The top 10 countries with the most valuable gold reserves

MiNMET presents the current list of the 30 countries that possess the largest stockpiles of gold, with all monetary values expressed in US dollars. Gold has been considered an invaluable financial asset, particularly in times of economic uncertainty and turmoil. Although the gold standard is no longer utilized to ascertain currency worth, central banks continue to hold the precious metal as a “liquid asset” that can be easily converted into cash and is unaffected by political or economic changes.

10) Netherlands: 612.45 tonnes

The Netherlands takes the number 10 spot in the gold reserves rankings, with 612.45 tonnes of gold in its stocks. In October 2019, it was reported that the Dutch central bank would be transporting 14,000 gold bars, weighing a total of 175 tonnes, to a temporary location in Haarlem, before permanently moving them to the DNB Cash Centre in Zeist.

A similar convoy mission took place in October 2020 when armed guards, helicopters and forklifts came together to move 200 tonnes of gold from Amsterdam’s Dutch central bank to the same vault in Haarlem. The meticulously guarded shipment contained gold worth around €10 billion ($12bn/£8.7bn), along with around €4.5 billion ($5.4bn/£4bn) in bills.

9) India: 785.35 tonnes

There’s a jump of over 160 tonnes from the Netherlands’ stock of gold to that of India, which itself has increased by over 150 tonnes in the past few years. The country also has high household reserves, particularly in the form of gold jewellery.

Although India does have a small gold mining industry, it can’t support the national demand and most of its yellow metal is bought in from abroad. India is another country that bought gold at the beginning of 2021 as most nations continued to sell amid the COVID-19 crisis. Its ever-expanding reserve of gold currently weighs in at 785.35 tonnes.

8) Japan: 845.97 tonnes

Japan currently holds 845.97 tonnes of gold. In December 2020, 80 tonnes of gold used for minting coins were sold to a different arm of the government as the country explored ways to fund its enormous COVID-19 stimulus package. The country also has its own veins of gold running through its land, which have been mined on a small scale for centuries. Recent exploratory gold searches have proved a success and Japan is now looking to exploit those reserves further.

7) Switzerland: 1,040 tonnes

The gold stocks move into four figures now with Switzerland holding 1,040 tonnes. The majority of this gold is held on home soil, but some of it is stored at the Bank of England and Bank of Canada. In 2014 there was a referendum to decide on whether the Swiss National Bank (SNB) should expand its gold reserves from 7% to 20%. The status quo prevailed and 78% of voters were against the SNB increasing its share.

6) China: 1,948.31 tonnes

China has 1,948.31 tonnes of gold in its reserves. It’s also the world’s biggest gold producer, accounting for 12% of global mine production according to investment manager US Global Investors. The local demand for gold has been boosted by the burgeoning wealth of its growing middle-class – and it’s likely the numbers will be higher in GoldHub’s next dataset, as China has reportedly been stepping up its gold imports from Russia. 

Although the quantities are still relatively small, China’s receipt of 2.16 tonnes of Russian gold in October 2022 represents a seven-year high, according to RT. Between January and October 2022, China imported 5.72 tonnes of gold from Russia in total, almost twice as much as the same period the year before. This was worth $330 million (£275m), 1.8 times more than China’s January-October Russian imports in 2021.

5) Russia: 2,298.53 tonnes

Russia can’t get enough of this precious metal and has spent around $40 billion (£28.7bn) in the five years to 2022 to boost its gold reserves, allowing it to overtake China in the rankings and reduce its reliance on the US dollar. Plus, it has a billion-dollar gold mining industry, which means this metal-rich country doesn’t need to rely on imports either. Its gold reserves increased by 6.22 tonnes during the third quarter of 2021, the fifth largest increase in the world. 

However, Russia’s invasion of Ukraine – and subsequent condemnation by much of the world – has rendered its impressive gold stocks almost useless. Sanctions have pushed the Russian Federation out of the global gold trade, with London banning all bars from Russian refineries and the US Senate prohibiting citizens from making any transactions that involve Russian gold.

As the ruble crashes in value, some analysts have suggested the country could return to a gold standard system to stabilise its economy. But whether this will be enough to prevent economic collapse in Russia, while continuing to fund Putin’s military, remains to be seen – especially as the country’s reserves are actually falling. Between the first and second quarter of 2022, Russia’s gold stocks fell from 2,301.64 tonnes to 2,298.53 tonnes, which is particularly surprising since the nation reportedly plundered gold from Sudan at least 16 times that year. 

4) France: 2,436.63 tonnes

France has stockpiled 2,436.63 tonnes of gold, much of which was reportedly acquired during the 1950s and 1960s. Although some of its reserves are held abroad, most of this gold is said to be held in vaults under the Banque de France in Paris. A few hundred tonnes of French gold were sold off in the early part of this century, but stocks have remained stable since about 2009.

3) Italy: 2,451.84 tonnes

Italy holds just slightly more gold than France with 2,451.84 tonnes. Unlike most countries, where the gold reserves are owned by the state and managed by their central banks, Italy’s gold is actually owned by the Banca d’Italia and held in vaults in Rome as well as at the Swiss National Bank, the Federal Reserve Bank in New York, and the Bank of England.

The Italian government made headlines in February 2019 when it said that it would “not sell a gram” of the gold reserves to fill budget holes. True to its word, the country’s stocks have remained the same.

2) Germany: 3,355.14 tonnes

Germany is the second-largest hoarder of gold in the world with 3,355.14 tonnes of the stuff, a small decrease from 3,359.09 tonnes at the end of 2021. Concern over its gold falling under Soviet control during the Cold War led to the stockpile being spread around the world. It was thought to be divided between the Federal Reserve Bank in New York, the Bank of England, and the Banque de France. Between 2013 and 2017, at least half of this bounty was brought back home to Frankfurt.

1) USA: 8,133.46 tonnes

Unsurprisingly perhaps, the USA is the country with the most gold in the world, boasting a staggering 8,133.46 tonnes of gold bullion. That’s more gold than is held by Germany, Italy and Russia combined! The majority of this gold is thought to be held in depositories across America, such as the United States Bullion Depository, better known around the globe as Fort Knox. Total American reserves are worth over $656 billion (£546bn).