Abu Dhabi is now the world’s richest city in terms of capital managed by sovereign wealth funds, which has reached US$1.7 trillion as of October 2024, a new ranking reveals.

According to Global SWF, a data platform tracking over 400 SWFs and public pension funds ( PPFs ), the Gulf emirate has grown an impressive portfolio of institutional investors, which are among the world’s largest and most active dealmakers.

In addition to SWFs, Abu Dhabi is home to several other asset owners, including PPFs, central banks and family offices linked to royal family members, also known as royal private offices ( RPOs ).

Together, they represent a robust diversification strategy that has evolved over the years to adapt to changing economic dynamics.

Global SWF estimates Abu Dhabi’s public capital at US$2.3 trillion and projects it to reach US$3.4 trillion by 2030.

Following Abu Dhabi are Oslo, which is home to the world’s largest SWF, Norges Bank Investment Management; Beijing, China Investment Corporation; Singapore, GIC and Temasek; Riyadh, Public Investment Fund; and Hong Kong.

Combined, these six cities represent two-thirds of the wealth held by SWFs globally today, at US$12.5 trillion.

Asia’s standing is not to be overlooked. The combined SWF assets in the region stand at US$4.236 trillion as Singapore with US$1.135 trillion and Beijing with US$1.342 trillion follow hot on the heels of Abu Dhabi in the ranking of SWF-managed assets.

Singapore’s focus on governance, regional investments, and infrastructure parallels Abu Dhabi’s own ambitions, making for a compelling new financial rivalry.