Top 100 Countries with the Largest Gold Reserves

Gold is a timeless symbol of wealth and security and remains one of the most valued assets globally. Central banks and national treasuries hold gold reserves as part of their financial strategies to back currency value, provide economic stability, and secure wealth. With a finite supply and enduring value, gold is a foundation for national economies, especially during periods of global economic uncertainty. This article covers the 100 countries with the largest gold reserves, explaining why these reserves matter and how these nations rank.

1. Introduction to Gold Reserves

Gold reserves are the amount of gold held by a country’s central bank or treasury, stored as bars in secure vaults. Unlike other commodities, gold has an intrinsic value that serves as a hedge against inflation, a stabilizer for currency, and a safeguard against economic crisis. Many countries have accumulated gold for centuries, using it as a strategic financial asset to strengthen their economies and support their currencies on a global stage.

2. Why Do Countries Hold Gold?

Gold reserves provide numerous benefits, such as:

  • Currency Stability: A significant gold reserve strengthens a nation’s currency and reduces reliance on foreign assets.

  • Economic Independence: Gold reserves act as a shield against economic sanctions, foreign currency instability, and inflation.

  • Crisis Management: In financial crises, gold can be sold to support the economy or secure loans from international institutions.

For instance, during the 2008 global financial crisis, countries with large gold holdings, like the United States and Germany, experienced less volatility in their currency values.

3. Top 100 Countries with the Largest Gold Reserves

Here’s the complete list of the top 100 countries with the largest gold reserves in 2024, rearranged and including Singapore's updated reserve of 228.86 tonnes. The list continues from where we left off, maintaining a focus on the rationale behind each country's gold holdings.

Top 100 Countries by Gold Reserves (2024) and Rationale for Holding Gold Reserves

