The recent surge in the price of gold has heightened the question of which country holds the most gold. In 2024, gold prices spiked by approximately 20% due to mop-ups by various central banks trying to nip local inflation. The fear of geopolitical tensions around the world disturbing economic stability also drove the ultra-rich to vote for gold investments.
In the past two years, China has influenced the global gold supply, absorbing gold fragments from different parts of the world. While the amount of gold in reserves at different central banks varies over time, the ranking of the 10 largest national gold holdings has mainly remained the same in the past few years.
This piece will look at the top 10 countries with the highest gold reserves. We polled the data used in this post from the World Gold Council; it was accessed in May 2024.
10. Netherlands
The Dutch Central Bank possesses 612.5 tons of national gold holdings. This Dutch Central Bank gold is estimated to be 67.4% of the national reserve.
The Netherlands recently repatriated a large amount of its gold, which had been stashed away in the US. This repatriation is probably responsible for relocating the country’s national gold vault to a new facility in Camp New Amsterdam.
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9. India
Annually, the demand for gold in India rises significantly between September and December. This period saw a spike in festivities and ceremonies, which spurs the gifting of gold artifacts. Diwali, the festival of lights, often comes up during this period, and many weddings too.
In addition to the individual gold consumption of 1.25 billion Indians, the country has national gold holdings of about 879 tons. This treasure wealth makes up 8.2% of India’s national reserves.
8. Japan
Japan is one of the gold-mining countries with the largest gold reserves in the world. Its 933 tons of national gold holdings comprise 4.3% of its reserves.
As the third-largest economy in the world, Japan’s treasure wealth of gold seems to encourage local economic stability. Japan is an economically frugal nation. In 2016, it implemented a monetary policy that brought interest to its central bank’s gold below zero.
7. Switzerland
Switzerland is the eighth-largest gold hoarder in the world. However, the Swiss are the leaders in terms of gold reserves per capita. Switzerland’s central bank holds about 1,146 tons of gold, which amounts to 7.4% of the country’s national reserve.
Interestingly, Switzerland is not a producer of gold. Indeed, virtually all the gold in the country’s vaults was imported. However, Switzerland has mastered the craft of gold ore refinement, making it a hub of international trade for the yellow metal.
6. China
China has an estimated gold treasure wealth of about 2,355 tons, which is 3.8% of the Eastern giant’s national reserve. We are privy to the size of China’s vast gold reserve because it started sharing monthly reports of the country’s inflow and outflow of the yellow metal.
In 2021, the People’s Republic of China opened itself up to international trade, allowing foreign central banks to bring gold into the country.
5. Russia
Russia bought about 224 tons of bullion gold in 2017 to escape the US dollar’s economic grip. This monetary policy was necessary due to the geopolitical friction between Russia and the West after it annexed Crimea in 2014.
Russia is third among the top gold mining countries in the world. Recent estimates place the volume of gold in Russia’s national treasury as 2568 tons. That figure is acclaimed to be 24.6% of the nation’s national gold reserve.
4. France
France is a net buyer of gold and seldom ever disposes of its gold investment. An acclaimed 2686 tons of the global gold supply is stored up in French vaults. This is 66.3% of France’s national reserve. This gold reserve is exclusive of the gold stash belonging to the International Monetary Fund.
France’s reserves consist of approximately 100 tons of gold coins and gold bars of 12.5 kg each. About France’s service as an IMF repository, the Banque de France is one of the four vaults where the international bank stores its gold.
3. Italy
Italy has the world’s third-largest national gold reserve, with an acclaimed 2703 tons of rare earth metal. The country’s stash makes up 64.4% of its national gold reserve. A noticeable trend with this precious metal’s top four largest hoarders is that over 50% of their national wealth is stored up in gold.
When asked why this is, Mario Draghi, the former governor of the Italian Central Bank, responded spectacularly. He said gold is “a reserve of safety that gives fairly good protection against fluctuations against the dollar.”
2. Germany
Germany used to keep large portions of its national gold wealth at the Federal Reserve in New York and at the Banque de France. However, the four-year repatriation of these foreign stashs was completed in 2017.
Germany has an estimated 3696 tons of gold reserves, which is 67.4% of the German national wealth.
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1. United States
The United States often controls the global gold supply, with the largest national gold holdings worldwide. Precious metals often arrive in the US through international trade with gold mining countries. Gold ore often passes through Switzerland for refinement and value addition before reaching the US.
The United States is reputed to have approximately 9,000 tons of gold, which makes up 68.2% of its national wealth.
By now, it’s obvious which country holds the most gold. However, not all countries with vast gold reserves have an operational mine; Switzerland is a good example. Nonetheless, many central banks around the world have found the precious metal to be a safe haven against the onslaught of inflation.