The World's Largest Holding Companies
A holding company is a company that owns a controlling interest in other companies, known as subsidiaries. It typically doesn't produce goods or services itself but rather manages its investments in these subsidiaries. Holding companies can be a strategic tool for diversification, risk management, and operational efficiency.
Determining the "largest" holding company can depend on various metrics, such as revenue, market capitalization, or total assets. Here's a look at some of the top contenders based on different measures:
Largest Financial Holding Companies by Revenue (2023)
| Rank | Company | Revenue (USD) | Revenue per Second (USD) |
| 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 |
Source: llcattorney.com
Largest Investment Companies by Market Capitalization (as of May 2025)
| Rank | Company | Market Cap (USD) | Country |
| 1 | Berkshire Hathaway | $1.109 T | US |
| 2 | International Holding Company | $239.51 B | UAE |
| 3 | Prosus | $225.48 B | NL |
| 4 | Morgan Stanley | $212.05 B | US |
| 5 | Blackstone Group | $177.98 B | US |
Source: companiesmarketcap.com
Largest Bank Holding Companies by Total Assets (as of December 2013)
| Rank | Company | Total Assets (USD) | Location |
| 1 | JPMorgan Chase & Co. | $4,002,814,000,000 | New York, NY |
| 2 | Bank of America Corp. | $3,261,789,000,000 | Charlotte, NC |
| 3 | Citigroup Inc. | $2,352,945,000,000 | New York, NY |
| 4 | Wells Fargo & Company | $1,929,845,000,000 | San Francisco, CA |
| 5 | Goldman Sachs Group, Inc. | $1,675,972,000,000 | New York, NY |
Source: FFIEC
Key Observations
- Berkshire Hathaway, led by Warren Buffett, consistently appears as one of the largest holding companies globally when considering both revenue and market capitalization. Its diverse portfolio spans various industries, including insurance, energy, manufacturing, and retail.
- Several major financial institutions, such as JPMorgan Chase and Bank of America, rank high in terms of total assets, reflecting the scale of the banking sector.
- The landscape of the largest holding companies can shift depending on economic conditions, market valuations, and business strategies.
It's important to note that different rankings may use different criteria and data from different periods, leading to variations in the lists. However, the companies listed above are consistently recognized as some of the most significant holding companies in the world.
Berkshire Hathaway Inc. Holding Company Revenue
Berkshire Hathaway Inc. is a diversified holding company with subsidiaries engaged in various business activities, including insurance, freight rail transportation, energy generation and distribution, services, manufacturing, and retailing.
The revenue of a holding company like Berkshire Hathaway is generated from the consolidated revenues of its diverse subsidiaries. These revenues are influenced by various factors specific to each industry and the overall economic environment. Additionally, investment gains or losses from its substantial investment portfolio can significantly impact the company's reported financial performance.
Here is a table summarizing Berkshire Hathaway's annual revenue in US Dollars for recent years:
| Year | Revenue (in USD Billions) | Change (%) |
| 2024 | $424.23 | -3.44% |
| 2023 | $439.33 | 87.58% |
| 2022 | $234.21 | -33.96% |
| 2021 | $354.63 | 23.89% |
| 2020 | $286.25 | -12.52% |
| 2019 | $327.22 | 45.19% |
| 2018 | $225.38 | -6.87% |
| 2017 | $242.00 | 8.56% |
| 2016 | $222.93 | 5.75% |
| 2015 | $210.82 | 8.29% |
Note: The 2024 figure represents the trailing twelve months (TTM) revenue as of recent reports.
As the table indicates, Berkshire Hathaway's revenue can fluctuate significantly year over year, reflecting the diverse nature of its businesses and the impact of economic conditions on those sectors. The substantial increase in revenue in 2023, followed by a slight decrease in the latest TTM figure for 2024, highlights this variability.
Berkshire Hathaway's size and diverse holdings make it a significant player in the global economy. Its financial performance is closely watched by investors and analysts as an indicator of broader economic trends.
JPMorgan Chase & Co. Holding Company Revenue
JPMorgan Chase & Co. is a leading global finance services firm with operations worldwide. The company provides a wide range of financial services, including investment banking, financial services for consumers and small businesses, commercial banking, financial
The revenue of a large and diversified financial institution like JPMorgan Chase is influenced by numerous factors, such as interest rates, loan volumes, trading activities, investment banking fees, asset management fees, and overall economic conditions.
