Countries With the Biggest Gold Reserves in 2025: Updated IMF & WGC Data

Gold plays a vital role in global finance, and countries with the biggest gold reserves often command enhanced economic stability. Although modern fiat currencies are no longer directly convertible to gold, many central banks still hold massive bullion stockpiles. Below we break down the largest gold reserves 2025 ranking (with updated figures from IMF gold reserve statistics and World Gold Council gold reserves by country, explore why nations hoard so much bullion, and highlight recent central bank gold buying trends 2024. We’ll also clarify how to interpret “gold as share of forex reserves,” a crucial metric indicating how reliant a nation is on gold relative to its total foreign exchange assets.

Global Gold Reserves: A Brief Overview

Central banks worldwide collectively own about one-fifth of all the gold ever mined. Historically, these institutions switched from being net sellers in the 1990s to net buyers post-2008—an enduring pivot fueled by economic uncertainties and geopolitical tensions. Which country has the most gold? The United States remains the undisputed leader, but other nations like Germany, Italy, and emerging market powers (Russia, China, India) also top the largest gold reserves 2025 ranking. According to IMF gold reserve statistics, global official holdings exceed 35,000 metric tons, with the majority concentrated in just a handful of countries. Central bank accumulation in 2024 alone surpassed 1,000+ metric tons, underscoring gold’s continued importance as a safe-haven asset.

Understanding “Gold as % of FX Reserves”

Each country’s “gold as share of forex reserves” indicates the proportion of its foreign exchange holdings that is stored in bullion, rather than in currencies like the U.S. dollar or euro. For instance, if a country’s total reserves are $100 billion, and gold accounts for $25 billion (at current gold prices), the ratio is 25%. This measure shows how heavily a nation relies on gold to back up its monetary and financial system. High percentages (e.g., 70%–75% in the U.S. or Germany) reveal a strong preference for gold over paper assets, whereas lower percentages (like 4%–5% in China or Japan) indicate that these countries prefer to hold more foreign currencies, bonds, and other instruments.

Largest Gold Reserves 2025 Ranking: Top 10 Countries

Below is the latest World Gold Council gold reserves by country data (as of December 2024). Figures are in metric tons; we also show “gold as share of FX reserves,” i.e., how big each gold hoard is compared to the country’s overall foreign exchange portfolio.

1) United States – 8,133.5 t

The U.S. gold reserve size (8,133.5 metric tons) dwarfs the rest, nearly equaling the next three countries combined. These hoards date back to the Bretton Woods era, when foreign governments held dollars convertible to U.S. gold. Even after “closing the gold window” in 1971, the U.S. kept its bullion. About 71.3% of U.S. reserves are in gold—among the highest gold as share of forex reserves globally—showcasing gold’s enduring status. Most U.S. gold is secured at Fort Knox, West Point, and the New York Fed vault.

2) Germany – 3,351.5 t

Germany ranks second among countries with the biggest gold reserves, at 3,351.5 t. Gold is ~70.6% of its FX reserves. Post-WWII surpluses and conversions into bullion built up the “Germany gold reserve 2025” figure. The Bundesbank repatriated large amounts from the U.S. and France recently, ensuring that more than half is stored in Frankfurt. Germany’s trust in gold remains high due to historical currency collapses.

3) Italy – 2,451.8 t

Italy holds 2,451.8 t (about 67.5% of reserves). Despite occasional debates on selling bullion to reduce debt, the Banca d’Italia has clung to it, viewing gold as a cornerstone of stability. Italy’s large gold stash reflects post-war economic policies and sustained membership in the eurozone, where it’s considered a last-resort safety net.

4) France – 2,437.0 t

France has 2,437 t—68.6% of its reserves. Under President de Gaulle, France famously repatriated gold from the U.S. in the 1960s, challenging the Bretton Woods system. Today, the Banque de France sees gold as a “financial anchor.” Unlike some European neighbors, France has sold only minimal amounts since the 1970s.

5) Russia – 2,335.9 t

Russia’s ~2,336 t mark a quadruple rise since 2008, as the Kremlin diversifies away from U.S. dollars. While gold is 28.1% of Russia’s reserves (less than Germany’s ratio), it’s still significant—particularly after 2022 sanctions froze many Russian foreign assets. Gold stands in domestic vaults, outside external control, aligning with Russia’s strategy for financial independence.

