List of Top 20 Countries with Largest Gold Reserves in 2024: Gold reserves are a critical component of a nation’s financial stability and economic security. As of 2024, the global landscape of gold reserves has seen some shifts, with countries continuing to bolster their holdings to safeguard against economic uncertainties. Here, we delve into the top 20 countries with the largest gold reserves, exploring the reasons behind their substantial holdings and the implications for their economies.
List of Top 20 Countries with Largest Gold Reserves in 2024
| Rank | Country | Gold Reserves (Tonnes) | Gold Reserves (Millions $) | Holdings % |
|---|---|---|---|---|
| 1 | United States of America | 8,133.46 | 609,527.85 | 72.41 |
| 2 | Germany | 3,351.53 | 251,166.13 | 71.46 |
| 3 | Italy | 2,451.84 | 183,742.52 | 68.33 |
| 4 | France | 2,436.97 | 182,628.35 | 69.99 |
| 5 | Russian Federation | 2,335.85 | 175,050.59 | 29.47 |
| 6 | China | 2,264.32 | 169,689.52 | 4.91 |
| 7 | Japan | 845.97 | 63,397.87 | 5.15 |
| 8 | India | 840.76 | 63,007.20 | 9.57 |
| 9 | Netherlands | 612.45 | 45,897.75 | 61.61 |
| 10 | Turkey | 584.93 | 43,834.93 | 0 |
| 11 | Portugal | 382.66 | 28,677.06 | 74.08 |
| 12 | Poland | 377.37 | 28,280.52 | 13.49 |
| 13 | Uzbekistan | 365.15 | 27,364.77 | 75.2 |
| 14 | United Kingdom | 310.29 | 23,253.15 | 13.44 |
| 15 | Kazakhstan | 298.8 | 22,391.95 | 56.04 |
| 16 | Spain | 281.58 | 21,101.64 | 20.16 |
| 17 | Austria | 279.99 | 20,982.76 | 63.21 |
| 18 | Thailand | 234.52 | 17,574.99 | 7.83 |
| 19 | Singapore | 228.86 | 17,150.61 | 4.49 |
| 20 | Belgium | 227.4 | 17,041.21 | 39.9 |
Top 20 Countries:
Gold reserves continue to play a vital role in the global economy, providing stability and security for nations. As economic uncertainties persist, the importance of gold as a strategic asset is likely to grow, shaping the financial landscape for years to come.
1. United States
The United States remains the leader with a staggering 8,133.46 tonnes of gold reserves, valued at approximately $609.53 billion. This accounts for 72.41% of its total foreign reserves. The U.S. has maintained this position for decades, reflecting its historical reliance on gold as a financial safeguard.
2. Germany
Germany holds 3,351.53 tonnes of gold, worth around $251.17 billion, making up 71.46% of its foreign reserves. The Bundesbank has been repatriating gold from foreign vaults to ensure greater control over its reserves.
3. Italy
Italy’s gold reserves stand at 2,451.84 tonnes, valued at $183.74 billion, constituting 68.33% of its foreign reserves. The Italian central bank views gold as a crucial asset for financial stability.
4. France
France holds 2,436.97 tonnes of gold, worth $182.63 billion, which is 69.99% of its foreign reserves. The Banque de France has consistently emphasized the importance of gold in its monetary policy.
5. Russia
Russia’s gold reserves total 2,335.85 tonnes, valued at $175.05 billion, accounting for 29.47% of its foreign reserves. Russia has been aggressively increasing its gold holdings as a hedge against geopolitical risks and economic sanctions.
6. China
China holds 2,264.32 tonnes of gold, worth $169.69 billion, making up 4.91% of its foreign reserves. The People’s Bank of China has been steadily increasing its gold reserves to diversify its foreign exchange reserves.
7. Japan
Japan’s gold reserves stand at 845.97 tonnes, valued at $63.40 billion, constituting 5.15% of its foreign reserves. The Bank of Japan uses gold as a hedge against currency fluctuations.
8. India
India holds 840.76 tonnes of gold, worth $63.01 billion, making up 9.57% of its foreign reserves. The Reserve Bank of India has been increasing its gold reserves to enhance financial stability.
9. Netherlands
The Netherlands’ gold reserves total 612.45 tonnes, valued at $45.90 billion, accounting for 61.61% of its foreign reserves. The Dutch central bank has repatriated a significant portion of its gold from foreign vaults.
10. Turkey
Turkey holds 584.93 tonnes of gold, worth $43.83 billion. The Central Bank of the Republic of Turkey has been increasing its gold reserves to strengthen its financial position.
11. Portugal
Portugal’s gold reserves stand at 382.66 tonnes, valued at $28.68 billion, making up 74.08% of its foreign reserves. The Banco de Portugal views gold as a key asset for economic stability.
12. Poland
Poland holds 377.37 tonnes of gold, worth $28.28 billion, constituting 13.49% of its foreign reserves. The National Bank of Poland has been actively increasing its gold reserves.
