Here are the 10 countries with the largest gold reserves in the world.
Top 10 Countries with the Largest Gold Reserves
Gold is a precious and valuable metal widely used around the world as a medium of exchange. According to the World Gold Council (WGC), due to its safety, profitability, and high liquidity, gold is an essential component of the reserves held by central banks globally. In fact, central banks hold the largest quantities of gold in the world.
So, which country holds the largest gold reserves in the world?
According to the WGC, here are the top 10 countries with the largest gold reserves as of Q3 2023.
10. Italy
Gold reserves: 2,451 tons
Unlike most other countries, Italy’s massive gold reserves are stored in vaults in Rome, at the Swiss National Bank, the Federal Reserve of the United States, and the Bank of England. Despite experiencing financial difficulties at various times, the Italian government has no intention of selling this gold reserve to cover budget deficits.
9. India
- Official gold reserves: 557.7 tons
- Gold as a percentage of foreign exchange reserves: 5.6%
India and China are the two largest consumers of gold in the world. However, India’s official gold reserves of nearly 558 tons are only a tiny fraction compared to the almost 20,000 tons of gold that Indian citizens hold.
Recently, Indian Prime Minister Narendra Modi announced plans to mobilize this gold held by the public by providing new investment tools such as gold savings accounts and gold bonds, thereby reducing the demand for physical gold and cutting gold imports.
8. Netherlands
- Official gold reserves: 612.5 tons
- Gold as a percentage of foreign exchange reserves: 55.8%
At the end of 2014, the Dutch Central Bank announced it would repatriate a significant amount of gold reserves stored in the United States. The Netherlands hopes this measure will “positively impact public trust” in the safety of the national gold reserves.
7. Japan
- Official gold reserves: 765.2 tons
- Gold as a percentage of foreign exchange reserves: 2.2%
In 1950, Japan had only 6 tons of gold reserves, but since 1959, Japan’s gold reserves began to increase significantly. That year, the Bank of Japan (BoJ) increased its net gold purchases by 169 tons compared to 1958.
In 2011, the BoJ sold gold to inject 20 trillion yen into the economy to reassure investors after the earthquake and tsunami disaster.
6. Switzerland
- Official gold reserves: 1,040 tons
- Gold as a percentage of foreign exchange reserves: 6.2%
In November 2014, Swiss voters rejected a referendum that could have forced the Swiss National Bank (SNB) to increase its gold reserves by 20%.
5. Russia
- Official gold reserves: 1,352.2 tons
- Gold as a percentage of foreign exchange reserves: 13.1%
In Q3 of the past year, the Central Bank of Russia (CBR) purchased a net amount of 77.2 tons of gold. Since the beginning of the year, Russia has been the largest buyer of gold reserves in the world, with a total net purchase of 144 tons.
4. China
- Official gold reserves: 1,708.5 tons
After six years of “silence,” China has recently started to release information more frequently about its national gold reserves. In Q3, the People’s Bank of China (PBoC) also made a significant purchase of gold, around 50 tons. However, gold only accounts for about 2% of China’s total foreign exchange reserves.
3. France
- Official gold reserves: 2,435.5 tons
- Gold as a percentage of foreign exchange reserves: 62.1%
In November 2014, Marine Le Pen, a right-wing leader in France and a potential candidate for the next presidency, stated that she wanted France’s gold to be repatriated. She also proposed that the French Central Bank should buy more gold for reserves.
2. Germany
- Official gold reserves: 3,381 tons
- Gold as a percentage of foreign exchange reserves: 67.1%
In 2013, the German Central Bank (Bundesbank) announced plans to repatriate gold reserves stored in the United States and France. Bundesbank projected that by 2020, half of Germany’s gold reserves would be located in Frankfurt.
1. United States
- Official gold reserves: 8,135 tons
- Gold as a percentage of foreign exchange reserves: 72.7%
In 1952, the United States had gold reserves of up to 20,663 tons, the largest in its history. By 1968, U.S. gold reserves dipped below 10,000 tons for the first time.
