By Staff writer
Abu Dhabi Investment Authority tops list of planet's wealthiest sovereign funds with US$627bn
Abu Dhabi is the world’s richest sovereign wealth fund, holding approximately US$627bn in assets, statistics show.
According to figures from research firm Sovereign Wealth Fund Institute, the UAE capital’s Abu Dhabi Investment Authority is head and shoulders above Norway’s Government Pension Fund – Global with US$611.
The top ten in the rankings is dominated by Asia-based funds, including those from Saudi Arabia, Singapore, Kuwait and China, many of which derive their wealth from oil receipts.
Qatar Investment Authority, which has grabbed headlines of late for snapping up luxury assets in the UK and continental Europe, placed 12 with US$100bn.
Investment Corporation of Dubai, based in the UAE’s second city, came in at 14 place with US$70bn worth of assets.
Would be nice if the Gulf states and other large SWFs actually converted the bulk of their holdings into tangible assets and strayed clear of INTANGIBLE assets (like US T-Bills and other financial instruments that are usually not worth the paper they are printed on). As we all know, AbuDhabi SWF (ADIA) lost hundreds of millions in Lehman Brother's crash; but funny how bankers always seem to have very very short memories...
Gulf SWFs should follow China's strategy and buy up African assets in a big way so as to position themselves in the long run to be able to benefit from Africa's huge potential.
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