This is the richest city in the world; it's worth more than 25 times Ghana's GDP

The richest city in the world is not in Europe or the United States, but in the Middle East.

According to Global SWF, as of October 2024, Abu Dhabi is the richest city in the world in terms of sovereign wealth funds.

Beijing, Singapore, Riyadh, Hong Kong, and Oslo, home to the world's largest SWF, NBIM, closely trail Abu Dhabi with an estimated $1.7 trillion in capital.

As of October 1, 2024, these six cities hold two-thirds of the $12.5 trillion in capital managed by sovereign wealth funds globally.

Several significant investing firms oversee Abu Dhabi's $1.7 trillion in sovereign wealth funds.

Abu Dhabi Developmental Holding Company (ADQ), Abu Dhabi Investment Authority (ADIA), Mubadala, Abu Dhabi Investment Council (ADIC), Lunate, Abu Dhabi Fund for Development (ADFD), Tawazun, and the Emirates Investment Authority (EIA).

Why is Abu Dhabi so rich?

Abu Dhabi's principal sovereign wealth funds, including ADIA, Mubadala, and ADQ, invested $36 billion in international projects and enterprises in the first nine months of 2024 alone.

The discovery of oil in 1958 marked the beginning of Abu Dhabi's path to prosperity.

As a result, the city became a significant oil producer, which greatly aided in the development of its economy.

Abu Dhabi is a major global energy hub today, with 95 percent of the UAE's oil and 92 percent of its gas reserves.

Abu Dhabi leads with the largest workforce in its investment funds, employing 3,107 personnel, and is also the wealthiest in terms of assets.

In comparison, cities like Singapore, Riyadh, Kuala Lumpur, and Dubai trail far behind, each with nearly 1,000 employees spread across various fund management divisions.

Finally, according to Statista, Nigeria's gross domestic product is $66.84 billion as of 2023; that's over 25 times less than Abu Dhabi's capital, a staggering comparison if you consider that it doesn't take into account private investment in Abu Dhabi.