Inside ADGM’s rise as the new capital of private wealth

Arvind Ramamurthy, chief market development officer at ADGM

As Abu Dhabi cements its status as one of the world’s most influential financial centres, family offices are emerging as a core pillar of its investment ecosystem. Today, ADGM (Abu Dhabi Global Market) is not only celebrating a decade of regulatory excellence and institutional expansion, but also positioning itself as the most sophisticated jurisdiction for global and regional family offices seeking governance, stability, and long-term wealth preservation.

Few leaders have had a closer vantage point to this transformation than Arvind Ramamurthy, chief market development officer at ADGM, who has witnessed firsthand the explosive growth of private capital entering Abu Dhabi. In this interview, he outlines how family offices are reshaping the UAE’s investment landscape, why ADGM has become their jurisdiction of choice, and how international interest—particularly from the UK—is accelerating.

This comes at a milestone moment for ADGM, which marks its 10th anniversary with record-breaking growth and unprecedented global interest. Since its inception in 2015, the financial centre has attracted over 300 financial firms, collectively managing $28.6tr globally, according to estimates from AIMA. Over the past three years alone, the number of financial institutions within ADGM has grown by 135 per cent, rising from 131 at the end of 2021 to 308 as of H1 2025—making ADGM one of the fastest-growing international financial centres worldwide.

In parallel, ADGM surpassed its 5-year Growth Strategy (2022–2027) targets in just three years, fuelled by a surge in funds, asset managers, and private capital platforms choosing Abu Dhabi as their operational base. The centre now counts more than 11,000 active licenses, with a 42 per cent jump in assets under management (AUM) in H1 2025, reinforcing its position as the largest financial hub in MENA.

Against this backdrop, family offices—local, regional, and increasingly global—have become one of ADGM’s most strategically important constituencies.

Ramamurthy is unequivocal about their importance.

“Family offices are among the fastest-growing investment vehicles globally, and Abu Dhabi is no exception,” he says. “In fact, family offices are deeply embedded in the economic and social fabric of the UAE, acting as custodians of generational wealth and key contributors to national growth.”

The scale of their influence is significant. “With billions of dollars in AUM across the UAE, family offices represent a high-quality and stable pool of capital. Their strategic and long-term investment horizons align well with the ambitions of Abu Dhabi’s economic diversification journey.”

ADGM sits at the centre of this “Capital of Capital” ecosystem. “ADGM alone sits within a wider Abu Dhabi capital ecosystem of over $1.82tr in Sovereign Wealth Funds (SWFs), with family offices managing an estimated $200bn, highlighting their strategic importance within the investment landscape.”

Abu Dhabi leads the Middle East and Africa in liveability, according to the Global Liveability Index by the Economist Intelligence Unit. The city distinguished itself through improvements in stability, healthcare, and infrastructure. These fundamentals give confidence that Abu Dhabi is not just a place to invest, but also a place to live, grow, and thrive long term, Ramamurthy states. But the role of family offices in the emirate goes far beyond capital deployment. “In Abu Dhabi, they are not just capital allocators but ecosystem builders. They’ve been first movers in establishing diverse businesses, nurturing talent, and investing in transformational sectors including technology, healthcare, infrastructure, financial services
and sustainability.”

Crucially, many now operate as co-investors and long-term partners to sovereign wealth funds, pension funds, and institutional asset managers. “They increasingly operate not only as investors but as co-investors and capital partners alongside sovereign wealth funds and institutional players, playing a pivotal role in shaping the investment direction of the region.”

To support this fast-expanding segment, ADGM has developed one of the most sophisticated and flexible family office frameworks globally.

“At ADGM, we have built a sophisticated and tailored ecosystem for family offices, providing flexible structures, bespoke regulatory frameworks, and world-class service providers to support the full spectrum of their needs,”
says Ramamurthy.

The jurisdiction offers an unusually deep toolkit of governance and wealth-structuring mechanisms. “The platform that ADGM provides is particularly suited to the unique complexities of family offices, offering governance tools like trusts, foundations, private trust companies, and robust dispute resolution mechanisms, including direct application of English Common Law.”

Succession planning, a major priority in the region, is embedded in ADGM’s offering. “We also facilitate succession planning and intergenerational wealth transfer through structures like Foundations, where we now host over 448 foundations as of September 2025, one of the highest in the region.”

Family offices can also leverage ADGM’s networking and capital access advantages. “In addition, our ecosystem, wherever needed, connects family offices to leading fund managers, tech innovators, and private capital platforms.”