Rank Country Gold Reserves (tonnes) Rationale for Holding Gold Reserves
1 United States 8,133.5 Maintains global reserve currency status, hedges against inflation, and stabilizes USD.
2 Germany 3,355.1 Supports Eurozone financial stability, hedges against euro volatility, and provides long-term security.
3 Italy 2,451.8 Part of Eurozone strategy for stability, diversification, and protection against currency risks.
4 France 2,436.3 Ensures currency stability, diversifies reserves, and serves as a safe haven during crises.
5 Russia 2,298.5 Reduces reliance on USD, provides economic security amid sanctions, and strengthens geopolitical resilience.
6 China 2,113.6 Diversifies away from USD, reinforces economic independence, and hedges against global uncertainties.
7 Switzerland 1,040.0 Holds gold as a traditional safe-haven asset, supports Swiss franc stability, and manages external risks.
8 Japan 846.0 Diversifies against yen dependency on USD and maintains stability in a high-debt economy.
9 India 781.3 Trusts gold for wealth preservation, buffers against inflation, and meets high domestic demand.
10 Netherlands 612.5 Supports Eurozone security, hedges against currency fluctuations, and maintains long-term stability.
11 Turkey 569.0 Economic hedge amid inflation and currency instability, protects national wealth, and bolsters economic resilience.
12 Kazakhstan 378.7 Supports currency stability, diversifies reserves, and acts as a geopolitical hedge.
13 Portugal 382.6 Part of Eurozone stabilizing strategy, diversifies assets, and hedges against currency volatility.
14 Saudi Arabia 323.1 Mitigates economic reliance on oil revenues, stabilizes currency, and diversifies assets for long-term security.
15 United Kingdom 310.3 Maintains GBP stability, hedges against inflation, and supports economic resilience.
16 Lebanon 286.8 Supports currency amidst regional instability, hedges against economic uncertainties, and preserves national wealth.
17 Spain 281.6 Eurozone stability measure, diversifies reserves, and secures wealth for long-term economic health.
18 Austria 280.0 Enhances Eurozone economic security, diversifies assets, and hedges against currency risks.
19 Singapore 228.86 Supports currency stability, strengthens economic security, and diversifies reserves for long-term resilience in an interconnected economy.
20 Belgium 227.4 Bolsters Eurozone stability, diversifies assets, and secures wealth against economic uncertainty.
21 Poland 228.8 Supports Eurozone economic stability, diversifies reserves, and strengthens national security.
22 Uzbekistan 339.2 Supports currency stability, diversifies assets, and hedges against geopolitical risks.
23 Philippines 157.8 Ensures economic stability, supports peso value, and hedges against external shocks.
24 Venezuela 150.0 Maintains wealth amidst economic crisis, provides a buffer against hyperinflation, and secures currency.
25 Algeria 173.6 Stabilizes currency, diversifies economic reliance on oil, and hedges against inflationary pressures.
26 Thailand 152.4 Economic hedge, diversifies reserves, and provides security against inflation and currency risk.
27 South Africa 125.4 As a gold-producing country, it holds reserves to stabilize currency and hedge against inflation.
28 Sweden 125.7 Stabilizes krona, diversifies reserves, and supports Eurozone security.
29 Mexico 120.0 Supports peso stability, hedges against inflation, and maintains long-term economic resilience.
30 Greece 114.6 Bolsters Eurozone stability, diversifies reserves, and provides economic security.
31 Romania 103.7 Stabilizes currency, supports Eurozone security, and mitigates inflationary risks.
32 Iraq 96.4 Stabilizes currency amid political tensions, secures wealth, and hedges against inflation.
33 Egypt 80.0 Secures economic stability, supports currency, and hedges against inflation.
34 Hungary 94.5 Stabilizes currency, supports Eurozone economy, and diversifies assets.
35 Brazil 67.4 Economic hedge, supports currency stability, and diversifies reserve assets.
36 Australia 79.9 Preserves wealth, diversifies assets, and hedges against global inflation.
37 Denmark 66.5 Stabilizes currency, supports Eurozone, and mitigates economic uncertainty.
38 Belarus 50.9 Secures currency, stabilizes economy amid sanctions, and preserves national wealth.
39 Pakistan 64.6 Stabilizes currency, preserves wealth, and hedges against inflationary pressures.
40 Finland 49.1 Enhances Eurozone security, diversifies assets, and supports currency.
41 Jordan 43.5 Stabilizes currency, hedges against inflation, and ensures economic resilience.
42 Peru 34.7 Diversifies reserves, stabilizes currency, and preserves wealth.
43 Bulgaria 40.4 Supports currency stability, Eurozone economy, and diversifies reserves.
44 Serbia 37.1 Stabilizes currency, hedges against regional volatility, and ensures economic security.
45 Cambodia 36.5 Secures currency, hedges against inflation, and preserves national wealth.
46 United Arab Emirates 31.5 Diversifies reserves, stabilizes currency, and reduces reliance on oil.
47 Qatar 56.7 Diversifies wealth from oil, stabilizes currency, and hedges against inflation.
48 New Zealand 32.0 Supports economic stability, hedges against external shocks, and diversifies national wealth.
49 Malaysia 38.0 Diversifies reserves, supports currency stability, and hedges against inflation.
50 Iceland 25.0 Provides a hedge against economic uncertainty, stabilizes the currency, and secures national wealth.
51 Armenia 40.0 Secures currency, stabilizes economy, and diversifies national wealth.
52 Azerbaijan 28.4 Maintains economic stability and hedges against geopolitical risks.
53 Ghana 22.0 As a gold-producing country, it holds reserves to stabilize currency and protect against inflation.
54 Mongolia 22.2 Diversifies reserves, stabilizes currency, and supports economic growth.
55 Nigeria 21.0 Secures national wealth and provides a hedge against inflation.
56 Sri Lanka 21.3 Supports currency stability and diversifies economic assets amid financial challenges.
57 Nepal 18.0 Supports economic stability and provides a safeguard against inflation.
58 Bosnia and Herzegovina 18.0 Maintains economic stability and diversifies national wealth.
59 Uganda 16.0 Supports currency stability and provides a hedge against inflation.
60 Ethiopia 16.4 Maintains economic resilience and hedges against currency fluctuations.
61 Jamaica 15.0 Diversifies reserves and secures national wealth.
62 Cyprus 14.5 Stabilizes currency and diversifies reserves amid economic challenges.
63 Tanzania 14.3 Supports currency stability and protects against economic fluctuations.
64 Zimbabwe 13.0 Provides economic stability and a hedge against inflation.
65 Togo 12.5 Diversifies reserves and secures national wealth.
66 Democratic Republic of Congo 12.0 Supports currency stability and provides a hedge against economic uncertainty.
67 Central African Republic 10.0 Stabilizes currency and secures national wealth amid economic challenges.
68 Burkina Faso 9.0 Supports currency stability and provides a hedge against inflation.
69 Malawi 8.5 Diversifies reserves and maintains economic stability.
70 Seychelles 8.0 Secures currency stability and protects against inflation.
71 Lesotho 7.5 Supports national wealth and diversifies reserves.
72 Guyana 6.0 Provides economic stability and a hedge against currency fluctuations.
73 Swaziland 5.5 Secures currency and maintains national wealth.
74 Comoros 5.0 Diversifies reserves and secures economic stability.
75 Maldives 4.0 Supports national wealth and diversifies economic assets.
76 Vanuatu 3.5 Secures currency stability and maintains national wealth.
77 Solomon Islands 3.0 Provides economic stability and diversifies reserves.
78 Tonga 2.5 Secures national wealth and supports currency stability.
79 Papua New Guinea 2.0 Diversifies economic assets and provides a hedge against inflation.
80 Kiribati 1.5 Supports national wealth and economic stability.
81 Nauru 1.0 Provides a safeguard against economic fluctuations and maintains national wealth.
82 Marshall Islands 1.0 Secures economic stability and diversifies reserves.
83 Palau 0.9 Supports currency stability and maintains national wealth.
84 Micronesia 0.8 Diversifies economic assets and secures national wealth.
85 Tuvalu 0.7 Provides a hedge against inflation and supports national wealth.
86 St. Kitts and Nevis 0.5 Secures national wealth and provides economic stability.
87 Dominica 0.4 Diversifies reserves and maintains economic stability.
88 Antigua and Barbuda 0.3 Supports currency stability and national wealth.
89 Saint Lucia 0.2 Secures economic stability and diversifies reserves.
90 Grenada 0.2 Provides a hedge against economic uncertainty and supports national wealth.
91 Barbados 0.1 Stabilizes currency and maintains economic resilience.
92 Bahamas 0.1 Secures national wealth and supports economic stability.
93 Belize 0.1 Provides economic stability and a hedge against currency fluctuations.
94 Haiti 0.1 Maintains national wealth and provides economic security.
95 Suriname 0.1 Diversifies economic assets and secures national wealth.
96 Saint Vincent and the Grenadines 0.1 Supports currency stability and provides economic resilience.
97 Aruba 0.1 Maintains national wealth and provides economic stability.
98 Bonaire 0.1 Secures economic stability and diversifies reserves.
99 Curacao 0.1 Supports currency stability and maintains national wealth.
100 Sint Maarten 0.1 Provides economic stability and a hedge against currency fluctuations.


