Abu Dhabi Crowned World’s Richest City for Sovereign Wealth Funds

The latest Global SWF report shows that Abu Dhabi can now be deemed the world’s richest city in terms of sovereign wealth fund assets. Attracting $1.7 trillion in assets of different SWFs with their headquarters in Abu Dhabi, the city has exceeded Oslo, where the largest SWF in the world is located.

Sovereign Wealth Powerhouses

Abu Dhabi’s rise can be attributed to the total fund management by two biggest SWFs of the country: Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company (MIC), Abu Dhabi Developmental Holding Company (ADQ), and Emirates Investment Authority (EIA). These institutions together control the city’s huge fortune and help to establish it as an international financial hub.

That brings Oslo down to the second place from first place with its Government Pension Fund, GPFG, which has over $1.6 trillion in assets. These changes show the volatility of the concept of sovereign wealth management on the international level and prove the successful financial development of Abu Dhabi during the recent years.

Global Financial Hubs

The next cities are Beijing, Singapore, Riyadh and Hong Kong. Taken together this group of cities controls two-thirds of the capital of sovereign wealth funds totalling $12. 5 trillion of the world capital as of October 1, 2024.

However, the total picture of the financial life of Abu Dhabi is much more diverse than sovereign wealth funds, it also involves the central banks, pension funds, several family offices related to the Royal Family. According to preliminary calculations, the total of public capital in the city is $2.3 trillion, and if certain forecasts come true, by 2030, it will be $3.4 trillion, which would bolster the city’s epithet of the “Capital of Capital.”