Gold Reserves · The Global Ledger

Which Countries Hold the Most Gold?

A live ledger of the world's national gold reserves — who holds what, who is buying, and why the metal still anchors the balance sheets of central banks.

World Gold Council · IMF IFS · as of May 2026

36,535

tonnes worldwide

official reserves

29.2%

of FX reserves

held in gold

nations ranked

38 profiled in depth

~1,000 t

bought a year

central banks, since 2022

The Great Central-Bank Gold Rush

Who is buying the world's gold

For most of the 2000s the West was selling. Since 2008 — and above all since 2022 — the world's central banks have become relentless buyers. This is the shift, country by country, in reported net purchases for 2025.

In 2025, central banks bought 327 t of gold (reported). Top buyer: Poland (+102 t).

Sold −200t+SoldNo changeBoughtBought +300tNo data

2000–2008

The Quiet Years

Western central banks were net sellers under the Central Bank Gold Agreement. Britain auctioned ~395 tonnes near a generational low; Switzerland sold ~1,550; France ~600. Gold was, in central-banker speak, "a relic."

2009–2018

The Pivot

Then 2008 happened. The Fed printed trillions, and central banks turned from sellers to buyers for the first time in a generation. Russia accumulated 200+ tonnes a year; China stopped pretending its reserves hadn't grown. The center of gravity began shifting east.

2019–2025

The New Gold Rush

The map lights up across Turkey, India, Poland, Singapore, Kazakhstan and the Gulf. The freezing of Russia's reserves in 2022 turned official buying into a stampede — the World Gold Council estimates over 1,000 tonnes a year, the fastest pace in modern history.

Reading the map. Gold = a net buyer that year, slate = a net seller, cream = no change; gray = no reported data. Figures are reported flows (IMF IFS via WGC Goldhub). Reported totals (~327 t in 2025) run below the WGC's estimated total demand (~1,000 t+), which includes unreported buying — notably by China. Source: World Gold Council · IMF IFS, May 2026.

The top 20 holders

The United States and the major European economies still dominate the table — but the fastest growth is now in Asia and emerging Europe.

Official holdings, tonnes

The full ranking · top 38 nations

38 shown

#	Country	Tonnes	Share of world	Gold in reserves	Region
1	United States	8,133.5	22.3%	83.3%	North America
2	Germany	3,350.3	9.2%	84.0%	Western Europe
3	Italy	2,451.8	6.7%	80.6%	Western Europe
4	France	2,437	6.7%	81.8%	Western Europe
5	China	2,313.4	6.3%	9.1%	Asia
6	Russia	2,304.7	6.3%	40.6%	Eastern Europe
7	Switzerland	1,039.9	2.8%	15.2%	Western Europe
8	India	880.5	2.4%	18.5%	Asia
9	Japan	845.9	2.3%	9.1%	Asia
10	Netherlands	612.5	1.7%	74.2%	Western Europe
11	Poland	581.6	1.6%	29.5%	Eastern Europe
12	Turkey	534.8	1.5%	61.6%	Middle East
13	Uzbekistan	415.5	1.1%	88.3%	Asia
14	Portugal	382.7	1.0%	79.9%	Western Europe
15	Kazakhstan	353.5	1.0%	77.2%	Asia
16	Saudi Arabia	323.1	0.9%	10.0%	Middle East
17	United Kingdom	310.3	0.8%	21.0%	Western Europe
18	Lebanon	286.8	0.8%	82.4%	Middle East
19	Spain	281.6	0.8%	33.8%	Western Europe
20	Austria	280	0.8%	75.8%	Western Europe
21	Thailand	234.5	0.6%	12.4%	Asia
22	Belgium	227.4	0.6%	59.6%	Western Europe
23	Azerbaijan	200	0.5%	38.2%	Asia
24	Singapore	193.8	0.5%	6.4%	Asia
25	Iraq	174.6	0.5%	27.1%	Middle East
26	Algeria	173.6	0.5%	34.8%	Africa
27	Brazil	172.4	0.5%	7.0%	Latin America
28	Libya	146.6	0.4%	20.4%	Africa
29	Philippines	133.5	0.4%	18.6%	Asia
30	Egypt	129.5	0.4%	38.2%	Africa
31	Sweden	125.7	0.3%	24.8%	Western Europe
32	South Africa	125.5	0.3%	23.2%	Africa
33	Mexico	120.1	0.3%	6.6%	Latin America
34	Qatar	115.2	0.3%	30.3%	Middle East
35	Greece	114.7	0.3%	69.5%	Western Europe
36	Hungary	110	0.3%	24.1%	Eastern Europe
37	South Korea	104.4	0.3%	3.3%	Asia
38	Romania	103.6	0.3%	16.6%	Eastern Europe

“Share of world” = each nation’s portion of all 36,535 t of official gold. “Gold in reserves” = gold as a share of that country’s own total reserves. Source: World Gold Council · IMF IFS, May 2026. Profiled nations link to a full reserve report; the IMF (2,814 t) and ECB (508 t) are institutions, excluded from the national ranking.

Who's buying

The accumulators reshaping the market

A handful of central banks are responsible for most of the post-2022 buying wave. These are the nations actively lifting their gold reserves — for reasons that range from de-dollarization to currency defense.

#5 · Asia

China

China’s reported 2,313 tonnes understate one of the most consequential accumulation programs in the modern gold market — and at 9% of reserves, Beijing has only just begun.

