Every year, The Banker compiles a list of the biggest banks in the world, and yet again Chinese banks have dominated the top of the list.
The Banker includes 1000 banks across the list, ranking them based upon Tier 1 capital – a yardstick used by regulators to assess a bank’s financial health.
On the list of the top 10 banks, only four of them were American, with one from the UK, one from Japan and the rest were Chinese.
While Chinese banks were the largest, American banks were more efficient in use of their assets, The Banker said.
“Free and open markets encourage banks to be more efficient,” Editor Brian Caplen said on the publication’s website. “A more closed system in China with greater state involvement is less effective in driving efficiency.”
British banks increased their profits by a third, but were still chasing French banks in terms of profits and capital.
Check out the list of the 10 biggest banks below.
10. Mitsubishi UFJ, Japan — $146 billion
9. HSBC Holdings, UK — $147 billion
8. Citigroup, US — $158 billion
7. Wells Fargo, US — $168 billion
Spencer Platt / Getty Images
6. Bank of America, US — $189 billion
5. JPMorgan Chase, US — $209 billion
4. Bank of China, China — $230
3. Agricultural Bank of China, China — $243 billion
2. China Construction Bank, China — $287 billion
1. ICBC, China — $338 billion