Abu Dhabi (US , UK ; Emirati pronunciation ) is the capital and the second most populous city in the United Arab Emirates (the most populous being Dubai), and also capital of Abu Dhabi emirate, the largest of the UAE’s seven member emirates. Abu Dhabi lies on a T-shaped island jutting into the Persian Gulf from the central western coast. The city proper had a population of 921,002 in 2013. Abu Dhabi houses federal government offices, is the seat of the United Arab Emirates Government, home to the Abu Dhabi Emiri Family and the President of the UAE, who is from this family. Abu Dhabi has grown to be a cosmopolitan metropolis. Its rapid development and urbanisation, coupled with the relatively high average income of its population, has transformed Abu Dhabi to a larger and advanced metropolis. Today the city is the country’s center of political and industrial activities, and a major cultural and commercial centre, due to its position as the capital. Abu Dhabi accounts for about two-thirds of the roughly $400-billion United Arab Emirates economy. Abu Dhabi is home to important financial institutions such as the Abu Dhabi Securities Exchange, the Central Bank of the United Arab Emirates and the corporate headquarters of many companies and numerous multinational corporations. One of the world’s largest producers of oil, Abu Dhabi has actively attempted to diversify its economy in recent years through investments in financial services and tourism. Abu Dhabi is the fourth most expensive city for expatriate employees in the region, and in 2014 was the 68th most expensive big city in the world. Fortune magazine and CNN stated in 2007 that Abu Dhabi is the richest city in the world, having been between $800 billion to approximately $875 billion USD. The Sovereign Wealth Fund Institute puts the figure at US$773 billion .