RICHEST CITY

Abu Dhabi tops Oslo for #1 sovereign wealth ranking

ADIA, Mubadala, ADQ and the Emirates Investment Authority have combined assets under management of $1.7 trillion, Global SWF says

View of Abu Dhabi at sunset (Getty Images)

Abu Dhabi, brimming with oil money and investment revenue, has become the city with the world’s largest accumulation of sovereign wealth.

Tallying up the combined assets of ADIA, Mubadala, ADQ and the Emirates Investment Authority, industry monitor Global SWF said Abu Dhabi has amassed $1.7 trillion, putting it ahead of Oslo’s $1.6 trillion, and funds in Beijing, Singapore and Hong Kong. Riyadh ranked No. 4 with $1.1 trillion in the Public Investment Fund.

Besides the sovereign funds, Global SWF notes Abu Dhabi’s growing prominence as a home for government-owned institutional investors, the world’s largest and most active deal makers. Among them are central banks, public pension funds and family offices linked to royal family members, the report said.

“All in all, we estimate Abu Dhabi’s public capital at $2.3 trillion and we project it to reach $3.4 trillion by 2030,” Global SWF said.