As of October 2024, Abu Dhabi has been recognized as the richest city globally in terms of sovereign wealth funds (SWFs), according to Global SWF. The city leads the way with an impressive $1.7 trillion in capital managed by its various sovereign wealth funds, a figure that underscores its significant economic prowess.
Key Highlights
- Major Competitors: Following Abu Dhabi, cities like Beijing, Singapore, Riyadh, Hong Kong, and Oslo collectively manage a substantial portion of global SWFs, holding nearly two-thirds of the total $12.5 trillion in capital across the world.
- Significant Investment Firms: Abu Dhabi’s wealth is overseen by several prominent investment firms, including:
- Abu Dhabi Developmental Holding Company (ADQ)
- Abu Dhabi Investment Authority (ADIA)
- Mubadala
- Abu Dhabi Investment Council (ADIC)
- Lunate
- Abu Dhabi Fund for Development (ADFD)
- Tawazun
- Emirates Investment Authority (EIA)
Economic Growth and Development
- Oil Discovery: The wealth of Abu Dhabi can be traced back to the discovery of oil in 1958, which propelled the city into a major oil production role and significantly boosted its economy.
- Energy Hub: Today, Abu Dhabi is a critical global energy hub, possessing 95% of the UAE’s oil reserves and 92% of its gas reserves.
- Workforce and Employment: The city leads in terms of workforce size in investment funds, employing 3,107 personnel dedicated to managing its assets. This figure far exceeds the number of employees in cities like Singapore, Riyadh, Kuala Lumpur, and Dubai, each managing funds with nearly 1,000 employees.
Economic Comparison
In a striking comparison, Nigeria’s gross domestic product (GDP) is estimated at $66.84 billion as of 2023, which is over 25 times less than Abu Dhabi’s capital. This disparity highlights the vast economic differences and the potential for private investments in Abu Dhabi, further enhancing its financial standing on the global stage.
Abu Dhabi’s position as the richest city in the world not only reflects its wealth but also its strategic investments and commitment to fostering a robust economic environment.