Top Countries with Highest Gold Reserves in 2025
Introduction: Why Gold Reserves Matter
Gold has always been a symbol of wealth, stability, and financial security. In 2025, it remains one of the most vital components of a country’s foreign reserves portfolio. Gold provides a hedge against inflation, supports currency value, and enhances sovereign creditworthiness.
As global financial systems diversify amidst de-dollarization and geopolitical tensions, many nations are increasing their gold holdings to bolster economic resilience.
Top 10 Countries with the Highest Gold Reserves (2025)
The following ranking is based on data from central banks and global financial institutions as of Q2 2025.
| Rank | Country | Gold Reserves (Tonnes) | % of Total Reserves |
|---|---|---|---|
| 1 | United States | 8,133.5 | ~78% |
| 2 | Germany | 3,352.7 | ~71% |
| 3 | Italy | 2,451.8 | ~66% |
| 4 | France | 2,436.0 | ~66% |
| 5 | Russia | 2,354.0 | ~25% |
| 6 | China | 2,113.5 | ~4% |
| 7 | Switzerland | 1,040.0 | ~6% |
| 8 | India | 822.1 | ~8% |
| 9 | Netherlands | 612.5 | ~65% |
| 10 | Turkey | 547.0 | ~28% |
Note: Figures are rounded and based on the latest available central bank disclosures.
1. United States: Unmatched Dominance
The U.S. holds the largest gold reserve in the world—a legacy of post-WWII dominance and the Bretton Woods system. Its gold is mainly stored at:
- Fort Knox, Kentucky
- West Point Bullion Depository
- Denver Mint
Despite pressure to audit or repatriate gold, U.S. reserves remain untouched.
2. Germany: Trust in Tangibility
Germany has consistently maintained high reserves and repatriated much of its gold from New York and Paris back to Frankfurt. The Bundesbank views gold as a “pillar of trust.”
3–4. Italy & France: Eurozone Gold Leaders
Both Italy and France continue to hold vast reserves, contributing significantly to the European Central Bank’s (ECB) credibility. Gold plays a crucial role in maintaining financial sovereignty within the eurozone.
5. Russia: Strategic Accumulator
Since 2014, Russia has aggressively increased gold holdings to shield its economy from U.S. sanctions and reduce dollar dependency. It now ranks 5th, with gold forming a substantial part of its foreign reserves.
6. China: Undisclosed Real Holdings?
China officially reports over 2,100 tonnes, but many analysts believe actual holdings are higher due to state-controlled purchases and off-the-book acquisitions by the People’s Bank of China (PBOC).
Gold is a vital part of China’s Yuan internationalization strategy and BRICS de-dollarization efforts.
7. Switzerland: Banking Safe Haven
Home to some of the world’s largest private gold vaults and refining hubs, Switzerland holds over 1,000 tonnes in national reserves. Its neutrality and robust financial system enhance its trust in gold.
8. India: Cultural and Strategic Asset
India’s central bank (RBI) steadily increases gold reserves year over year. Combined with private holdings, India is the largest gold consumer globally. Gold is both a cultural asset and a strategic hedge.
9. Netherlands: Eurozone Custodian
The Dutch National Bank continues to hold substantial reserves and has recently moved gold from the U.S. to new vaults near Amsterdam, signaling a return-to-sovereignty policy.
10. Turkey: Balancing Currency & Inflation
Turkey actively uses gold to stabilize its Lira, especially during times of economic turmoil. Recent gold purchases are tied to inflation control and reserves diversification.
Recent Trends in Gold Accumulation (2020–2025)
✅ Central Bank Buying
Over 30 central banks, including those of Kazakhstan, Egypt, Uzbekistan, and Brazil, have added gold to their reserves since 2020.
✅ De-Dollarization Strategy
Gold has become a neutral asset in the midst of currency wars, U.S. sanctions, and financial surveillance.
✅ Vault Repatriation
Countries are increasingly repatriating their gold from the U.S. and UK to domestic vaults.
Why Countries Accumulate Gold in 2025
- Hedge Against Currency Depreciation
- Safe Haven Amid Geopolitical Risks
- Tool to Diversify Reserves
- Support for Local Currencies
- Trust Symbol for Investors
Geopolitical Implications
🌍 A Shift in Global Power
- BRICS and SCO countries use gold to build non-Western financial ecosystems.
- Gold accumulation may support the creation of a new trade settlement currency.
📉 U.S. Dollar’s Vulnerability
A decline in dollar-based transactions is correlated with a rise in gold accumulation, particularly by rivals of the U.S. financial system.
