Largest banks worldwide 2023, by assets
The largest bank in the world based on total assets in 2023 was the Industrial and Commercial Bank of China (ICBC). The bank's total assets reached approximately 6.3 trillion U.S. dollars that year. The following three largest banks that year were also Chinese: China Construction Bank, Agricultural Bank of China, and China Construction Bank.
What are assets?
An asset is an economic resource that can take a number of different forms. An asset is anything with economic value that an individual, organization or country can control in the expectation that it will provide future benefit. Tangible assets include anything that is physical and can include vehicles, precious metals, currencies and real estate. As far as banking is concerned, assets come from a broad range of areas. Bank assets consist of various kinds of loans and marketable securities, as well as base money reserves. Their assets are also tied up in physical properties such as buildings, equipment, and furniture.
Largest bank by market capitalization
The value of total assets is a common measure of a bank's prosperity, and is defined as all assets owned by the bank. Another common indicator is the bank's market capitalization, which is used to determine the size of the bank. The market capitalization is the market price of one share multiplied by the number of shares outstanding. Ranked by market capitalization instead of total assets, JPMorgan Chase was the largest bank in 2023, while ICBC ranked third.
