Banks are the biggest moneymaking machines in the world, quite literally. It probably isn’t surprising to learn that most of the big banks have market capitalization of hundreds of billions of dollars. Who dominates in this money led industry? Let’s take a look at the top 7 richest banks on the planet.
This US bank isn’t the biggest in America if you based it on assets. However, they have an impressive market capitalization of over $261 billion. Yeah, we don’t understand how that works either. When you think of some of the biggest banks in the world these probably aren’t the first people to spring to mind. But hey, looks can be deceiving. As the richest bank in the world they’re probably a safe bet to invest all your savings into. Don’t worry if you’re not from the US, as Wells Fargo have branches all over the world. When you consider that they’re not even the top 20 in America in terms of assets, it can be difficult to work out where all their market capitalization comes from. Nevertheless, they’re rolling in the Benjamins and who are we to argue!
We were expecting to see these guys on the list. When Chase Manhattan and JPMorgan merged in 2000 it seemed like a huge risk; pairing a financial services company with an international bank. However, with a market capitalization of just under $230 billion it seems like that risk paid off. If you take a look at the assets of this company you’ll find them to be the biggest in America and the sixth largest on the planet. However, we’re basing this on market capitalization which means that they’re only just a smidgen behind Wells Fargo in second place. Their clever balance of handling assets and investments on one side, with retail banking on the other, means JPMorgan are one of the strongest banking institutions on the planet. And, they’re another bank that can be found all around the world. Got some savings? Put them in here!