13. Uzbekistan
Uzbekistan’s gold reserves total 365.15 tonnes, valued at $27.36 billion, accounting for 75.2% of its foreign reserves. The Central Bank of Uzbekistan has been focusing on gold to ensure economic security.
14. United Kingdom
The United Kingdom holds 310.29 tonnes of gold, worth $23.25 billion, making up 13.44% of its foreign reserves. The Bank of England manages these reserves as part of its broader monetary policy.
15. Kazakhstan
Kazakhstan’s gold reserves stand at 298.8 tonnes, valued at $22.39 billion, constituting 56.04% of its foreign reserves. The National Bank of Kazakhstan has been increasing its gold holdings to diversify its reserves.
16. Spain
Spain holds 281.58 tonnes of gold, worth $21.10 billion, making up 20.16% of its foreign reserves. The Banco de España views gold as a critical asset for financial stability.
17. Austria
Austria’s gold reserves total 279.99 tonnes, valued at $20.98 billion, accounting for 63.21% of its foreign reserves. The Oesterreichische National Bank has been maintaining its gold reserves as a hedge against economic uncertainties.
18. Thailand
Thailand holds 234.52 tonnes of gold, worth $17.57 billion, making up 7.83% of its foreign reserves. The Bank of Thailand uses gold to diversify its foreign exchange reserves.
19. Singapore
Singapore’s gold reserves stand at 228.86 tonnes, valued at $17.15 billion, constituting 4.49% of its foreign reserves. The Monetary Authority of Singapore views gold as a strategic asset.
20. Belgium
Belgium holds 227.4 tonnes of gold, worth $17.04 billion, making up 39.9% of its foreign reserves. The National Bank of Belgium has been maintaining its gold reserves to ensure economic stability.
FAQs: List of Top 20 Countries with Largest Gold Reserves
Why do countries hold gold reserves?
Countries hold gold reserves for several reasons:
- Economic Stability: Gold acts as a reliable store of value, especially during financial uncertainties.
- Currency Support: Historically, gold has supported the value of a country’s currency.
- Diversification: Gold diversifies a country’s foreign exchange reserves.
- Hedge Against Inflation: Gold is a hedge against inflation and currency devaluation.
How are gold reserves measured?
Gold reserves are measured in tonnes. The value of these reserves is calculated based on the current market price of gold.
Why is the United States the largest holder of gold reserves?
The United States has historically accumulated large gold reserves due to its economic policies and the role of the U.S. dollar as the world’s primary reserve currency.
How do gold reserves impact a country’s economy?
Gold reserves enhance a country’s creditworthiness and financial stability. They provide a buffer against economic crises and support the national currency.
What role does the World Gold Council play?
The World Gold Council provides data and insights on gold reserves, helping countries and investors make informed decisions about gold investments.
How often do countries update their gold reserves?
Countries periodically update their gold reserves based on their economic policies and market conditions. The frequency of updates varies by country.
Can gold reserves be used in times of crisis?
Yes, countries can use their gold reserves in times of economic crisis to stabilize their currency and economy.
How does gold compare to other reserve assets?
Gold is considered a safe-haven asset, unlike other reserve assets like foreign currencies and government bonds, which can be more volatile.
What are the trends in global gold reserves?
Global gold reserves have been increasing due to economic uncertainties and geopolitical risks. Central banks are favouring gold as a stable asset.
How does gold mining impact gold reserves?
Gold mining contributes to the overall supply of gold, which can impact a country’s gold reserves. Countries with significant gold mining industries often have substantial gold reserves.
Are there any risks associated with holding gold reserves?
While gold is a stable asset, it is not without risks. Market fluctuations and geopolitical factors can impact the value of gold reserves.
How do countries store their gold reserves?
Countries store their gold reserves in secure vaults, often within their central banks or in foreign vaults for diversification and security.
What is the future outlook for gold reserves?
The future outlook for gold reserves remains positive, with countries likely to continue increasing their holdings to safeguard against economic uncertainties.
How does gold influence global trade?
Gold plays a role in global trade by acting as a universal medium of exchange and a standard of value, especially in times of economic instability.
Why do some countries repatriate their gold reserves?
Countries repatriate their gold reserves to have greater control over their assets and to ensure security and accessibility in times of need.
How does the price of gold affect gold reserves?
The price of gold directly impacts the value of a country’s gold reserves. Fluctuations in gold prices can affect the overall worth of these reserves.
What are the historical trends in gold reserves?
Historically, gold reserves have been influenced by economic policies, geopolitical events, and market conditions. The gold standard era saw significant accumulation of gold reserves.
How do central banks manage gold reserves?
Central banks manage gold reserves through strategic purchases, sales, and storage policies to optimize their economic benefits.
What is the significance of gold in modern economies?
Gold remains significant in modern economies as a hedge against inflation, a store of value, and a means of diversifying foreign exchange reserves.
How do geopolitical factors influence gold reserves?
Geopolitical factors, such as conflicts and economic sanctions, can drive countries to increase their gold reserves as a protective measure.
