walton Family Playbook on Succession, Bloomberg Wealth, November 22, 2021. 

Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.

https://lawprofessors.typepad.com/trusts_estates_prof/2021/11/asias-richest-man-looks-to-walton-family-playbook-on-succession.html

Estate Administration, Estate Planning – Generally, Trusts | Permalink

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