Banks are benchmarks of a countrys financial health. Thus the size and market capitalization of banks indicate the integrity and breadth of the countrys economy. The top 15 largest banks in the world are mostly from the United States and China. As of August 15 JPMorgan Chase secures the top position with a market capitalization of $794.01 billion. Next to JPMorgan is Chinas ICBC at $355.86 billion. India’s HDFC Bank is also on the list ranking 12th. It is to be noted that there are no Indian banks in the top 10 of the largest banks pointing to the disparity of dominance in the banking sector. Why do the U.S. and China dominate the global banking list? There are a few countries that dominate the global financial market based on the size of their banks. Of the 15 largest banks in the world the American banks dominate the list. Based on market capitalization JPMorgan Chase tops the list of banks with a market capitalization of $794.01 billion. It is more than twice the value of Chinas ICBC which is also second based on market cap at $355.86 billion. This indicates that the U.S. banking system is the strongest in the world. Rank Bank Name Country Market Capitalization (Billion USD) 1 JPMorgan Chase USA 794.01 2 ICBC China 355.86 3 Bank of America USA 340.79 4 Agricultural Bank of China China 320.85 5 China Construction Bank China 267.86 6 Wells Fargo USA 249.38 7 Bank of China China 234.99 8 Morgan Stanley USA 228.56 9 HSBC UK 221.46 10 Goldman Sachs USA 218.34 11 Commonwealth Bank Australia 194.93 12 HDFC Bank India 191.11 13 Royal Bank of Canada Canada 187.27 14 Charles Schwab USA 176.39 15 Citigroup USA 170.70   How did the U.S. surpass China in global banking rankings? This list includes seven American banks: JPMorgan Chase Bank of America Wells Fargo Morgan Stanley Goldman Sachs Charles Schwab and Citigroup. This shows the depth and scope of the U.S. financial system. Conversely the four largest Chinese state-owned banks also appear in the top 15. Some of them are ICBC Bank of China China Construction Bank and Agricultural Bank of China. This is indicative of the strength of China’s rapidly growing economy and banking sector. Where does India stand among the world’s largest banks? The list also features banks from various countries capturing the mosaic of the financial marketplace. The UK’s HSBC Australia’s Commonwealth Bank and the Royal Bank of Canada are within the top 15. It is noteworthy that HDFC Bank of India has made it to the list thereby emphasizing the international rise of the Indian financial sector. The market caps of these banks are still much lower than the top banks from the US and China. This highlights the power-sharing arrangement in the financial sector with the US and China still being the two biggest economies in the world and the two furthest ahead in economic size and financial power. In years to come banks from these two well-established economies will be a significant part of the global marketplace.