Here is a table summarizing JPMorgan Chase & Co.'s annual revenue in US Dollars for recent years:
| Year | Revenue (in USD Billions) | Change (%) |
| 2025 (TTM as of Mar 31) | $281.51 | 12.12% |
| 2024 | $278.91 | 16.49% |
| 2023 | $239.43 | 54.68% |
| 2022 | $154.79 | 21.69% |
| 2021 | $127.20 | 0.91% |
| 2020 | $129.91 | -8.89% |
| 2019 | $142.52 | 9.85% |
| 2018 | $129.82 | 13.29% |
| 2017 | $114.58 | 7.59% |
| 2016 | $106.39 | 5.25% |
Note: The 2025 figure represents the trailing twelve months (TTM) revenue as of March 31, 2025.
As the table shows, JPMorgan Chase has experienced significant revenue growth in recent years. The substantial increase in 2023 and 2024 reflects strong performance across its various business lines and favorable market conditions. The TTM revenue for 2025 indicates a continued upward trend.
JPMorgan Chase's finance strength and diverse operations position it as a key player in the global financial landscape. Its revenue figures are closely monitored by investors and analysts to gauge the health of the financial sector and the broader economy. The company's ability to generate consistent revenue growth underscores its market leadership and resilience in a dynamic industry.
Bank of America Corporation Holding Company Revenue
Bank of America Corporation is a multinational financial services company offering a wide array of banking, investing, asset management, and other financial and risk management products and services to individuals, small and middle-market businesses, and large corporations.
The revenue of a major financial institution like Bank of America is influenced by factors such as interest rates, loan and deposit volumes, trading activities, investment banking fees, and the overall health of the global economy.
Here is a table summarizing Bank of America Corporation's annual revenue in US Dollars for recent years:
| Year | Revenue (in USD Billions) | Change (%) |
| 2025 (TTM as of Mar 31) | $191.35 | 6.59% |
| 2024 | $192.43 | 11.94% |
| 2023 | $171.91 | 49.42% |
| 2022 | $115.05 | 22.54% |
| 2021 | $93.85 | 0.10% |
| 2020 | $93.75 | -17.47% |
| 2019 | $113.59 | 3.61% |
| 2018 | $109.63 | 10.22% |
| 2017 | $99.47 | 6.21% |
| 2016 | $93.66 | 0.16% |
Note: The 2025 figure represents the trailing twelve months (TTM) revenue as of March 31, 2025.
The table illustrates that Bank of America's revenue has shown considerable growth in recent years, particularly in 2023 and 2024. This increase reflects the company's performance across its diverse business lines and is indicative of the broader economic environment influencing the financial sector. The TTM revenue for 2025 suggests a continuation of this positive trend.
As one of the largest financial institutions globally, Bank of America's financial performance is a key indicator for investors and analysts monitoring the financial services industry and the overall economic landscape. The company's ability to generate substantial and growing revenue underscores its significant market presence and its capacity to navigate the complexities of the financial world.
Citigroup Inc. Holding Company Revenue
Citigroup Inc. stands as a prominent global financial services company, delivering a comprehensive suite of financial products and services to a diverse clientele spanning consumers, corporations, governments, and institutions worldwide. Operating through its core segments, Citicorp, encompassing Regional Consumer Banking (RCB) and Institutional Clients Group (ICG), alongside Citi Holdings, which strategically manages and divests non-core businesses, the holding company's revenue represents the consolidated income generated from its multifaceted international operations. Examining the annual revenue figures for Citigroup provides valuable insight into its financial health and its ability to navigate the complexities of the global financial landscape.
The revenue of a global financial institution like Citigroup is influenced by diverse factors, including global economic conditions, interest rates, trading volumes, investment banking activity, consumer spending, and the performance of various financial markets.
Here is a table summarizing Citigroup Inc.'s annual revenue in US Dollars for recent years:
| Year | Revenue (in USD Billions) | Change (%) |
| 2024 | $81.1 | 3.3% |
| 2023 | $78.5 | 4.2% |
| 2022 | $75.3 | 4.8% |
| 2021 | $71.9 | -4.7% |
| 2020 | $75.5 | 0.6% |
| 2019 | $75.1 | 3.7% |
| 2018 | $72.9 | 0.6% |
| 2017 | $72.4 | 2.3% |
| 2016 | $70.8 | -8.5% |
| 2015 | $77.3 | -3.2% |
Note: The 2024 figure is based on full-year reports.
The table indicates a degree of fluctuation in Citigroup's annual revenue over the past decade. While there have been periods of growth, there have also been years with slight declines. The recent figures for 2022, 2023, and 2024 show a trend of increasing revenue.
