- Notable high-net-worth individuals, including Changpeng Zhao, are choosing Abu Dhabi’s international financial center to establish SPVs.
- Bloomberg reports a remarkable surge in the number of SPVs in the Abu Dhabi Global Market, with the count surpassing 5,000.
- High-net-worth individuals are reportedly drawn to Abu Dhabi due to its safeguards for ring-fencing assets from foreign jurisdictions.
Changpeng Zhao, Gautam Adani, hedge fund billionaire Ray Dalio, and Russian steel magnate Vladimir Lisin are among the high-net-worth individuals who have established special purpose vehicles (SPVs) in Abu Dhabi’s international financial center this year.
According to Bloomberg, Abu Dhabi is emerging as a “new wealth hub” where the world’s wealthiest individuals secure their assets overseas. Furthermore, data reveals that the number of SPVs in the Abu Dhabi Global Market has surged to over 5,000, compared to just 46 in 2016.
For the uninitiated, SPVs are separate legal entities that can be used to isolate financial risk, securitize assets, and perform separate financial transactions.
While the data does not disclose the source of the assets transferred by individ…
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