UAE: Abu Dhabi is officially the richest city – leagues ahead of its competitors

It is official. The capital of the UAE has become the ‘Capital of Capital’ quite literally. Abu Dhabi is managing a staggering $1.7 trillion in assets through its Sovereign Wealth Funds as of October 2024. The Emirate is much ahead of its global competitors such as Oslo and Riyadh.

But the more important part is the aforementioned $1.7 trillion doesn’t even include the sizeable $344 billion handled by Royal Private Offices (RPOs). There is also a roster of 3,107 employees – the largest staff size of any city in this arena.

There is, nonetheless, another interesting fact to note. Despite the capital city’s amazing economic performance, Dubai remains the richest in the region if its residents are considered. Dubai is home to 72,500 people and at least $1 million or more is available to invest.

Abu Dhabi becoming a top dog for sovereign wealth funds

The capital of the UAE has an intriguing economic history. The best part started in 1958 as the city first discovered oil reserves. Some years later, the Abu Dhabi Investment Authority came into existence, making the emirate a global financial hub.

Oil reserves are of great importance in the UAE. But today, the country’s robust economy has fingers in almost every financial pie possible. But Abu Dhabi isn’t just interested in richness. The city has also been putting substantial efforts into becoming a magnet for global talent.

The capital doesn’t believe in lumping its resources into one big pot. It prefers a more tailored approach. For instance, Mubadala started in 2002 as a development company. But it soon evolved into a significant player in the global financial scene.

Abu Dhabi’s financial empire is truly diversified

The UAE capital has deep roots in oil as the emirate is estimated to be holding 94% of the UAE’s oil. But today, the city also has its clean energy giant Masdar and telecommunications leader e& – helping us understand that its assets extend far beyond fossil fuels.

Experts believe sustained high oil prices have supported Abu Dhabi in countering the global financial storms of recent years. But the city’s sizeable fiscal surpluses are being funneled into a number of different global investments.

The capital of the Emirates seems to have a brighter future in terms of finances. abu Dhabi’s rise to become the richest city isn’t just about the richness. It’s also about in the city’s diversified and future-facing strategy for improved economic performance.