2,313 t 6.3% of world gold

#6 · Eastern Europe

Russia

Russia spent fifteen years building a 2,300-tonne gold reserve — and in 2022 that strategy was vindicated in the harshest way possible.

2,305 t 6.3% of world gold

#8 · Asia

India

India’s 880 tonnes carry a memory no other reserve does — of the 1991 crisis when the nation pawned its gold to stay solvent. Today it is quietly bringing that gold home.

881 t 2.4% of world gold

#11 · Eastern Europe

Poland

Poland is the most aggressive gold buyer of the era — racing from barely 100 tonnes to nearly 600 in a few years, on a frontier where geopolitics feels very close.

582 t 1.6% of world gold

#13 · Asia

Uzbekistan

Uzbekistan holds the most gold-heavy reserve on Earth — over 88% — built directly from the output of one of the planet's largest gold mines.

416 t 1.1% of world gold

#15 · Asia

Kazakhstan

Kazakhstan turns the output of its vast gold mines straight into reserves — buying domestic production first, then selling into the world market as its needs dictate.

354 t 1.0% of world gold

#21 · Asia

Thailand

Thailand holds 235 tonnes — a reserve transformed by a burst of buying in 2021 that announced South-East Asia’s arrival in the central-bank gold story.

235 t 0.6% of world gold

#24 · Asia

Singapore

Singapore holds 193.8 tonnes — a reserve that jumped in 2021 when one of the world’s most sophisticated monetary authorities broke decades of silence and bought gold.

194 t 0.5% of world gold

#25 · Middle East

Iraq

Iraq holds 174.6 tonnes — a reserve it has been steadily building as an oil economy seeks stability amid regional turmoil and pressure on its access to dollars.

175 t 0.5% of world gold

#27 · Latin America

Brazil

Brazil holds 172.4 tonnes — a reserve that leapt higher in 2021 when Latin America’s largest economy joined the global rush into gold.

172 t 0.5% of world gold

#30 · Africa

Egypt

Egypt holds 129.5 tonnes — a reserve it expanded sharply during a currency crisis, reaching for gold as the pound buckled.

130 t 0.4% of world gold

#34 · Middle East

Qatar

Qatar holds 115.2 tonnes — a reserve it built up sharply after 2017, when its Gulf neighbors imposed a blockade and the tiny, wealthy emirate learned the value of self-reliance.

115 t 0.3% of world gold

#36 · Eastern Europe

Hungary

Hungary holds 110 tonnes — built from almost nothing in a few dramatic years, as a government with a nationalist agenda embraced gold as an instrument of sovereignty.

110 t 0.3% of world gold

The View from the Blocs

10,646 t

The Eurozone, combined

Pool the gold of the euro-area economies and the ECB and the bloc would top the table — out-holding even the United States.

5,797 t

BRICS core, combined

China, Russia, India, Brazil and South Africa together hold a fast-growing share — the engine of the modern central-bank buying wave.

8,134 t

The United States, alone

One country still holds more gold than any bloc member — a legacy of the era when the dollar was redeemable for metal.

Reserve reports

In-depth profiles of the 38 largest holders

#1 · North America

Gold reserves — frequently asked

Which country has the most gold?

The United States holds the most gold of any nation — 8,133.5 tonnes, roughly 83% of its total reserves (World Gold Council, May 2026). Germany is second with 3,350 tonnes.

How much gold do central banks hold in total?

The world's official gold reserves total about 36,535 tonnes — around 29.2% of all foreign-exchange reserves. That includes national central banks plus institutions such as the IMF (2,814 t) and the ECB.

Why are central banks buying so much gold?

To diversify away from the US dollar, to insure reserves against sanctions risk after Russia’s reserves were frozen in 2022, and as a hedge against inflation and currency volatility. Central banks have bought roughly 1,000 tonnes a year since 2022 — a record pace. See Central Banks & Gold.

Which countries are buying the most gold now?

China, Poland, Turkey, India and Russia have led recent accumulation. Poland has been among the most aggressive buyers, lifting its reserves past 580 tonnes, while China has added gold across most months since late 2022.

Does a country’s gold reserve back its currency?

No major currency is on a gold standard today. Modern reserves are not legal backing for the currency — they are a strategic store of value and a confidence anchor that sits alongside foreign-currency holdings on the central bank’s balance sheet.

Go deeper

Central Banks & Gold Central Bank Gold History Why the PBOC Is Buying Gold Gold Corridors & Sanctions Gold as a Geopolitical Hedge

Source. Holdings are official sector gold reserves reported to the IMF and compiled by the World Gold Council, in tonnes and as a share of total reserves, as of May 2026.

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Who is buying the world's gold

The Quiet Years

The Pivot

The New Gold Rush

The top 20 holders

The full ranking · top 38 nations

Who's buying

China

Russia

India

Poland

Uzbekistan

Kazakhstan

Thailand

Singapore

Iraq

Brazil

Egypt

Qatar

Hungary

Reserve reports

United States

Germany

Italy

France

China

Russia

Switzerland

India

Japan

Netherlands

Poland

Turkey

Uzbekistan

Portugal

Kazakhstan

Saudi Arabia

United Kingdom

Lebanon

Spain

Austria

Thailand

Belgium

Azerbaijan

Singapore

Iraq

Algeria

Brazil

Libya

Philippines

Egypt

Sweden

South Africa

Mexico

Qatar

Greece

Hungary

South Korea

Romania

Gold reserves — frequently asked

Track the gold that moves markets