Citigroup's global presence and diverse business lines expose it to a wide array of market dynamics. The company's revenue performance is closely monitored by investors and analysts as it reflects its ability to navigate the complexities of the international financial landscape and capitalize on opportunities across different sectors and regions. Recent strategic initiatives and reorganizations within the company may also influence future revenue trends.
Wells Fargo & Company Holding Company Revenue
Wells Fargo & Company, a leading financial services institution with approximately $1.9 trillion in assets, has demonstrated notable revenue performance. For the twelve months ending March 31, 2025, the company reported a revenue of $123.548 billion, marking a 2.9% increase year-over-year. Looking at the full year of 2024, Wells Fargo's annual revenue reached $125.397 billion, an impressive 8.72% rise from the $115.34 billion recorded in 2023. This revenue growth reflects the company's efforts in expanding its core businesses and diversifying its income streams.
The revenue of a major financial institution like Wells Fargo is influenced by factors such as interest rates, loan and deposit volumes, trading activities, investment banking fees, and the overall economic climate.
Here is a table summarizing Wells Fargo & Company's annual revenue in US Dollars for recent years:
| Year | Revenue (in USD Billions) | Change (%) |
| 2025 (TTM as of Mar 31) | $123.55 | 2.9% |
| 2024 | $125.40 | 8.7% |
| 2023 | $115.34 | 38.2% |
| 2022 | $83.44 | 0.4% |
| 2021 | $83.08 | 1.0% |
| 2020 | $82.23 | -22.2% |
| 2019 | $105.68 | 4.6% |
| 2018 | $101.06 | 3.4% |
| 2017 | $97.74 | 3.8% |
| 2016 | $94.18 | 4.6% |
Note: The 2025 figure represents the trailing twelve months (TTM) revenue as of March 31, 2025.
The table illustrates a fluctuating revenue trend for Wells Fargo over the past decade. After a notable decrease in 2020, the company has shown a strong recovery and growth in subsequent years, with a significant increase in 2023 and a continued upward trajectory in 2024 and the latest TTM figures for 2025.
Wells Fargo's extensive network and diverse financial services portfolio make it a significant player in the U.S. financial sector. The company's revenue performance is a key indicator for investors and analysts assessing the health and stability of the banking industry and the broader economy. Recent financial results indicate a positive direction, with increased net income and earnings per share in 2024, driven by fee-based revenue growth and lower expenses. The company also anticipates potential growth in net interest income in 2025, signaling a positive outlook for future financial performance.
A Comparative Look at the Revenues of Major U.S. Bank Holding Companies
The financial services sector plays a pivotal role in the global economy, and the performance of its leading institutions offers valuable insights into broader economic trends. Examining the revenues of major U.S. bank holding companies – Berkshire Hathaway, JPMorgan Chase & Co., Bank of America Corporation, Citigroup Inc., and Wells Fargo & Company – over recent years reveals both individual company dynamics and overarching industry patterns.
Berkshire Hathaway, while a diversified holding company with significant non-financial operations, demonstrates revenue volatility influenced by its varied business segments and investment performance. Its substantial revenue surge in 2023, followed by a slight dip in the latest trailing twelve-month (TTM) figures, underscores the diverse nature of its income streams.
In contrast, the major traditional banks – JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo – exhibit revenue trends more directly tied to core banking activities and financial market conditions. JPMorgan Chase and Bank of America have shown robust revenue growth in recent periods, reflecting strong performance across their diverse business lines and favorable market conditions. Their latest TTM figures suggest a continuation of this upward momentum, highlighting their strength and market position within the financial landscape.
Citigroup, while demonstrating revenue increases in recent years, showcases a more moderate growth trajectory compared to JPMorgan Chase and Bank of America. This could be attributed to its ongoing strategic repositioning and exposure to global market fluctuations.
Wells Fargo experienced a notable revenue dip in 2020, followed by a strong recovery and significant growth in subsequent years. The latest data indicates a continued positive trend, suggesting a successful navigation of past challenges and a return to growth.
In conclusion, the revenue performance of these major U.S. bank holding companies reflects a complex interplay of company-specific strategies and broader economic factors. While Berkshire Hathaway's revenue is shaped by its diverse holdings, the traditional banks' revenues are more closely linked to interest rates, loan activity, and finance market dynamics. The recent growth observed in JPMorgan Chase and Bank of America, the steady increase for Citigroup, and the recovery trend at Wells Fargo all point towards a generally favorable environment for the financial services sector in the examined period. However, the nuances in their individual trajectories underscore the importance of considering each institution's unique business mix and strategic direction when assessing their financial health and future prospects. These financial giants remain crucial indicators of the overall economic landscape, and their performance will continue to be closely watched by investors and analysts alike.