Current Affairs - International - Discussion

Abu Dhabi has been crowned the world's richest city due to its substantial sovereign wealth funds, estimated at $1.7 trillion. This significant wealth is primarily attributed to the discovery of oil in the 1950s, making Abu Dhabi one of the world's top energy producers. The city holds 95% of the UAE's oil reserves and 92% of its gas reserves, solidifying its position as a global financial powerhouse. This ranking is based on the city's impressive capital reserves, surpassing other major cities like Oslo, Beijing, Singapore, and Hong Kong.