Gautam Adani, the wealthiest man in Asia, is reportedly considering establishing a family office abroad to manage his soaring wealth, according to people familiar with the discussions.
The director of the ports-to-power, according to the individuals who asked to remain anonymous because the information is personal. The conglomerate Adani Group is debating between Dubai and New York as the location for the office that will oversee the Adani family’s finances.
The decision was made amid Adani’s wealth increasing by $58 billion this year, the most among the world’s wealthiest individuals, according to the Bloomberg Billionaires Index. As the Adani Group makes significant acquisitions outside of its traditional stronghold in India, it also reflects the tycoon and his family’s expanding global ambitions.
Suppose Adani, with a net worth of $135 billion, follows this idea. In that case, he will join a group of the super-wealthy who use family offices to oversee their financial affairs, private investments, and charitable giving. According to Bloomberg News last month, Adani’s countryman and Asia’s second-richest person, Mukesh Ambani, has already established himself in Singapore along with border account billionaire Ray Dalio and Google co-founder Sergey Brin.
The people said that the Adani family is currently discussing the plans with consultants and tax experts. The office’s location may change depending on the recommendations they receive and the available resources.
The information is entirely unfounded, and we deny such a development, according to a spokesperson for the Adani Group, who also responds to media inquiries on the billionaire’s behalf.
Dubai Connection
Vinod Adani, the businessman’s older brother, has a base in Dubai and overseas trading operations there as well as in Singapore and Jakarta. According to the most recent Hurun India Rich List, Vinod is the richest non-resident Indian in the world. Vinod owns Adani Global Investment DMCC, a closely held corporation founded in 2016 to invest in and manage commercial firms..
Adani, a first-generation businessman, originally made his name as a diamond dealer in Mumbai in the 1980s before founding an agri-trading company. Later, he added ports and coal trading to his portfolio. He has swiftly increased the scope of his enormous infrastructure firm in recent years to include renewable energy, airports, digital services, data centres, cement, and media.
With the flagship Adani Enterprises Ltd. better than folding in value this year for the steepest rise on the Nifty 50 Index, the Adani empire’s breakneck pace of expansion has, in part, fuelled ferocious rallies in the shares of his listed companies. These successes have increased the tycoon’s wealth, but they have also raised questions about the Adani companies’ trading at significantly higher valuations than their international and domestic competitors.
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