Top 10 Countries in the World with the Largest Gold Reserves
How Different Countries’ Investments in Gold Affect Their Economies
Central banks around the world have become more interested in gold in 2025. In the context of geopolitical and economic instability, the precious metal is becoming a safer and more liquid asset. According to the annual survey of the World Gold Council (WGC), out of 70 regulators surveyed, 75% consider gold a strategic investment. Which countries have the largest gold reserves and what does this depend on?
What Are Gold Reserves?
Gold reserves are a country’s reserves, which it holds in gold bars and coins. They are managed by the country’s central bank or the Ministry of Finance. As the world becomes increasingly unstable and unpredictable, gold’s importance as an asset that provides security, liquidity, and profitability—three key investment objectives for central banks—continues to grow. Regulators also consider it a means to stimulate the economy in crisis situations. For example, the Russian Ministry of Finance sold gold from the National Wealth Fund to cover a budget deficit.
In Russia, the gold reserves are managed by the Central Bank.
What is the gold reserve of the countries of the world today?
According to estimates from Trading Economics, central banks in different countries store 32.4 thousand tons of gold in their reserves . At the same time, countries continue to buy it. This is how they insure themselves against crises and sanctions. They also reduce their dependence on other currencies. For example, China has been investing in gold for eight months in a row, distributing money and reducing the influence of the US dollar on the economy.
In addition to the Central Bank, individuals are actively buying it, attracted by profitability and safety. In Russia, in the first quarter of 2025, citizens invested up to 7.6 tons in the asset, which is 3% higher than the average level over the past five years. Also, residents of Argentina preferred investing in bullion the dollar, seeing it as a “safe haven”.
Gold is usually traded in troy ounces (one troy ounce is 31.1 grams). Prices are usually determined by exchanges, but in some countries, the Central Bank does the same, such as in Russia.
TOP 10 countries by gold reserves
1. USA
By the end of June, the country had 8.1 thousand tons of gold in reserve [6] . The Federal Reserve System is responsible for it, and it keeps it in bars and coins. The main reserves are located in Fort Knox, Kentucky. According to the Federal Reserve, more than 4.6 thousand tons are stored there. Although there are doubts among Americans about the reliability of this information – Elon Musk previously proposed an audit of the storage facility.
2. Germany
According to the World Gold Council (WGC) chart, Germany held 3.35 thousand tons of gold in Q1 2025 [8] . Despite the trend of buying the precious metal, the country is actively selling it – since 2022, it has reduced its reserves by more than 100 tons. Half of the reserves are kept in the Bundesbank vault in Frankfurt am Main, a quarter in New York and the rest in London.
3. Italy
The country has a total of 2.45 thousand tons of gold in bars. It stores them mainly in the Bank of Italy vault in Rome – 1.1 thousand tons or 44.9% of the reserves. Also 1.06 thousand tons (43.3%) are kept in the USA. And smaller reserves are in Switzerland and Great Britain.
4. France
The country’s gold reserves amount to 2.43 thousand tons of gold. As the Bank of France noted, the size has not changed since 2009, when the regulator sold the precious metal. All the bars are kept in the La Souterraine vault at a depth of 27 meters, which is located in the center of Paris.
5. China
According to the People’s Bank of China, the country has 2.43 thousand tons of gold in its vaults. The country is actively investing in the precious metal, having purchased more than 12.75 tons in the first quarter of 2025 – second place after Poland. The reserves are in Beijing and partly in the wealth fund.
6. Russia
The Central Bank does not officially disclose the size of the reserve in tons. According to Bloomberg, it is 2.33 thousand tons. However, according to the regulator’s estimate, as of July 1, the amount of gold reserves was $248.71 million. The regulator keeps most of it in Moscow, the rest in St. Petersburg and Yekaterinburg.
7. Switzerland
The country’s gold reserves amount to 1.04 thousand tons. Each Swiss citizen holds 123.5 grams of the precious metal, while the US holds only 25.2 grams. Gold makes up only 8.9% of the country’s gold and foreign exchange reserves. The Swiss National Bank stores the precious metal in a safe house under its head office in Bern, about 70%. The regulator also holds some gold in the UK (20%) and Canada (10%).
8. India
The country is actively buying gold, taking more than 3.4 tons in the first quarter of 2025. India’s gold reserves amount to 880 tons. In addition to the Reserve Bank of India (RBI), citizens also invest in the precious metal – but in the form of jewelry. Indian women own 11% of the world’s gold jewelry reserves, about 24 million tons. The regulator stores assets in Mumbai and the UK. India redirected part of the reserve to London to obtain a loan in 1991. At that time, the country was threatened with default. However, last year, the RBI took almost 100 tons of gold from there.
9. Japan
According to the WGC, Japan’s reserves are at 845.97 tons. The country produces almost no gold, but exports it — 3.15 billion yen in 2024. Japan actively buys it from other countries, trades it on its own exchanges, and processes it, selling it to others. The reserve itself is stored in Tokyo in the Central Bank’s vault.
10. Türkiye
According to WGC calculations, Turkey’s gold reserves are 623.92 tons. The country is investing in the precious metal, increasing the reserve from 439.75 tons after the second quarter of 2023. Turkey has inflation of about 35.41% in May, so investing in gold helps reduce its rate. The country’s central bank is withdrawing part of the money into the precious metal, which is also growing in price. The gold reserve is in Ankara, and part of the assets are also held in the WGC.
How Gold Affects the Economy
Why does gold, despite other precious metals and financial instruments, remain the most preferred asset for the state?
- Asset diversification . Investing in gold is one of the options for distributing money for storage.
- Financial assistance : Selling gold helps when there is a threat of default, as India did in 1991 during the economic crisis.
- Inflation protection . Gold allows you to keep up with inflation, being an alternative investment.
- Currency support . In case of its depreciation, the precious metal will not be tied to the rate and will help reduce financial losses.
- Creditworthiness . Gold increases the country’s reliability when paying off external loans and can serve as collateral for them, since it will not depreciate and the proceeds from its sale can be used to pay off debts.
Frequently asked questions about countries’ gold reserves
Why don’t some countries keep gold?
There is no specific reason. Not everyone can afford to keep it: it is expensive to keep storage facilities secure, so assets are transferred to other countries. But usually it is related to security. For example, Italy took gold to the US after World War II, fearing its theft.
Some countries are abandoning gold for financial policy reasons. Norway sold all its bullion (except for exhibition bullion) in 2004. Since then, the country has kept its money in stocks and banks in other countries. Costa Rica also actively mines and exports gold. In 2023, it sold $32.4 million worth of gold, but did not add even a bullion to its reserves. The country’s authorities prefer to replenish reserves through profits from trade with other countries, especially the United States.
Why is not all gold reserves considered liquid?
Storing gold requires security and logistics costs, so part of the proceeds from its sale goes towards ensuring the storage conditions.
The main thing about the gold reserves of the countries of the world
- Gold reserves are a country’s reserves in bullion and coins.
- The total reserve of gold reserves in the world is 32.4 thousand tons.
- The leader in reserves is the United States, with 8.1 thousand tons.
- The size of Russia’s gold reserves is 2.33 thousand tons.
- Gold underpins the economy and ensures its stability.
- Some countries do not have gold reserves or they store gold bars in other countries.
