Abu Dhabi has taken the top spot globally as the city managing the most wealth through sovereign funds, with a total of $1.7 trillion in assets under management.
The new ranking, released by Global SWF, places the Emirati capital ahead of financial powerhouses like Oslo, Singapore, and Hong Kong.
Several major investment entities operate under Abu Dhabi’s banner, including the Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company, ADQ, and the Abu Dhabi Fund for Development. Together, they manage more sovereign wealth than any other city worldwide. Oslo follows closely behind, with its Government Pension Fund overseeing just over $1.6 trillion.
The report notes that these top cities—Abu Dhabi, Oslo, Beijing, Singapore, Riyadh, and Hong Kong—control about $12.5 trillion in sovereign wealth assets, which accounts for nearly two-thirds of global SWF holdings.
Abu Dhabi is not only leading in capital but also in workforce strength, employing more than 3,100 staff in its sovereign funds. No other city has more professionals managing its public wealth. Including central banks, pension funds, and royal family-linked offices, Abu Dhabi’s total public capital hits $2.3 trillion, with forecasts suggesting this could rise to $3.4 trillion by the end of the decade.
Recent moves by Abu Dhabi’s major funds show the city’s continued push into global and regional investments. Earlier this month, the Abu Dhabi Fund for Development pledged over $100 million to support Jordan’s healthcare digitalization during the UAE President’s visit to Amman. Last month, Mubadala joined Aldar Properties in launching four real estate joint ventures valued above $8.2 billion. In August, a fully owned subsidiary of ADIA became a key player in the $6.9 billion buyout of UK investment platform Hargreaves Lansdown.
Abu Dhabi’s economic strength isn’t just about its funds. The local economy grew by 4.1% in the second quarter of 2024, driven mostly by non-oil sectors. Non-oil GDP reached $44.7 billion, making up more than half of the emirate’s total economic output. The shift away from oil is increasingly clear, with the non-oil segment seeing 6.6% growth in Q2 alone, the highest share it’s held in a decade.
This steady economic expansion, along with massive investment capacity, positions Abu Dhabi as a rising financial center with influence reaching well beyond the Middle East. As it continues to grow its wealth and diversify its economy, the city is solidifying its role as a global leader in managing public capital and shaping financial markets worldwide.