The safest banks in the world in 2024: the world’s largest banks News ad

Strengthening balance sheets ensures China retains its top spot in this year’s rankings.

Global financeThe 2024 ranking of the world’s 50 largest banks highlights institutions that have built powerful franchises in their markets, with an extensive list of corporate, commercial and retail clients. Their sheer size makes them industry leaders, and by using a variety of banking platforms, they have grown their balance sheets.

In addition, the banks ranked in our 2024 rankings have a major impact on shaping industry best practices because they have the vast resources needed to attract top talent and develop innovative products and services.

The balance sheets of the top 50 companies grew 4% in 2023, bringing their combined assets to $92.8 trillion: an improvement from a 2% decline for last year’s top performers.

Chinese banks are consistently ranked as the world’s largest; they occupy the top four positions in our rankings this year, with the Industrial and Commercial Bank of China taking the top spot with assets of more than $6.2 trillion. The top four banks posted average asset growth of 11%, and the 15 Chinese banks in the top 50 posted average asset growth of 6% year-on-year.

In Japan, the three banks in our ranking—Mitsubishi UFJ Financial Group, Sumitomo Mitsui and Mizuho—saw their balance sheets shrink by an average of 5% in 2023, which can be seen as a reflection of the country’s difficulty maintaining economic growth.

Eurozone countries faced similar challenges, with average GDP growth of less than 1% in 2023, according to the IMF. The 14 eurozone banks in our top 50 increased assets by an average of 1%. YoY changes include new entrants Banque Federative du Credit Mutuel at 47th place and State Bank of India at 49th place, replacing Norinchukin Bank and CaixaBank.

The world’s 50 largest banks 2024
Classify Company name place of residence Total assets
(USD million)
Report date
1 Industrial and Commercial Bank of China China 6 256 940 12/31/23
2 Agricultural Bank of China China 5 622 090 12/31/23
3 Chinese Construction Bank China 5 364 918 12/31/23
4 Bank of China China 4 540 031 12/31/23
5 JP Morgan Chase United States 3 875 393 12/31/23
6 Bank of America United States 3 180 151 12/31/23
7 HSBC Holdings United Kingdom 3,038,677 12/31/23
8 BNP Paribas France 2 839 246 12/31/23
9 China Development Bank China 2 611 361 12/31/23
10 Mitsubishi UFJ Financial Group Japan 2 586 445 03/31/24
11 Citigroup United States 2 411 834 12/31/23
12 Credit Agricole France 2 398 704 12/31/23
13 Santander Bank Spain 1 985 134 12/31/23
14 Bank of Communications China 1 968 261 12/31/23
15 Wells Fargo United States 1 932 468 12/31/23
16 Barclays United Kingdom 1 870 646 12/31/23
17 Sumitomo Mitsui Financial Group Japan 1 852 074 03/31/24
18 Mizuho Financial Group Japan 1774168 03/31/24
19 Societe Generale France 1702611 12/31/23
20 BPCE France 1,691,758 12/31/23
21 Sberbank Financial Group (Savings Banks) Germany 1 653 770 12/31/23
22 Goldman Sachs Group United States 1 641 594 12/31/23
23 China Trade Bank China 1,543,827 12/31/23
24 Deutsche Bank Germany 1 437 790 12/31/23
25 Industrial Bank China 1 422 018 12/31/23
26 Royal Bank of Canada Canada 1 405 173 01/31/24
27 Agricultural Development Bank of China China 1,394,821 12/31/23
28 Toronto-Dominion Bank Canada 1 390 491 01/31/24
29 Chinese bank CITIC China 1 267 216 12/31/23
30 Shanghai Pudong Development Bank China 1 260 883 12/31/23
31 Morgan Stanley United States 1,193,693 12/31/23
32 UBS Switzerland 1,156,016 12/31/23
33 Caisse des Depots et Consignations France 1 139 197 12/31/23
34 Lloyds Banking Group United Kingdom 1,097,826 12/31/23
35 Chinese Mingsheng Bank China 1,074,383 12/31/23
36 ING Group Netherlands 1,068,849 12/31/23
37 Intesa Sanpaolo Italy 1,055,687 12/31/23
38 Bank of Nova Scotia Canada 1,009,350 01/31/24
39 Bank of Montreal Canada 963 722 01/31/24
40 China Everbright Bank China 948 093 12/31/23
41 Export-Import Bank of China China 893 938 12/31/23
42 NatWest Group United Kingdom 876 993 12/31/23
43 UniCredit Italy 860 017 12/31/23
44 BBVA Spain 849 701 12/31/23
45 Standard Charter United Kingdom 822 844 12/31/23
46 Commonwealth Bank of Australia Australia 818 754 12/31/23
47 Banque Federative du Credit Mutuel France 788 275 12/31/23
48 Ping An Bank China 787 783 12/31/23
49 State Bank of India India 741 202 03/31/24
50 ANZ Group Australia 710 080 03/31/24

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