Uae: This emirate has claimed the top spot on list of richest cities globally

In an important but not shocking turn of events, the capital of the Uae has claimed the top spot on the list of richest cities across the globe. You’ve heard that right – Abu Dhabi manages $1.7 trillion in assets through its sovereign wealth funds as of October 2024.

The Uae capital is operating in a separate league that is much ahead of its global competitors such as Oslo, Beijing and Riyadh. Besides the trillions in assets managed, Abu Dhabi’s Royal Private Offices is also handling a hefty $344 billion.

Abu Dhabi doesn’t lump its resources into one pot

Oil occupies a good part of this stunning city’s financial journey. It started in 1958 as Abu Dhabi made a landmark discovery of oil. Some years later, the city started turning into a global financial hub and is today, a prestigious holder of the tag ‘richest city’.

Interestingly, Abu Dhabi is not one of those many cities that prefer to lump their resources into one big pot. This Uae megacity believes in economic diversification. The emirate has shifted gears to attract foreign institutions, luring both richness and global talent.

It must be highlighted that Abu Dhabi’s investment landscape is as intricate as it is attractive. Take Mubadala for instance. It started as a development company back in 2002. But today, Mubadala Capital has evolved into a major player in the global financial scene.

Abu Dhabi’s diversified and future-facing strategy

Oil is a significant part of Abu Dhabi’s richness. But it’s not everything. These years, the emirate is far more diversified. There is the Uae’s clean energy company Masdar and telecommunications giant e&, for example.

The future of the megacity also looks quite promising. The main point here is Abu Dhabi’s richness isn’t the only thing to ponder about. The city’s diversified and future-facing strategy for further development should be taken into consideration, too.