- The Biggest Financial Holding Companies in the World Ranked by Revenue per Second
The Biggest Financial Holding Companies in the World Ranked by Revenue per Second
By Jonathan Feniak, Esq., MBA
Do you know what the largest banks in the world are and what they own? There are many well-known financial holding companies, banking groups, and commercial banking companies, like Bank of America, that are holding companies that manage several different businesses in the financial services industry. They act as parent companies to other financial ventures including commercial banking, investment banking, and other subsidiaries.
The LLCAttorney.com team analyzed annual revenue data from the biggest financial holding companies around the world to create the following visualization which ranks financial holding companies by revenue earned in 2023. Find out what some of the biggest financial companies in the world make every second!
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What is the Biggest Holding Company in the World in the Finance Industry?
The biggest finance-related holding company in the world is Berkshire Hathaway, which earned more than $364 billion in revenue in 2023. Headquartered in Nebraska, the company was founded in 1839 by Oliver Chase and was originally a textile manufacturer. The current chief executive officer of Berkshire Hathaway, Warren Buffett, took over in 1965 and turned the company into the conglomerate that it is today. The group owns several insurance groups including GEICO and invests in companies including Apple, American Express, and the Kraft Heinz Company.
Next on the list is JPMorgan Chase & Co. with $158 billion in revenue, which equates to about $5,000 in revenue every second. While JPMorgan does offer traditional commercial banking and is one of the biggest banks in the world, its financial services are extensive, including Chase Bank, WePay, and healthcare company InstaMed. The history of JPMorgan Chase & Co. can be traced all the way back to 1799 with the founding of the Bank of the Manhattan Company by Aaron Burr. JPMorgan Chase & Co. is one of the top finance companies in the world.
The third-largest financial holding company in the world is the Bank of America Corporation, which earned $3,127 per second for a total of $98 billion in revenue in 2023. Some of the companies affiliated with Bank of America include Merrill Lynch and First Franklin Financial Corporation. The company is headquartered in Charlotte, NC and was founded in 1998 after the merger of BankAmerica and NationsBank, making it one of the biggest banks in the world.
Next on the list is Citigroup Inc., which is headquartered in in New York City and incorporated in Delaware. The company earned $75,340,000,000 in revenue in 2023, amounting to $2,389 per second. The company was technically formed in 1998 when financial service companies Citicorp and Travelers merged. The current CEO of Citigroup is Jane Fraser.
The fifth holding company on the list is Wells Fargo & Company, which earned $73.8 billion in 2023 ($2,340 per second). The Wells Fargo commercial bank is the company's primary subsidiary, but the group also offers equipment financing via Wells Fargo Rail. Wells Fargo dates back to 1852 when Henry Wells and William G. Fargo (who also founded American Express) wanted to form a banking company to capitalize on the California gold rush which was immensely popular at the time.
Number six is MetLife, Inc., which earned $2,122 per second in 2023. It is headquartered in the MetLife Building on Park Avenue in New York City. The current President and CEO of MetLife is Michel A. Khalaf, who took over the company in 2019. MetLife was founded in 1868 and now has many subsidiaries related to investing, insurance, and health plans.
Seventh on the list is HSBC Holdings, which earned $62.6 billion in 2023 ($1,985 per second). It was founded Hong Kong. It was established in 1865 as The Hongkong and Shanghai Bank, and in 1991, HSBC Holdings was established with its headquarters in London. It is the largest banking group that is headquartered in Europe based on total assets.
Ranking in the eighth position is the American Express Company, headquartered in New York City. The company earned $60.52 billion in revenue in 2023 for a total of $1,918 per second. American Express, which was founded in 1850, originally started as a freight forwarding company but is now one of the largest payment card networks in the world. The current chairman and CEO is Stephen J. Squeri.
There are many different non-banking services that a financial holding company can own. These include insurance underwriting, investment services, securities dealing, and merchant banking. In addition, there are holding companies that are not involved in finance or banking and are just parent companies for other businesses. A good example of this is Alphabet Inc. which owns companies like Google and Fitbit.
Want to learn more about what a holding company is? Thinking about starting your own for your family or business? Let us help you decipher the ins and outs of creating your own holding company.
Top Financial Holding Ranked Companies by Revenue Per Second in 2023
| Rank | Company | Revenue | Revenue per Second |
|---|---|---|---|
| 1 | Berkshire Hathaway Inc. | $364,500,000,000.00 | $11,558.00 |
| 2 | JPMorgan Chase & Co. | $158,100,000,000.00 | $5,013.00 |
| 3 | Bank of America Corporation | $98,600,000,000.00 | $3,127.00 |
| 4 | Citigroup Inc. | $75,340,000,000.00 | $2,389.00 |
| 5 | Wells Fargo & Company | $73,800,000,000.00 | $2,340.00 |
| 6 | MetLife | $66,905,000,000.00 | $2,122.00 |
| 7 | HSBC Holdings plc | $62,611,000,000.00 | $1,985.00 |
| 8 | American Express Company | $60,500,000,000.00 | $1,918.00 |
| 9 | American International Group, Inc. | $46,800,000,000.00 | $1,484.00 |
| 10 | Prudential Financial | $53,980,000,000.00 | $1,712.00 |
| 11 | Morgan Stanley | $53,700,000,000.00 | $1,703.00 |
| 12 | Liberty Mutual Group | $50,000,000,000.00 | $1,585.00 |
| 13 | The Goldman Sachs Group, Inc. | $47,370,000,000.00 | $1,502.00 |
| 14 | Sumitomo Mitsui Banking Corporation | $41,316,000,000.00 | $1,310.00 |
| 15 | Capital One Financial Corporation | $38,370,000,000.00 | $1,217.00 |
| 16 | Truist Financial Corporation | $33,250,000,000.00 | $1,054.00 |
| 17 | Itau Unibanco | $32,300,000,000.00 | $1,024.00 |
| 18 | Great-West Lifeco Inc. | $30,872,548,000.00 | $979.00 |
| 19 | Mizuho Financial Group | $26,060,000,000.00 | $826.00 |
| 20 | Crédit Agricole | $25,390,989,000.00 | $805.00 |
| 21 | ING Group | $24,534,673,000.00 | $778.0 |
| 22 | The PNC Financial Services Group, Inc. | $21,100,000,000.00 | $669.0 |
| 23 | The Charles Schwab Corporation | $20,760,000,000.00 | $658.0 |
| 24 | NatWest Group | $18,723,385,000.00 | $594.00 |
| 25 | BNY Mellon | $17,500,000,000.00 | $555.0 |
| 26 | Shinhan Financial Group | $15,800,000,000.00 | $501.00 |
| 27 | Ameriprise Financial | $15,535,000,000.00 | $493.0 |
| 28 | KB Financial Group | $13,680,000,000.00 | $434.0 |
| 29 | Principal Financial Group | $13,670,000,000.00 | $433.0 |
| 30 | Australia and New Zealand Banking Group Limited | $13,578,707,000.00 | $431.00 |