Abu Dhabi tops trillion-dollar sovereign wealth league, edges out Oslo and Singapore
The Republic ranks fourth, managing over US$1.1 trillion in such assets
ABU Dhabi has claimed the top spot in a new global ranking of cities based on the capital managed by their sovereign wealth funds, with US$1.7 trillion in assets as at October.
This positions the United Arab Emirates’ capital as the largest hub for sovereign fund capital, according to a report released by Global SWF on Tuesday (Oct 8).
The ranking – which for the first time assesses sovereign fund assets at the city level – places Abu Dhabi ahead of Oslo, Beijing and Singapore.
Singapore, home to two major sovereign funds – GIC and Temasek Holdings – ranks fourth, managing over US$1.1 trillion in such assets. The Singapore government does not publicly disclose the full size of its reserves managed by GIC.
The report noted that Abu Dhabi’s funds include multiple entities, such as the Abu Dhabi Investment Authority (Adia), Mubadala Investment Company, and ADQ.
These funds are managed under separate mandates, allowing the city to maintain distinct investment strategies, the report said.
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Combined, the three institutions have invested US$36 billion globally in the first three quarters of 2024, accounting for 26 per cent of all sovereign fund investments in that period.
“Sustained high oil prices have meant healthy fiscal surpluses for Abu Dhabi since 2020, when it experienced its last stress test,” the report said.
“According to Fitch’s forecasts, if things stay the way they are, the emirate will benefit from US$60 billion in surplus in the next two years – which would flow into the already massive Adia.”
In addition to its financial assets, Abu Dhabi also leads in human capital employed by its sovereign wealth funds, with 3,107 personnel across institutions, according to the report.
Other major cities, including Singapore, Riyadh, Kuala Lumpur and Dubai, follow closely, with each employing more than 1,000 staff within their respective funds.
Globally, sovereign wealth funds managed a total of US$12.5 trillion in assets. Six cities – Abu Dhabi, Oslo, Beijing, Singapore, Riyadh and Hong Kong – account for over two-thirds of this total, the report found.
“The world ranking confirms the concentration of sovereign wealth funds in a select number of cities, underscoring the significance of these financial hubs on the global stage,” said Diego Lopez, founder and managing director of Global SWF.
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