Which countries hold the most gold reserves? 

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Gold has once again become the star of the global financial system. As prices hit record highs in 2025, central banks around the world are quietly but steadily adding more of the yellow metal to their vaults. For many governments, gold is more than just a shiny asset — it’s considered to be a strategic shield against inflation, currency volatility, sanctions, and geopolitical uncertainty. 

Recent data from BullionVault, based on official central bank disclosures for 2024, kept on saying which countries dominate global gold holdings — and how the balance of power is slowly shifting. 

Global Snapshot: Who Controls the World’s Gold? 

As of 2024, the United States and Europe together hold over 60% of all reported central bank gold reserves. This concentration of gold is the clear manifestation of decades of economic dominance, but it also shows how these regions still rely on gold to back confidence in their currencies and financial systems. 

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Here’s a look at the top holders by tonnes of gold: 

1. United States – 8,133.5 tonnes 

2. Germany – 3,351.6 tonnes 

3. Italy – 2,451.9 tonnes 

4. France – 2,437.0 tonnes 

5. Russia – 2,333.1 tonnes 

6. China – 2,279.6 tonnes 

7. Switzerland – 1,039.9 tonnes 

8. India – 876.2 tonnes 

9. Japan – 846.0 tonnes 

10. Netherlands – 612.5 tonnes 

11. Turkey – 595.4 tonnes 

12. Poland – 448.2 tonnes 

13. Portugal – 382.7 tonnes 

14. Uzbekistan – 382.6 tonnes 

15. Saudi Arabia – 323.1 tonnes 

The United States: Gold Superpower 

The United States is still the undisputed leader, with over 8,100 tonnes of gold, which is more than double that of any other country. Much of this is stored at the famous Fort Knox and the New York Federal Reserve. 

At current prices, that stockpile is worth over $1 trillion, acting as a powerful symbol of trust behind the US dollar, even in an era dominated by digital transactions and complex financial instruments. 

Europe’s Old Wealth: Gold from the Bretton Woods Era 

Major European economies — Germany, Italy, and France — together hold nearly 8,200 tonnes, rivaling the American total. 

These reserves date back to the Bretton Woods system, when gold was directly linked to currencies and international settlements. Even though that system ended in the 1970s, European central banks held onto their gold, and today it still plays a crucial role in their long-term financial security. 

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China, India, and Emerging Markets: Quiet but Aggressive Buyers 

The real story of the past few years, however, lies in emerging markets: 

• China has ramped up its reserves from around 1,948 tonnes in 2019 to nearly 2,280 tonnes in 2024. This reflects Beijing’s broader strategy to diversify away from US Treasuries and gradually support the internationalization of the yuan. 

• India, now one of the world’s largest and fastest-growing economies, holds 876 tonnes. For a country with a deep cultural attachment to gold at the household level, rising official reserves add another layer of financial security. 

• Countries like Turkey (595 tonnes) and Poland (448 tonnes) have dramatically increased their holdings in recent years. For them, gold acts as a hedge against inflation, currency swings, and geopolitical risks. Poland’s jump is particularly notable, reflecting a deliberate strategy to strengthen the central bank’s balance sheet. 

Beyond the Giants: Smaller States, Bigger Caution 

It’s not just the big powers making moves. 

Nations like Uzbekistan (around 383 tonnes) and Saudi Arabia (323 tonnes) appear prominently on the list, signalling how resource-rich economies use gold as a backup anchor alongside oil or gas revenues. 

Meanwhile, countries such as Thailand, Singapore, and Kazakhstan (not listed in the top 15 but still significant buyers) are steadily adding to their reserves. For these states, gold is a form of financial insurance — a store of value that cannot be devalued by another country’s central bank or frozen through sanctions. 

Why Gold Still Matters in 2025 

In a world that is dominated by digital payments, cryptocurrencies, and complex derivatives, it might seem surprising that old-fashioned gold still commands so much attention. Yet central banks tell a clear story via their actions: 

• Gold is considered to be no one’s liability — unlike a bond or a currency, it doesn’t depend on another country’s promise to pay. 

• It works as a long-term store of value, especially during periods of inflation, war, or financial crisis. 

• It plays a pivotal role in diversifying national reserves, ultimately minimizing reliance on any single foreign currency. 

As central banks is buying at record levels without stopping, and as gold prices set a precedent for new highs, it’s clear that the oldest form of money of the world remains one of its most trusted. Whether you look at the vaults of Washington, Frankfurt, Beijing, or Riyadh, the message is the same: in uncertain times, gold is still king.