Top 10 Countries with the Largest Gold Reserves (2025)

Gold continues to be a key component of international reserves for many countries due to its role as a safe-haven asset, hedge against inflation, and tool for economic stability. Below is a list of the top ten countries with the largest gold reserves based on the most recent data available from the World Gold Council (WGC) and other sources, reflecting holdings as of early 2025 (specifically March 2025 for most countries, per IMF International Financial Statistics). The reserves are measured in metric tonnes.

Top 10 Countries with the Largest Gold Reserves (2025):

1. United States: 8,133.46 tonnes
   • The U.S. holds the largest gold reserves globally, nearly equaling the combined reserves of the next three countries. Much of this is stored at Fort Knox, with additional holdings at the Federal Reserve Bank of New York and other depositories. Gold represents about 76% of its foreign reserves.
2. Germany: 3,351.53 tonnes
   • Germany ranks second, with gold stored domestically and in vaults in New York, London, and Switzerland. About two-thirds of its foreign reserves are in gold, reflecting its historical trust in the metal as a store of value.
3. Italy: 2,451.84 tonnes
   • Italy’s reserves, managed by Banca d’Italia, are held both domestically and abroad (U.S., UK, Switzerland). Gold plays a significant role in its economic strategy, with no major sales in recent years.
4. France: 2,436.94 tonnes
   • France stores all its gold domestically, managed by the Banque de France. Its reserves have remained stable, serving as a hedge against economic and geopolitical risks.
5. China: 2,280 tonnes
   • China has significantly increased its gold reserves in recent years, with purchases of 44.17 tonnes in 2024 alone. The People’s Bank of China holds gold domestically, though some analysts suggest actual holdings may be higher than reported. Gold is about 5.5% of its massive foreign exchange reserves.
6. Russia: 2,332.74 tonnes
   • Russia, a major gold producer, stores all its reserves domestically in Moscow and Saint Petersburg. It has been a consistent buyer since 2007, though purchases slowed in 2024 (3.11 tonnes added).
7. Switzerland: 1,040 tonnes
   • Switzerland, with the world’s highest per capita gold reserves, maintains stable holdings. Its gold is used to support economic stability and is partly a legacy of its role in gold trading during World War II.
8. Japan: 846 tonnes
   • Japan’s reserves, managed by the Bank of Japan, have increased slightly to 846 tonnes by late 2024. Gold constitutes about 2% of its total reserves, reflecting a cautious approach to reserve management.
9. India: 876.18 tonnes
   • India, a major gold consumer, added 72.60 tonnes in 2024, making it the second-largest buyer after Poland. Managed by the Reserve Bank of India, gold is stored in Mumbai and abroad (UK, Switzerland). It serves as a hedge against inflation and currency fluctuations.
10. Poland: 448.23 tonnes
    • Poland has aggressively increased its reserves, adding 89.54 tonnes in 2024, the largest globally that year. Gold is stored in Warsaw and abroad (UK, Switzerland) and is part of Poland’s strategy to bolster financial security amid regional tensions.

Notes:

• Data Sources: The figures are primarily sourced from the World Gold Council (WGC) and IMF International Financial Statistics (IFS), with updates as of March 2025 for most countries. Some data, like Russia’s, may be less reliable due to reporting gaps in 2024.
• Trends: Central banks globally have been net buyers of gold since 2010, with 2024 seeing over 1,000 tonnes purchased, driven by economic uncertainties and geopolitical tensions. Poland, Turkey (+75 tonnes), India, and China were among the top buyers in 2024.
• Why Gold?: Countries hold gold for currency stabilization, diversification from the U.S. dollar, and protection against inflation and geopolitical risks. Gold’s role as a “safe-haven” asset has grown amid recent global trade tensions and tariff policies.
• Caveats: Some countries, like China, may underreport reserves, and gold leasing or swaps can obscure actual holdings. Physical storage locations may also vary, with some nations repatriating gold for security.