Abu Dhabi has been declared the world’s richest city in terms of its capital managed by Sovereign Wealth Funds(SWFs). According to data curated by Global SWF, the country secured the top spot with US$1.7 trillion in capital as of October 2024. The figure considers the significant assets of federal funds Emirates Investment Authority (EIA), Abu Dhabi Investment Authority (ADIA), Mubadala (including Abu Dhabi Investment Council (ADIC)and Mubadala Capital), aid fund Abu Dhabi Fund For Development (ADFD), Abu Dhabi Developmental Holding Company (ADQ), Lunate and Tawazun (including EDGE).
Abu Dhabi’s Royal Private Offices(RPOs), which account for US$344 million, are not included in the capital consideration by Global SWFs. Besides being in the top spot as the ‘Capital of Capital’, the city also leads in human capital, with 3,107 staff employed across its SWFs. The city’s major growth is attributed to its impressive portfolio of institutional investors and progress through oil and gas reserves.
Since the 1950s, Abu Dhabi has been a major oil and gas producer, which contributes to its economy A few years later, the government formed an investment board, ADIA shortly after the city began trading oil and gas. The board oversees the activities of London-based fund managers investing budget surpluses in global markets. Ever since then, the city has accumulated significant revenues and attracted foreign institutions for long-term investment and sustainable wealth.
The emirate consolidated with global player Mubadala to emerge as the financial giant in the following years. As per reports, emirates entities, ADIA, Mubadala, and ADQ invested US$ 36 billion in deals across the world in the first three quarters of 2024. Lunate Capital, a US$ 105 billion manager, has high-profile investments including ICD-Brookfield Place, 42XFund,
and ADNOC Oil Pipelines. In addition, the city counts on Etiha(aviation), Masdar(clean energy), TAQA(utilities), e&(telecom), ADPorts(terminals) and other national investments.
Meanwhile, Oslo, Beijing, Singapore, Riyadh and Hong Kong follow Dubai in the ranking of the world’s cities according to SWF Capital as of October 2024. These collective cities represent two-thirds of resources managed by sovereign wealth funds worldwide, accounting for US$ 12.5 trillion as of now.
