Abu Dhabi has been named the world’s richest city in terms of capital managed by its sovereign wealth funds (SWFs), Global SWF said in a new report.

The various SWFs headquartered in the UAE capital manage an impressive $1.7 trillion worth of assets as of October 2024.

The figure includes the assets of Abu Dhabi Investment Authority (ADIA), Mubadala (including Abu Dhabi Investment Council and Mubadala Capital), ADQ (comprising part of Lunate), Abu Dhabi Fund for Development, Tawazun (including EDGE), and Emirates Investment Authority.

Oslo ranks second, with the Government Pension Fund (GPF) managing over $1.6 trillion in assets.

Other major cities in the report include Beijing (China Investment Corporation), Singapore (GIC Private and Temasek Holdings), Riyadh (Public Investment Fund), and Hong Kong (SAFE Investment Corporation).

Together, these six cities represent two-thirds or $12.5 trillion of the capital managed by SWFs globally as of October 1, 2024.

Additionally, Abu Dhabi leads in human capital - the number of personnel employed by SWFs of that jurisdiction - with 3,107 staff working for its SWFs, the report stated.

(Edited by Bindu Rai; bindu.rai@lseg.com)