Asia’s richest person and world’s third richest, Gautam Adani, is considering setting up a family office overseas to manage his ballooning wealth, reported Bloomberg on Thursday while citing people familiar with the discussions.
The chairman of the ports-to-power Adani Group conglomerate is looking at Dubai or New York as the base for the office, which will invest the Adani family’s personal funds, the Bloomberg report said.
The move comes amid a $59-billion surge in Adani’s personal wealth this year, according to the Bloomberg Billionaire Index.
If Adani, whose total net worth stood at $136 billion on November 11, 2022, according to the Bloomberg Billionaire index, follows through on this plan, he’ll join a crop of ultra-rich who have family offices, including hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin. Bloomberg reported last month that RIL chairman Mukesh Ambani is in the process of opening a family office in Singapore.
Adani’s elder brother, Vinod Adani, is based in Dubai.
On a year-to-date basis, shares of Adani Power have surged 261 per cent. It was followed by Adani Enterprises (up 135 per cent), Adani Total Gas (up 122 per cent), Adani Transmission (up 90 per cent), Adani Green Energy (up 65 per cent) and Adani Ports and Special Economic Zone (up 22 per cent). Adani Wilmar, which got listed on bourses in February 2022, has also rallied 193 so far against its issue price of Rs 230.
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