July 17, 2024
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Gautam Adani’s Plans To Handle His Ballooning Wealth Overseas: Report

According to those acquainted with the negotiations, Asia’s richest man, Gautam Adani, is considering establishing a family office abroad to manage his soaring wealth.
The insiders, who asked to remain anonymous since the topic is private, said that the chairman of the ports-to-power Adani Group conglomerate is considering Dubai or New York as the basis for the office, which will invest the Adani family’s private wealth. According to one of the sources, the group’s founders are currently seeking a full complement of qualified family office managers.The decision was made in the midst of Adani’s personal 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 big acquisitions outside of its traditional base in India, it also symbolises the entrepreneur and his family’s expanding global ambitions. Adani, who has a net worth of $135 billion, will join a group of the ultra-wealthy who use family offices to oversee their finances, investments, and charitable endeavours if he follows through on this plan. According to Bloomberg News last month, Adani’s countryman and Asia’s second-richest person Mukesh Ambani is in the process of establishing a family office in the city-state, while hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin have already established theirs there.

According to the persons, the Adani family is currently discussing the ideas with consultants and tax specialists. The office’s location is still up in the air and subject to change depending on the recommendations they receive and the resources that are available. An email request for comment on this effort was not answered by an Adani Group spokeswoman, who also handles media requests for the tycoon.

Picture Courtesy: Google/images are subject to copyright

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