6) China – 2,279.6 t

China reports ~2,279.6 t in official reserves, though it’s only ~4.6% of its gigantic $3 trillion forex chest. China central bank gold purchases 2024 continued monthly—analysts believe it might hold even more unreported gold. The People’s Bank of China sees gold as a diversification tool, shifting away from the dollar. Observers say China’s moves often spark the question “which country has the most gold in Asia?”—thus far, China lags India in official ratio but not in total tonnage.

7) Switzerland – 1,040.0 t

Switzerland’s 1,040 t reflect its historical gold-backed franc policy. Though ~66% of Swiss gold was sold in the early 2000s, it still ranks high among countries with the biggest gold reserves per capita. At about 8% of total Swiss reserves, gold remains an ultra-conservative fallback.

8) India – 876.2 t

India’s official holdings have surged from ~500 t a decade ago to ~876.2 t, about 9% of its reserves. The Reserve Bank of India frequently buys gold to diversify its large foreign assets. As a top consumer (privately and officially), India’s gold tradition extends from household jewelry to central bank vaults, reinforcing bullion’s unique role in Indian finance.

9) Japan – 846.0 t

Japan’s 846 t reflect ~4.7% of total reserves. Although overshadowed by Japanese holdings of U.S. Treasuries, gold is still a protective asset. Japan rarely buys or sells, holding steady in the 800+ t range. A 2021 revaluation explained a spike in official data, though physical holdings changed little.

10) Turkey – 615.0 t

Turkey rounds out the top 10 nations by gold holdings with 615 t—about 40% of total reserves. Despite selling gold amid currency crises in 2022–2023, Turkey rebought ~75 t in 2024, indicating a continuing reliance on bullion to buttress the lira and cover shortfalls. This active management underscores gold’s real-time utility.

Honorable Mentions

• Netherlands (~612.5 t): The Netherlands narrowly misses the top 10. Over 60% of Dutch foreign reserves are in gold, and the Dutch central bank completed repatriation from the U.S. recently.
• Poland (~448 t): Poland soared in the largest gold reserves 2025 ranking after aggressive buying (over 200 t since 2018). The National Bank of Poland aims to lift gold to ~20% of total reserves.
• Taiwan (~424 t): Officially around 424 t, Taiwan’s gold remains stable. Listed by the WGC as “Chinese Taipei,” it’s ~4–5% of Taiwan’s $550+ billion reserves.
• Portugal (~383 t): Although Portugal’s economy is smaller, gold is a hefty 73% of its reserves—one of the highest ratios worldwide.
• Uzbekistan (~383 t): As a major gold producer, Uzbekistan frequently buys domestically-mined gold. Gold is ~60% of total Uzbek reserves, an unusually high portion.

Why Do Countries Maintain Large Gold Reserves?

1. Safety & Crisis Hedge: Gold is no one’s liability—unlike fiat currencies or bonds, it can’t be defaulted on. In crises or sanctions, gold remains accessible liquidity.
2. Diversification: Holding only dollars or euros is risky if those currencies devalue. Gold lowers overall portfolio risk by moving differently than paper assets.
3. Inflation & Currency Shield: Gold generally rises when fiat currencies weaken, offsetting inflation. Russia’s heavy gold accumulation illustrates how to protect against external shocks.
4. Market Confidence: A large gold stockpile signals financial strength. For instance, the “U.S. gold reserve size” near 8,133 t underpins trust in the dollar.
5. Geopolitical Independence: Gold is beyond the reach of foreign sanctions. Countries like China and Russia see it as crucial if dollar assets are frozen.
6. Historical & Cultural Factors: Nations from Germany to India hold gold partly due to historical usage or popular sentiment. Post-war surpluses (Germany, Italy) also built big hoards.

Recent Central Bank Gold Buying Trends (2023–2024)

• Record Demand: Over 1,000+ t purchased globally in 2024 alone, continuing a streak from 2022 and 2023. According to the WGC, net purchases in 2024 exceeded typical averages by a wide margin.
• Leading Buyers: Poland (+90 t in 2024), Turkey (+75 t net), India (~73 t), and China (monthly additions) top the list, reflecting broad emerging-market interest in gold.
• China central bank gold purchases 2024: China resumed official buying in late 2022, pushing total reported holdings to ~2,280 t by early 2025. Analysts believe actual Chinese gold might be higher.
• De-dollarization Factor: Many emerging economies want to reduce U.S. dollar reliance, favoring gold for stability. Russia’s shift since 2014 demonstrates how gold is “sanction-proof.”
• Minimal Selling: Unlike the 1990s–2000s, few central banks are net sellers now. Even when Turkey sold some gold in 2023, it soon rebought in 2024. Overall, “central bank gold buying trends 2024” remain strongly positive.

