A country’s financial services industry must be strong in order to improve risk management and economic growth. The finance industry includes insurance businesses, commercial banks, credit unions, investment banks, accounting firms, stock trading firms, and credit card companies, among others. From $20.4 trillion in 2020 to $22.5 trillion in 2021, the global financial services market is predicted to increase. Many banks have partnered with fintech firms to provide their clients with the best possible user experience. Covid-19 dealt a huge hit to the finance industry, which could take until 2025 to recover. By 2025, the worldwide financial services market is predicted to reach $28.5 trillion, a 14-figure amount, thanks to a CAGR of 6%.
Here is Insider Monkey’s list of the 20 Most Valuable Financial Companies in the World with number twenty: The French insurance firm Axa commemorated its 205th anniversary. The corporation was founded in 1816 and has a market capitalization of $63 billion. It serves the French banking sector with insurance, investment management, and other financial services. PNC Financial Services Group Inc. is a financial services firm that offers its customers a variety of financial services. According to the most recent stock price estimates, the company’s market value is $81.4 billion. Allianz is a German multinational corporation that specializes in financial services, primarily insurance and asset management. The company’s headquarters are in Munich, Germany, and it has approximately 100 million customers worldwide. HSBC Holdings Plc is one of Europe’s most powerful investment banks. It has approximately 3900 locations around the world, serving over 40 million clients. HSBC has a market value of $119.8 billion, based on its total assets of $2.9 trillion. Goldman Sachs Group Inc. is a global financial services firm that serves governments, corporations, individuals, and even other financial organizations. They claim to have over 3 million customers and $1.16 trillion in total assets as of 2020. The Bank of China is a state-owned bank that is one of China’s four largest commercial banks. With $3.7 trillion in assets, it earns a spot on our list of the World’s 20 Most Valuable Financial Companies. The bank is worth $130.2 billion on the open market. The American Express Company is ranked 14th. Berkshire Hathaway Inc. owns the firm, which has a market valuation of $132.3 billion. For more details, click 20 Most Valuable Financial Companies in the World.