The 10 Largest Banks In The World In 2024 - Forbes India (2024)

The 10 Largest Banks In The World In 2024 - Forbes India (1)

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 March 19, 2024).

Rank & Bank Headquarters Market Cap
#1 JPMorgan Chase New York, USA $554.93 B
#2 Bank of America North Carolina, USA $284.14 B
#3 Industrial and Commercial Bank of China Limited Beijing, China $237.97 B
#4 Wells Fargo California, USA $206.66 B
#5 Agricultural Bank of China Beijing, China $193.79 B
#6 Bank of China Beijing, China $158.92 B
#7 China Construction Bank Beijing, China $152.78 B
#8 HSBC London, UK $146.00 B
#9 Morgan Stanley New York, USA $143.83 B
#10 HDFC Bank
Mumbai, India
$141.82 B

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.

JPMorgan Chase

  • Total Assets: $3.744 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.

Bank of America

  • Total Assets: $3.194 Trillion

With a substantial investment banking, wealth management, and trading presence, Bank of America serves approximately 66 million consumers and small business clients. Also Read: Commercial banks in India: Types and functions

Industrial and Commercial Bank of China (ICBC)

  • Total Assets: $6.118 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

The Agricultural Bank of China

  • Total Assets: $5.357 Trillion

The Agricultural Bank of China is the third largest bank in the world in terms of total assets. It plays a crucial role in supporting China's agricultural sector.Also Read: The top 10 largest economies in the world in 2024

Wells Fargo

  • Total Assets: $1.886 Trillion

The American Wells Fargo & Company offers financial services in about 35 countries. Wells Fargo joins JPMorgan in integrating the FedNow system, along with 33 other banks and credit unions.

Bank of China

  • Total Assets: $4.422 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.Also Read: Top 10 IT companies in India in 2024 by market capitalisation

China Construction Bank (CCB)

  • Total Assets: $5.376 Trillion

CCB is the second largest bank globally in terms of total assets. It has a significant influence on China's construction and infrastructure projects.

HSBC

  • Total Assets: $2.989 Trillion

Headquartered in the United Kingdom, HSBC is a prominent banking and financial services organisation that caters to millions of customers worldwide.

Morgan Stanley

  • Total Assets: $1.199 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.

HDFC Bank

  • Total Assets: $278.44 Billion

As of July 2023, HDFC Bank has merged with HDFC Ltd. (a leading housing finance company) to become one entity. The merger has come about to serve client needs better and adapt to the changing needs of the broader industry. Post-merger, HDFC Bank is currently the 11th largest lender in the world and the largest bank in India. 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.

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The 10 Largest Banks In The World In 2024 - Forbes India (2024)

FAQs

The 10 Largest Banks In The World In 2024 - Forbes India? ›

The nation's biggest banks include both traditional retail banks and investment banks. While Chase, Bank of America, Wells Fargo and Citi stand out as big banks, U.S. Bank, PNC Bank, Goldman Sachs, Truist Bank, Capital One and TD Bank round out the 10 largest banks in the U.S.

Who is the No 1 bank in India? ›

List of Top 10 Banks in India
RankingBank's Name
1.HDFC Bank
2.State Bank Of India (SBI)
3.ICICI Bank
4.Axis Bank
6 more rows
Apr 2, 2024

What are the 10 largest banks in the US? ›

The nation's biggest banks include both traditional retail banks and investment banks. While Chase, Bank of America, Wells Fargo and Citi stand out as big banks, U.S. Bank, PNC Bank, Goldman Sachs, Truist Bank, Capital One and TD Bank round out the 10 largest banks in the U.S.

Which bank is very rich in India? ›

HDFC Bank is the largest bank in India in terms of market cap and the fourth-largest bank in the world on the same terms. As one of the leading private banks in India, it holds a prominent position in the financial industry.