FAQ – Biggest Gold Reserves by Country

1. Which country has the most gold in 2025?

Answer: The United States leads with 8,133.5 metric tons of official gold holdings. This massive U.S. gold reserve size dwarfs all others, forming around 71% of its total foreign exchange reserves.

2. What are the top 10 countries with the biggest gold reserves right now?

Answer: Based on IMF gold reserve statistics (Dec 2024) compiled by the WGC, the largest gold reserves 2025 ranking is:

1. U.S. (8,133.5 t)
2. Germany (3,351.5 t)
3. Italy (2,451.8 t)
4. France (2,437.0 t)
5. Russia (2,335.9 t)
6. China (2,279.6 t)
7. Switzerland (1,040.0 t)
8. India (876.2 t)
9. Japan (846.0 t)
10. Turkey (615.0 t)

3. Why do countries keep so much gold if money isn’t gold-backed anymore?

Answer: Gold is a safe haven that diversifies reserves and guards against currency crises or inflation. It retains universal value, boosting a central bank’s credibility. In emergencies, gold is easily sold or pledged for liquidity, making it integral even in a fiat currency world.

4. How does “gold as share of forex reserves” affect a nation’s strategy?

Answer: This metric shows how heavily a country relies on bullion compared to paper currencies or bonds. The U.S. and Germany have ~70% in gold, indicating high trust in gold’s stability. China’s ratio is ~4.6%, reflecting that most of its $3+ trillion reserves are in other assets. A higher percentage means the central bank is more reliant on gold for financial defense.

5. Did China recently ramp up gold buying?

Answer: Yes, China central bank gold purchases 2024 soared, with the PBoC adding monthly tonnage since late 2022. China’s official stash (2,279.6 t) has grown steadily, but still accounts for only ~5% of its huge forex reserves—leaving room for more buying in future.

6. Which countries added the most gold in 2023–2024?

Answer: Poland (+90 t in 2024), Turkey (+75 t net), India (~73 t), and China all made substantial additions, per central bank gold buying trends 2024 data. Poland’s surge from under 300 t to over 440 t in a few years stands out.

7. Where do these gold reserve figures come from, and how often do they change?

Answer: Official data is reported monthly to the IMF. The World Gold Council gold reserves by country table is updated quarterly. Changes can occur when central banks buy or sell gold or when they revalue holdings. While the U.S. remains static, emerging-market buyers like Turkey or Poland cause monthly fluctuations.

8. Are the IMF’s own gold holdings part of these country rankings?

Answer: No. The IMF itself holds about 2,814 t of gold but is not a sovereign country, so it’s excluded. We rank only national central banks under “countries with the biggest gold reserves.”

9. How important is gold for currency stability or crisis management?

Answer: Very. A big gold stash can shore up a central bank’s balance sheet. For example, Russia used gold to endure sanctions, and India historically used gold to secure emergency loans. High gold reserves also enhance credit ratings, providing trust in a country’s ability to handle shocks.

10. Will these rankings shift in the near future?

Answer: Potentially. Central bank gold buying trends 2024 suggest China, India, and Poland will keep purchasing. If China leaps from ~2,280 t to 2,500 or 3,000 t, it could surpass France or Italy. Meanwhile, traditional top holders—U.S., Germany—remain stable. Check the World Gold Council gold reserves by country each quarter for the freshest data.

From the U.S. gold reserve size near 8,133.5 t down to Turkey’s 615 t, these countries with the biggest gold reserves show how bullion remains a cornerstone for sovereign financial systems. Whether it’s Germany repatriating gold, China diversifying away from the dollar, or emerging markets like Poland or Uzbekistan snapping up more, gold underpins currency stability and acts as a crisis hedge. As central banks maintain or expand their gold allocations—driven by IMF gold reserve statistics and each nation’s unique policy—gold’s role in the global monetary landscape endures.

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