Kuwait ranks as the seventh richest city in the world
The country boasts an impressive sovereign wealth of up to $978 billion, according to the Global SWF classification.
• Abu Dhabi ranks as the richest city in the world for sovereign wealth funds, managing $1.67 trillion as of October 2024, with total wealth estimated at $2.3 trillion and expected to reach $3.4 trillion by 2030.
Kuwait ranks as the seventh richest city in the world based on sovereign wealth funds, boasting a wealth of up to $978 billion, according to the Global SWF classification, according to a report by Al Anba newspaper.
This follows the issuance of a new global classification of cities by Global SWF, ranking them based on the capital managed by sovereign wealth funds.
Abu Dhabi topped the list as the richest city in the world in terms of sovereign wealth funds, managing $1.67 trillion as of October 2024. This figure includes assets managed by prominent entities such as the Abu Dhabi Investment Authority, Mubadala, Abu Dhabi Authority for Investment and Development, Abu Dhabi Fund for Development, Tawazon, and the UAE Investment Company.
Oslo came in second with a fortune of $1.66 trillion, followed by Beijing in third place with $1.34 trillion, and Singapore in fourth with $1.13 trillion.
The Saudi capital, Riyadh, ranked fifth with approximately $1.11 trillion in managed capital, while Hong Kong ranked sixth with $1.1 trillion. Together, these six cities represent two-thirds of the wealth managed by sovereign wealth funds globally, totaling around $12.5 trillion.
In this context, the report noted that over the past few decades, Abu Dhabi, nicknamed the “Capital of Capital,” has developed a vast investment portfolio, including some of the largest and most active investment institutions globally.
In addition to sovereign wealth funds, the emirate also houses several major asset owners, such as central banks and public pension funds. Abu Dhabi’s total wealth is estimated at $2.3 trillion, with expectations to reach $3.4 trillion by 2030.
