Gautam Adani, an Indian billionaire and the richest person in Asia, is looking to open a family office in Dubai or New York for handling his expanding wealth, Bloomberg has reported citing people privy to the development.

The planned office will invest in the personal funds of the Adani family, added the unnamed people.

Founders of the group, which is chaired by Gautam Adani, have already commenced the drive to recruit a host of expert family office managers, one of the people told the publication.

The development comes at a time when Adani’s personal wealth swelled by $58bn this year, representing the highest among the world’s affluent lot. This figure was revealed by Bloomberg Billionaires Index.

The move is also seen as Adani and his family’s growing global aspirations amid sizable acquisitions carried out by the group outside its usual bastion in India.   

Last month, a Bloomberg reported Indian business tycoon Mukesh Ambani would set up a family office in Singapore.

Other entities, including hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin, have also reportedly opened their family offices in the city-state.  

Currently, the Adani family is having discussions with consultants and tax specialist regarding the plans, according to the people.

However, a spokesperson for the Adani Group denied the report saying: “The information is completely baseless and we deny such a development.”