The banking industry worldwide has been under intense scrutiny for the past several years, and bank stability has been a concern of investors around the globe.

In a continued effort to be a resource on financial issues such as bank safety, Global Finance has recently released its 21st annual ranking of The World’s 50 Safest Banks.

“Counterparty creditworthiness is a critical issue for companies and investors worldwide,”  Global Finance publisher Joseph D. Giarraputo said in a press release. “More than ever, companies around the world are reevaluating the long-term credit strength of their banks, and partnering with only those banks that have proven strength and stability.”

According to the report, European banks are considered safer than most American banks. In fact, out of a list of the 50 safest banks in the world, only five were based in the U.S.

At no. 29, Bank of New York Mellon (NYSE:BK) was the highest-ranking U.S. bank on the list. CoBank, a privately-traded member of the Farm Credit System, took spot No. 32 on the list. U.S. Bancorp (NYSE:USB), Northern Trust (NASDAQ:NTRS), and Wells Fargo (NYSE:WFC) came in at  37, 39 and 48 respectively.

The highest-ranking bank from North America is Canada’s TD Bank Group (NYSE:TD). The Canadian-based bank came in at No. 11.

The banks that made the list were selected through an evaluation of long-term credit ratings — from Moody’s, Standard & Poor’s and Fitch — and total assets of the 500 largest banks worldwide.

Visit Global Finance to see what banks topped the list.