Finance Abu Dhabi is top global city for SWF assets with $1.6trn By Matt Smith October 9, 2024, 2:04 PM Alamy/John Kellerman Abu Dhabi has five separate SWFs to diversify its investments $1.6trn in assets in 5 funds Oslo ranks second Top 6 cities have $13trn in assets Abu Dhabi’s various sovereign wealth funds have a combined $1.67 trillion in assets, having overtaken Oslo to become the wealthiest global city for SWF assets. This total includes Abu Dhabi Investment Authority (Adia), Mubadala, ADQ and Abu Dhabi Fund for Development, plus the federal government-owned Emirates Investment Authority, according to a report by Singapore-based consultants Global SWF. Abu Dhabi differs from many other governments with sovereign wealth funds in that it has spread these investments across multiple entities rather than a single fund. “For the past few decades, Abu Dhabi has grown an impressive portfolio of institutional investors, which are among the world’s largest and most active dealmakers,” the report states. “In addition to its SWFs, the emirate is home to several other asset owners, including central banks, pension funds and family offices linked to members of the royal family.” Adia part of fund aiming to raise $4bn for India upgrade Adia writes off investment in Thames Water Home is where the heart is for GCC wealth funds Norway’s Government Pension Fund Global is the world’s largest SWF. Headquartered in Oslo, it has just under $1.67 trillion in assets, making the Norwegian capital second worldwide in terms of aggregate SWF assets. Beijing ($1.34 trillion), Riyadh ($1.12 trillion), Singapore ($1.12 trillion) and Hong Kong ($1.11 trillion) are other notable centres of SWF assets, the report states. China Investment Corporation is based in Beijing, while GIC Private Ltd and Temasek Holdings are headquartered in Singapore. Hong Kong is home to SAFE Investment Corporation. Combined, these six cities hold $12.5 trillion in SWF assets, which is about two-thirds of assets in such funds worldwide, Global SWF estimates. “The rankings confirm the concentration of sovereign wealth funds in a select number of cities, underscoring the significance of these financial hubs on the global stage,” adds Diego López, founder and managing director of Global SWF.