The banking industry has an extensive and influential global presence, with numerous financial institutions holding trillions of dollars in assets. In this article, we will delve into the top 10 banks in the world in 2024, providing a comprehensive analysis of their operations, financial performance, and overall impact on the global economy. By examining the details of these top banks, we can better understand the modern financial landscape and how it shapes our world.
The dominance of bank-holding companies
Bank-holding companies play a significant role in the global banking landscape. These corporations control one or more banks but do not necessarily engage in banking themselves. They provide a strategic advantage by allowing for a diversified range of financial services under one umbrella, thus increasing the overall stability of the banks they hold.Also Read: Top 10 biggest companies in the world by market cap in 2024
Many of the largest banks in the world are part of larger bank holding companies. This structure allows them to offer various financial services, making them more resilient and competitive in the global market.
Top banks in the world in 2024
Here’s a table showcasing the ten largest banks in the world, ranked by their market caps (as of October 4, 2024).
| Rank & Bank | Headquarters | Market Cap |
|---|---|---|
| #1 JPMorgan Chase | New York, USA | $583.91 billion |
| #2 Bank of America | North Carolina, USA | $304.56 billion |
| #3 Industrial and Commercial Bank of China Limited (ICBC) | Beijing, China | $288.06 billion |
| #4 Agricultural Bank of China | Beijing, China | $231.00 billion |
| #5 China Construction Bank | Beijing, China | $197.15 billion |
| #6 Bank of China | Beijing, China | $187.79 billion |
| #7 Wells Fargo | California, USA | $187.13 billion |
| #8 Royal Bank Of Canada | Toronto, Canada | $173.86 billion |
| #9 Morgan Stanley | New York, USA | $169.17 billion |
| #10 HSBC | London, UK | $159.35 billion |
The largest banks in the world play a crucial role in the global economy. They facilitate international trade, provide business loans, and offer financial services to millions of customers worldwide.Also Read: The top 10 richest people in the world in 2024
Top 10 banks in the world in 2024: A deeper insight
Here’s a deep dive into the largest banks in the world.
1. JPMorgan Chase
- Total Assets: $4.143 Trillion
JPMorgan Chase is the largest US-based bank and the fifth-largest bank in the world in terms of total assets. It is a leading player in investment banking and financial services. As the Federal Reserve introduces its new instant payment service dubbed the FedNow system, JP Morgan is among the prominent financial institutions having already adopted the system.
2. Bank of America
- Total Assets: $3.258 Trillion
With a substantial investment banking, wealth management, and trading presence, Bank of America serves more than 68 million consumers and over 3 million small business clients. In terms of assets, Bank of America is the second-largest bank in the world and the sixth-largest bank in the world. With $288.96 billion in market cap, Bank of America is one of the most valuable companies, ranking 33rd on the list.
Also Read: Commercial banks in India: Types and functions
3. Industrial and Commercial Bank of China (ICBC)
- Total Assets: $6.592 Trillion
The Industrial and Commercial Bank of China Limited is the largest bank in both the People’s Republic of China and the world when considering total assets. Among the biggest lenders in the world, ICBC continues to steadily remain near the top, along with the likes of the Bank of America.Also Read: Public sector banks in India
4. The Agricultural Bank of China
- Total Assets: $5.838 Trillion
The Agricultural Bank of China is the second-largest bank in the world in terms of total assets. It was founded in 1979. The latest financial reports state that the company’s current earnings are $43.41 billion. The bank plays a crucial role in supporting China’s agricultural sector and also operates in other parts of the globe, such as Asia Pacific, the Middle East, Europe, and the Americas.
Also Read: The top 10 largest economies in the world in 2024
5. China Construction Bank (CCB)
- Total Assets: $5.502 Trillion
CCB is the third largest bank globally in terms of total assets. It has a significant influence on China’s construction and infrastructure projects and is one of the leading commercial banks in China. With 3.48 million corporate customers, Chinese Construction Bank is the second largest bank, next to ICBC. CCB’s various subsidiaries also cover various industries, including leisure, software, energy, retail, and many more.
6. Bank of China
- Total Assets: $4.661 Trillion
The Bank of China is the fourth largest bank globally by total assets. It is one of the oldest banks in China and has a significant international presence. The Bank of China began its operations in Hong Kong and now operates the financial market business through five major trading centres: Beijing, Shanghai, Hong Kong, New York, and London. One of the Bank of China’s aims is to maintain the stability of the currency’s value and promote economic growth in the country.
Also Read: Top 10 IT companies in India in 2024 by market capitalisation
7. Wells Fargo
- Total Assets: $1.940 Trillion
The American Wells Fargo & Company offers financial services such as mortgage banking, equipment leasing, insurance agency, and more in about 35 countries. Along with 33 other banks and credit unions, Wells Fargo joined JPMorgan in integrating the FedNow system. Wells Fargo serves more than 70 million customers and is one of the top five banks in the United States.
8. Royal Bank of Canada
- Total Assets: $1.476 Trillion
Royal Bank of Canada is the biggest bank in Canada in terms of market capitalisation. Headquartered in Torranatto, it has a presence in 27 countries and serves approximately 17 million clients worldwide. The bank offers services ranging from personal commercial banking to wealth management and insurance investor services.
9. Morgan Stanley
- Total Assets: $1.212 Trillion
Morgan Stanley is an investment bank and financial services provider from America. Notably, Morgan Stanley and Mitsubishi UFJ Financial have recently announced plans to take their 15-year alliance further and venture into foreign exchange trading and Japanese research and equities businesses for a global consumer base.
10. HSBC
- Total Assets: $2.975 Trillion
Started in Hong Kong and Shanghai and now headquartered in the United Kingdom, this British banking group ranks as the 8th largest bank in the world. Being a prominent banking and financial services organisation that caters to millions of customers worldwide. HSBC serves around 42 million customers across the world and has a network covering 62 countries. HSBC also has its branches in India providing its products and services and is also becoming a personal banking customer base.
Also Read: Top 10 companies in India by market valuation in 2024
Largest banks in the world by country
Well, now we know the top 10 banks in the world in 2024, but which banks dominate in their respective countries by market cap? Here’s a look at some of the most popular ones:
| Bank | Country |
|---|---|
| JPMorgan Chase | USA |
| ICBC | China |
| HSBC | UK |
| HDFC Bank | India |
| Royal Bank Of Canada | CANADA |
| BNP Paribas | France |
| Mitsubishi UFJ Financial | Japan |
| Commonwealth Bank | Australia |
| The Saudi National Bank | Saudi Arabia |
| UBS | Switzerland |
| Santander | Spain |
These banks, amongst the largest banks in the world, continue to shape the global financial landscape with their vast resources and extensive reach.
FAQs
1. Which bank has the highest total assets in India?The SBI, or the State Bank of India, is the largest bank in India by total assets, while HDFC Bank tops the list in terms of market capitalisation.
2. What is a bank’s market capitalisation, and why is it important?A bank’s market capitalisation is the total value of all its shares of stock. It’s crucial as it gives investors an idea of the company’s size and can impact its ability to raise additional funds, among other things.3. How does a bank’s market capitalisation affect its operations?A larger market capitalisation often gives banks more resources for expansion, investments, and lending. It can also provide stability, making it less likely for the bank to be a takeover target.