Standard & Poor's has applied a risk adjustment filter to bank capital and re-ordered the list of the world's top banks, with some surprising results.S&P has based its analysis on The Banker's Top 1000 World Banks list, which is a ranking based on tier one capital.Chinese banks crowd The Banker's top ten, as they did in 2015.Industrial and Commercial Bank of China Limited is ranked first, China Construction Bank Corp second, Bank of China fourth and Agricultural Bank of China fifth.Two more Asian names fill the top ten, Brexiteer HSBC and Tokyo titan Mitsubishi UFJ Financial Group.However, after S&P's slicing and dicing, Indian bank Al Rajhi Bank, which has a low ranking in The Banker's list, is top of the S&P risk adjusted list with RAC of 16.3 per cent.UBS follows with 13.8 per cent.The Australian big banks all make The Banker's top 50: National Australia Bank at 43, ANZ at 46, Commonwealth Bank at 47 and Westpac at 50.The RACs for the Australian banks range from 8.1 per cent to 9.1 per cent.?S&P called out a few key points:•    The RAC ratios have improved by 54 basis points on average, and they have risen for the bulk of the top 100 banks;•    The gap between its RAC ratios and regulatory ratios persists, mainly reflecting the various levels of national regulatory discretion;•    It continues to see high levels of hybrids and deferred tax assets not deducted from total adjusted capital in some countries;•    Credit risk is the highest contributor to S&P risk-weighted assets (RWA) for the top 100 banks, given that the majority of them are commercial banks.