Who is the top 10 bank in India? ›

Overview of 10 Best Banks in India 2024
  1. HDFC Bank. HDFC Bank is one of the most popular banks in India, with its headquarters in Mumbai. ...
  2. ICICI Bank. ICICI Bank is an Indian multinational financial services bank headquartered in Mumbai. ...
  3. SBI. ...
  4. Kotak Mahindra. ...
  5. Axis Bank. ...
  6. IndusInd Bank. ...
  7. Bank of Baroda. ...
  8. Punjab National Bank.
Mar 1, 2024

Which is the fastest growing bank in India? ›

Kotak Mahindra is one of the fastest growing banks in India, and the flagship for the financial services conglomerate Kotak Group. The bank's product offer is huge, with a range of services and accounts for personal, corporate, business and private customers.

What are the 5 biggest bank in the world? ›

The largest five banks by market capitalization are JP Morgan & Chase, Bank of America, Industrial and Commercial Bank of China, Wells Fargo, and China Construction Bank. The sixth through eighth largest banks, while smaller in market cap than the top five, are still significantly large.

What bank is the richest? ›

JPMorgan Chase

Which bank is king of India? ›

Top 10 Banks in India 2022 vs 2023
RankBank NameNet Profit 2023 (Rs. Cr.)
1State Bank of India (SBI)56,558
2HDFC Bank46,149
3ICICI Bank34,463
4Punjab National Bank (PNB)3,069
6 more rows
Sep 12, 2023

Which is the poorest bank in India? ›

#1 IDBI Bank

IDBI bank has incurred major losses in the last few years due to its corporate NPAs. In the last seven years, the bank has written off bad loans worth Rs 460 bn. For the financial year 2021, IDBI Bank's gross NPA ratio stood at 27.53 while its net NPA ratio stood at 1.97.

Which is safest bank in India? ›

Safest Banks
  • State Bank of India. The Reserve Bank of India (RBI), India's central bank, has revealed which banks in the country are the safest and most dependable. ...
  • HDFC Bank. ...
  • ICICI Bank. ...
  • Punjab National Bank. ...
  • Bank of Baroda (BoB)

Which is the 3 largest bank in India? ›

Based on total assets, the following are the four largest Indian banks:
  • State Bank of India.
  • HDFC Bank.
  • ICICI Bank.
  • Kotak Mahindra Bank.

Which is biggest private bank in India? ›

HDFC Bank. HDFC Bank, established in 1994, is one of the top private banks in India. It is India's largest private sector bank by assets and among top 10 banks in the world by market capitalisation, following its merger with its parent company, HDFC Limited.

Which is the highest private bank in India? ›

HDFC Bank

What are the top 3 banks in India? ›

List of Top 10 Banks in India
  1. HDFC Bank. Type: Private Company. ...
  2. ICICI Bank. Type: Private Sector. ...
  3. State Bank of India (SBI) Type: Public Company (Government of India) ...
  4. Kotak Mahindra Bank. Type: Private Sector. ...
  5. Axis National Bank. Type: Private Sector. ...
  6. IndusInd Bank. Type: Private Sector. ...
  7. Bank of Baroda. ...
  8. Punjab National Bank.
Dec 8, 2023

Which is richest bank in world? ›

Chinese Banks Keep on Growing
RankBankTotal Assets
1Industrial and Commercial Bank of China$5.7T
2China Construction Bank Corp$5.0T
3Agricultural Bank of China$4.9T
4Bank of China$4.2T
46 more rows
Mar 19, 2024

Which is best international bank in India? ›

Best Bank for International Banking in India

American Express Banking Corporation, DBS Bank India Limited, Bank of America, Citibank N.A, Barclays Bank Plc, Deutsche Bank, HSBC Ltd, Standard Chartered Bank, and others are among the best banks in India for international banking.

Which bank is most reliable? ›

Summary: Safest Banks In The U.S. Of April 2024
BankForbes Advisor RatingProducts
Chase Bank5.0Checking, Savings, CDs
Bank of America4.2Checking, Savings, CDs
Wells Fargo Bank4.0Savings, checking, money market accounts, CDs
Citi®4.0Checking, savings, CDs
1 more row
Jan 29, 2024

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