Abu Dhabi Is the World’s Newest Wealth Haven for Billionaires
More than 5,000 SPVs are said to have been set up in Abu Dhabi including by CZ, Lisin and Dalio
For decades, many of the world’s richest people chose to safeguard their assets in overseas locales ranging from the Cayman Islands to Switzerland and the British Virgin Islands. But a new wealth hub is becoming wildly popular with billionaires — the skyscraper-studded emirate of Abu Dhabi.
The richest man in crypto Changpeng “CZ” Zhao, India’s Adani family, hedge fund billionaire Ray Dalio and Russian steel magnate Vladimir Lisin are among the dozens of high net worth individuals who’ve set up special purpose vehicles in Abu Dhabi’s international financial center this year, according to a review of hundreds of corporate filings in the United Arab Emirates by Bloomberg News.