These Countries Have the Largest Gold Reserves
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If you've been following the news, you've seen that Russia's gold reserves exceeded $200 billion for the first time in October 2024. That was just the latest significant change in the gold industry; with multiple conflicts occurring around the globe, subsequent international sanctions and economic uncertainty, countries are shoring up their gold reserves.
Many countries hold large reserves of gold as part of their central banks' assets, providing protection against currency fluctuations, foreign currencies valuations and economic changes. Unsurprisingly, the U.S. has the largest gold reserve in the world, but some of the countries with other large reserves may surprise you.
Why do countries have gold reserves?
Previously, countries secured their currencies with gold; every dollar or unit of currency in circulation had a corresponding value in gold stored. As a result, gold reserves were critical.
The so-called gold standard is no longer in operation and currency is no longer backed by the precious metal. However, many countries still maintain and grow gold reserves. Having a gold reserve provides some protection during economic fluctuations, and it impacts how other countries view the nation in terms of reliability and creditworthiness.
During periods of unrest or uncertainty, countries often add to their gold reserves to preserve their wealth. Such has been the case over the past few years.
5 countries with the largest gold reserves for 2024
The countries with the most substantial gold reserves tend to be major world powers. As of November 2024, the countries with largest gold reserves are as follows:
1. U.S.
Reserve: 8,133 tons
The United States is an economic superpower, so it's no surprise that it leads the world in terms of gold reserves with approximately 72% of the world's gold holdings. Its gold is stored in two major locations: Fort Knox, Kentucky, and the Federal Reserve Bank of New York.
Although its holdings have remained mostly unchanged since 2005, the U.S. gold reserve is still several times larger than that of other countries. With its massive gold reserve, the U.S. dollar is viewed as one of the most stable currencies and has helped shape the view of the U.S. as a financially secure country.
2. Germany
Reserve: 3,352 tons
It may be surprising to see Germany in second place, but it's one of the largest economies in the world based on its gross domestic product (GDP), ranking third behind the U.S. and China.
Germany began building its gold reserve post-World War II and has maintained its position as the second-largest gold reserve holder for decades. It stores its 2,252 tons of gold at four key locations across the globe: Deutsche Bundesbank in Germany, Frankfurt am Main in Germany, the Federal Reserve Bank of New York in the U.S., the Bank of England in London and the Banque de France in Paris.
3. Italy
Reserve: 2,452 tons
Italy isn't one of the top economies based on GDP, ranking eighth globally. Yet the country holds the third-largest gold reserve in the world.
Similar to Germany, Italy began building its gold stores in the wake of World War II. It steadily bought gold through the 1990s and has maintained approximately 2,400 tons of the precious metal ever since. To protect its holdings, Italy's government stores its gold reserves in several locations across the globe. Besides its own central bank, Italy also stores its gold with banks in the U.K., the U.S. and Switzerland.
4. France
Reserve: 2,437 tons
France has the fourth-largest gold reserve in the world, holding more gold than many other larger economic powers. The country’s gold reserve has been unchanged since 2009, holding 2,437 tons.
Much of France’s gold was purchased immediately after World War II as it looked to rebuild its economy after the war. It stores its holdings in the Banque de France’s famous La Souterraine, an underground vault in Paris.
5. Russia
Reserve: 2,336 tons
International gold reserves are usually steady, and the rankings of the countries with the largest reserves rarely change. However, that trend has been changing, as Russia recently overtook China, despite China’s affinity for gold, to become the fifth-largest gold reserve in the world. Russia has accumulated more than 2,336 tons of gold — or $200 billion worth of the precious metal — edging out China's 2,264 tons gold reserve.
Russia has rapidly increased its gold reserves since its invasion of Ukraine on Feb. 24, 2022. As the country faced economic sanctions from governments around the world, it bolstered its gold reserves to protect against economic pressure and instability. Nonetheless, the exchange rate between the U.S. dollar and Russian ruble hit an all-time high in March 2022 at $1 to ₽126.40, and the country’s inflation rate surged to 17.8% in April 2022.
Gold reserve FAQs
How much gold does the U.S. have in its reserve?
The U.S. maintains 8,133 in gold reserves. Its gold reserves are worth well over $600 billion, making it the largest holding in the world.
How are gold reserves stored?
How gold reserves are stored varies by country. Some countries, such as the U..S., store all of their gold in their own domestic vaults, while others store them in multiple locations around the world. For example, Italy stores its golds in several different countries, including the U.S. and Switzerland.
Why do some countries buy more gold?
Countries maintain and build their gold reserves for several reasons, namely economic security and strategy. Building up a gold reserve provides some protection against inflation and currency devaluation. Establishing a gold reserve also provides a safeguard against foreign economic powers and decreases dependence on other currencies.
