Abu Dhabi has been named the richest city in the world based on the money managed by its sovereign wealth funds (SWFs), according to a recent report by Global SWF.
As of October 2024, various SWFs based in Abu Dhabi are managing an impressive $1.7 trillion in assets. These funds include major organizations such as the Abu Dhabi Investment Authority (ADIA), Mubadala (including the Abu Dhabi Investment Council and Mubadala Capital), ADQ (part of Lunate), the Abu Dhabi Fund for Development, Tawazun (which includes EDGE), and the Emirates Investment Authority.
In second place is Oslo, Norway, where the Government Pension Fund oversees more than $1.6 trillion. Other significant cities like Beijing, Singapore, Riyadh, and Hong Kong also play a major role in the report, collectively managing a massive $12.5 trillion in sovereign wealth funds worldwide.
This report highlights the strong financial influence of Abu Dhabi and other cities, showcasing their role in the global economy through their management of SWFs. Abu Dhabi’s top position demonstrates its leadership in wealth management and investment on a global scale.