Collaboration with key industry bodies ensures alignment with market needs. “We are also collaborating with the Emirates Family Office Association and key networks like MEVCA and MEIMA to ensure alignment with market needs.”

A wide range of licensing options allows for flexibility across sophistication levels and operational scope. “Depending on their stage and scope, family offices can choose from three bespoke licensing pathways: Single-Family Office (SFO), Multi-Family Office (MFO), or Structuring Only via SPVs, Trusts or Foundations.”

ADGM also offers confidentiality mechanisms. “ADGM’s RSC (Restricted Scope Company) structure also enables enhanced confidentiality while maintaining full legal integrity.”

Perhaps most importantly, ADGM has built a white-glove onboarding system for families relocating to or operating from the emirate. “Through ADGM’s CRM team, we offer hands-on support in setting up operations, connecting with banks, office space providers, legal advisors and even relocation and education services, ensuring a seamless entry into the Abu Dhabi ecosystem.”

Over the past decade, Abu Dhabi’s relationship with family offices has transformed dramatically.

“There has been a significant shift,” Ramamurthy explains. “Family offices now see Abu Dhabi not just as a home base but as a global gateway, a jurisdiction that offers legal certainty, a stable tax environment, access to SWFs and co-investors, and connectivity to global markets.”

The institutionalisation of family offices is accelerating. “Many family offices that were once operated through fragmented structures are now centralising their operations, professionalising governance, and broadening their investment mandates across asset classes and geographies.”

Capital markets activity—both public and private—has been another draw. “The growing number of IPOs, new capital markets access, and greater regulatory clarity in ADGM have further attracted their attention.”

As of 2024, ADX surpassed $800bn in market cap, with active debt, equity, and green bond markets increasingly appealing to family offices seeking scalable exits. “This market cap has since grown in 2025, with recent numbers, and so has the interest from family offices.”

ADGM’s regulatory innovations—particularly in private credit and virtual asset funds—have also expanded the range of investment strategies available to family offices.

Perhaps one of the most impactful developments has been the introduction of Ministerial Decision 261 (2024), which created new tax clarity for structures commonly used by family offices. “It now allows Foundations to hold SPVs and Companies without triggering corporate tax, enhancing Abu Dhabi’s attractiveness for wealth preservation and intergenerational planning.”

The renewed global confidence in ADGM is reflected in the calibre of investors it is attracting. “Recently, several prominent international family offices and billionaire investors — including Ray Dalio, Elysium Management, Asif Aziz, Wafic Saïd, Kishin RK, RB Capital/Royal Holdings, Kapoor Wealth Partners, and Apeiron Investment Group — have established operations within ADGM.”

One of the most notable recent trends has been the surge of interest from the United Kingdom.

“Interest from UK-based family offices and high-net-worth individuals has grown meaningfully over the last few years,” Ramamurthy says. Proximity, lifestyle advantages, and investor-friendly policies play a role, but the legal environment is the
real differentiator.

“In my opinion, what is especially appealing to UK families is our legal environment. ADGM’s existence as the only jurisdiction with the direct application of English Common Law provides the familiarity and legal assurance that many UK entities seek. That, coupled with a favourable tax environment, is a difficult combination to find in this region.”

What began as curiosity has become action. “In recent years, we have seen this interest convert into action. UK-origin family offices are setting up Single-Family Offices, investing through SPVs, and engaging with local opportunities in venture capital, private equity, and real estate.”

The administrative experience is another draw. “They also benefit from ADGM’s simplified licensing process, digital application infrastructure, and concierge support, including real estate guidance, school selection, fast-track Golden Visas, and banking introductions.”

More broadly, Ramamurthy says the UK trend reflects Abu Dhabi’s positioning as the global centre of private capital. “We offer the ‘Path to Forward’ for family offices seeking jurisdictional resilience, next-gen readiness, and global connectivity. And we are seeing growing interest from UK families who appreciate the combination of operational flexibility and high lifestyle quality, all within a regulatory environment they understand and trust.”

ADGM’s 10th anniversary marks more than a milestone—it marks a strategic inflection point for Abu Dhabi’s financial future.

With its 123 per cent AAGR in AUM, 62 per cent AAGR in fund managers, and expansion to 11,000+ active licences, ADGM has not only become the largest IFC in MENA—it is now
one of the most influential hubs for private
capital globally.

Family offices are central to this next chapter. As generational wealth grows, as governance structures mature, and as Abu Dhabi continues its economic diversification journey, ADGM’s tailored frameworks, global connectivity, and regulatory sophistication position it as the natural home for the next wave of global family offices.