Ranked: Top 10 Countries with the Most Gold Reserves

The amount of gold in the world is finite — unlike the amount of money issued by countries’ central banks, which simply depends on those banks’ economic goals. So when the value of a dollar, pound, or euro drops, the corresponding value of gold rises. That makes owning gold a great way to prepare for times of economic uncertainty, and investors and national banks alike buy and hold gold for that reason.

CEOWORLD magazine has analyzed global data on gold stockpiles from the World Gold Council, as well as economic data from Trading Economics, to provide an illustration of the distribution of gold held by governments worldwide. The World Gold Council’s data is current as of the second quarter of 2023.

The United States currently holds almost 9,000 metric tons of gold, which is more than twice the amount owned by the second-place country, Germany. This significant reserve size can be attributed to the historical use of gold as the standard currency for international trade and exchange, especially up until the early 20th century. Additionally, during both world wars, European countries purchased supplies, weapons, and equipment from the U.S. and paid for them with gold.

Germany, a long-standing global trading powerhouse, holds the second-highest amount of gold. In third place is the International Monetary Fund (IMF), which is not a nation but a financial arm of the United Nations that works towards stabilizing the global economy and facilitating international trade. To become a member of the IMF, nations must contribute to its funds, often through gold reserves.

Several other countries also hold significant amounts of gold. Here are the top nine, plus the IMF, for a global top 10 list. The percentage of national reserves in gold represents the proportion of a country’s holdings in cash and other assets that are in gold. The inflation data is the most recent as of August.

1. United States

With 8,966 tons of gold in reserves, the United States tops the list. Gold as a portion of national reserves stands at 68.2%. The inflation rate is reported at 3.7%. 

2. Germany

Germany has 3,696 tons of gold reserves and 67.4% of gold as a portion of national reserves. The inflation rate is calculated to be 6.1%.

3. International Monetary Fund

Gold in reserves in the International Monetary Fund is estimated at 3,102 tons, while gold as a portion of national reserves is N/A. Same with the inflation rate.

4. Italy

Italy has 2,703 tons of gold in reserves and 64.4% of gold as a portion of national reserves. The inflation rate is reported to be 5.4%.

5. France

With 2,686 tons of gold in reserves, France holds the fifth place on the ladder. Gold as a portion of national reserves stands at 66.3%. Inflation rate is 4.9%.

6. Russia

Russia has 2,568 tons of gold in reserves and 24.6% of gold as a portion of national reserves. Inflation rate stands at 5.2%.

7. China

There are 2,355 tons of gold in reserves in China, and 3.8% of gold as a portion of national reserves. The inflation rate is reported to be 0.1%.

8. Switzerland

Reserves of Gold in Switzerland are estimated at 1,146 tons, and gold as a portion of national reserves stands at 7.4%. Inflation rate is 1.6%.

9. Japan

933 tons of gold reserves are there in Japan, and 4.2% of gold as a portion of national reserves. The inflation rate is reported to be 3.2%.

10. India 

India ranks tenth on the ladder with 879 tons of gold reserves and 8.2% of gold as a portion of national reserves. Inflation rate stands at 6.8%. 

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