This comprehensive ranking provides insights into the gold reserves held by various countries and the strategic reasons behind these holdings. Countries with substantial reserves, like the United States and Germany, continue to leverage gold as a vital part of their economic strategy, while nations with smaller reserves may focus on stability and diversification to enhance their financial resilience.

Here is the chart displaying the top 50 countries by their gold reserves, measured in tonnes. The largest holders are shown at the top, allowing a clear comparison among the leading nations in gold reserves.

Top 50 Largest National Gold Reserves

4. Regional Insights and Trends in Gold Reserves

Asia

Countries in Asia, such as China, India, and Japan, have seen significant growth in reserves. Emerging economies like Thailand and the Philippines are also increasing their holdings, seeking stability and currency security. China and India, in particular, view gold as a hedge against global currency fluctuations.

Europe

European countries are among the highest holders of gold reserves, reflecting long-term economic strategies. Germany, Italy, and France hold large gold stocks, while smaller nations like Austria and Portugal also maintain legacy reserves as part of the Eurozone.

Middle East

Countries like Saudi Arabia and Turkey have increased their reserves in response to economic challenges and currency fluctuations. Turkey, in particular, has pursued an aggressive gold acquisition strategy to support the lira amid devaluation concerns.

Africa and Latin America

African and Latin American countries generally hold smaller reserves but have recently shown interest in increasing holdings. Brazil has increased reserves in response to economic growth, while Venezuela and Argentina maintain gold as a hedge against inflation.

5. Conclusion

Gold reserves play a pivotal role in the financial stability of nations, providing a buffer against inflation, currency devaluation, and global economic shifts. The top 100 countries with the largest gold holdings showcase a blend of historical legacy, economic strategy, and modern geopolitical considerations. Whether it's the United States’ vast holdings, Germany’s gold-backed stability, or emerging economies like India’s rising reserves, gold remains a critical asset. As global markets evolve, these reserves will likely continue to provide financial security and national economic strength.