Get new posts by email
Menu

This is the richest city in the world

Newnaija 2 months ago 0 0
The richest city in the world [gettyimages]

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).

ALSO READ: 5 richest churches in the world

Why is Abu Dhabi so rich?

The richest city in the world [gettyimages]
The richest city in the world [gettyimages]

ALSO READ: 5 rudest countries in the world where politeness is a foreign concept

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.

ALSO READ: 1 in every 8 people in this country is a dollar millionaire – Here’s the secret

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.

Written By

Welcome to NewNaija, your ultimate source for the latest news, entertainment, and lifestyle trends in Nigeria and beyond. Our mission is to provide up-to-date and relevant content that keeps you informed and connected to the pulse of Nigeria. From breaking news and political updates to music, fashion, and tech, NewNaija covers it all with accuracy and speed.

Leave a Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

error

Enjoy this blog? Please spread the word :)

Copy link