Top 10 countries with the most gold reserves

Gold isn’t just a shiny metal, it’s a nation’s safety net — a reserve that many countries rely on for financial security.

In 2024, central banks added over 1,000 tonnes of gold for the second consecutive year, proving that gold remains a cornerstone of global finance.

Together, they now hold nearly 36,000 tonnes worldwide.

Here are the top 10 gold-holding nations as of 2025:

10. Turkey – 623.9 tonnes (~43.6% of reserves)

Turkey climbs back into the top 10 with steady buying, using gold to shield its economy from inflation and currency swings. Citizens are even encouraged to deposit household gold to support reserves.

9. Japan – 845.9 tonnes (~6.6%)

Japan hasn’t added much gold in decades, relying more on bonds and currencies. Still, its reserves provide a quiet cushion against global volatility.

8. India – 879.6 tonnes (~13.4%)

India continues gradual gold purchases, adding nearly 30 tonnes in 2024. Its cultural love for gold makes it one of the world’s largest private holders as well.

7. Switzerland – 1,039.9 tonnes (~9.6%)

Small but mighty, Switzerland has the highest per-capita gold reserves. It also refines more than 60% of the world’s gold supply.

6. China – 2,292.3 tonnes (~6.5%)

China has boosted its holdings for 18 straight months, adding over 225 tonnes since 2022 as it moves to reduce dollar dependence.

5. Russia – 2,332.7 tonnes (~29.5%)

Russia swapped most of its U.S. Treasuries for gold, building one of the most sanction-proof reserves on the planet.

4. France – 2,437.0 tonnes (~74.7%)

France’s gold sits largely untouched in Paris vaults, a symbol of financial stability since the creation of the euro.

3. Italy – 2,451.8 tonnes (~74.1%)

Italy treats its gold as “property of the people,” making it politically untouchable despite economic turbulence.

2. Germany – 3,351.2 tonnes (~77.1%)

Germany repatriated much of its gold from abroad, restoring trust and cementing its role as Europe’s gold powerhouse.

1. United States – 8,133.5 tonnes (~77.5%)

The U.S. holds nearly as much gold as the next three countries combined, with most stored at Fort Knox and other secure depositories.

Vanguard News

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