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Asia’s richest man Gautam Adani eyes family office in Dubai

The Adani family is currently talking to consultants and tax experts about the plans to open a family office

Asia’s richest person Gautam Adani is considering opening a family office in Dubai or New York to manage his wealth, Bloomberg reported, citing informed sources.

The group’s founders are in the process of hiring a full suite of specialised family office managers, a source said.

The move comes after a $58 billion surge in Adani’s personal wealth this year, according to the Bloomberg Billionaires Index.

The Bloomberg sources said that the Adani family is currently talking to consultants and tax experts about the potential plans.

The office location is still in flux and may change based on the advice they receive.

Investments in the Middle East by ultra-high-net-worth family offices will increase by at least 50 percent over the next decade, Josef Stadler, executive vice chairman of UBS Global Wealth Management, told AGBI in July.

The UBS Global Family Office Report 2022 surveyed 221 family offices worldwide, which collectively oversee $493 billion and have average assets under management of $2.2 billion.

Additionally, Andrew Amoils, head of research at Johannesburg-based analyst New World Wealth, said that the UAE’s community of centi-millionaires – those with fortunes of more than $100 million – had surged in recent years, fuelling increased demand for wealth management services in the Gulf state.