Abu Dhabi has claimed the title of the world’s richest city, boasting a staggering $1.7 trillion in capital managed by its Sovereign Wealth Funds (SWFs) as of October 2024, according to Global SWF. This impressive figure includes key players like the Abu Dhabi Investment Authority (ADIA), Mubadala, Abu Dhabi Developmental Holding Company (ADQ), and more.
A Leader in Wealth Management
Following Abu Dhabi in the SWF rankings are cities like Oslo, home to the world’s largest SWF (NBIM), Beijing (CIC), Singapore (GIC, Temasek), Riyadh (PIF), and Hong Kong (SAFE IC). It’s important to note that this total doesn’t account for the substantial assets managed by Abu Dhabi’s Royal Private Offices (RPOs), which manage about $344 billion.
Not only does Abu Dhabi lead in financial capital, but it also ranks first in human capital, employing 3,107 staff across its SWFs. This is followed by Singapore, Riyadh, Kuala Lumpur, and Dubai, each boasting over 1,000 employees.
The Evolution of Wealth
Abu Dhabi is often seen as “old money” in the Arabian Gulf, having discovered oil in 1958. Shortly after, the government established an investment board, which evolved into the ADIA, to manage surplus revenues globally. Over the decades, the emirate has transitioned from a low-profile approach to becoming a significant player on the world stage, now dubbed the “Capital of Capital.”
In response to global financial changes, Abu Dhabi underwent a consolidation phase, combining various SWFs like Mubadala and ADIC to streamline operations. More recently, ADQ has emerged as a key player in this landscape.
Article Resource: Abu Dhabi Crowned Richest City with $1.7 Trillion (uaemoments.com)
