The World's Largest Gold Reserve Holders: A Deep Dive Into Central Bank Holdings

When it comes to gold reserves, a small group of nations dominate the global landscape. The United States stands alone at the top, but several other countries in Asia, Europe, and beyond hold massive quantities of the precious metal—making them crucial players in the top gold producing countries’ economic strategies.

The Big Picture: Why Central Banks Keep Buying Gold

For 11 consecutive years, central banks worldwide have been net buyers of gold. In 2020 alone, they purchased 272.9 tonnes of bullion, according to the World Gold Council. Though this was 60% lower than the record 668 tonnes acquired in 2019—largely due to COVID-19 liquidity concerns—the trend reveals something important: gold remains a reliable store of value and portfolio diversification tool for nations managing their reserves.

The purchasing pattern in 2020 was uneven, concentrated in the first half of the year before nearly stopping in Q3, then resuming in the final quarter. Turkey led the charge, adding 134.5 tonnes for the second consecutive year, while also selling 36.3 tonnes from other holdings. Ten central banks made net purchases of one tonne or more, demonstrating persistent demand.

The Top 10: Who Holds the Most?

The rankings have remained remarkably stable over recent years. Here’s where the world’s largest gold reserve holders stand as of April 2021:

1. United States – 8,133.5 tonnes (77.5% of reserves) The U.S. dominates with nearly as much gold as the next three countries combined. Most bullion sits in Fort Knox, Kentucky, with additional holdings at Philadelphia Mint, Denver Mint, San Francisco Assay Office, and West Point Bullion Depository. Even Texas created its own state bullion depository to safeguard investors’ gold.

2. Germany – 3,362.4 tonnes (74.5% of reserves) Germany completed a major four-year repatriation in 2017, moving 674 tonnes back from France and the Federal Reserve Bank of New York. Gold demand peaked in 2016, but German gold investing has steadily climbed since the 2008 financial crisis.

3. Italy – 2,451.8 tonnes (69.3% of reserves) Italy has maintained its reserves consistently. Former European Central Bank Governor Mario Draghi once described gold as “a reserve of safety,” providing strong protection against currency fluctuations.

4. France – 2,436.0 tonnes (64.5% of reserves) France’s central bank has sold minimal gold over recent years, holding 100 tonnes in coins and the remainder in 12.5-kilogram bars. The Banque de France vaults in Paris serve as one of four IMF depositories.

5. Russia – 2,295.4 tonnes (22.0% of reserves) Russia’s central bank emerged as one of the largest buyers over the past seven years, surpassing China in 2018. The aggressive purchasing strategy—224 tonnes in 2017 alone—aims to diversify away from U.S. dollar exposure following Crimean Peninsula tensions. Russia funded these purchases by selling significant U.S. Treasury holdings.

6. China – 1,948.3 tonnes (3.3% of reserves) Though ranking sixth, China’s gold represents just 3.3% of total reserves—a surprisingly small allocation. Starting in 2015, the People’s Bank of China began publicly disclosing monthly purchases for the first time since 2009. As of 2021, China permits domestic and international banks to import large quantities, with Reuters reporting an estimated 150 metric tons worth $8.5 billion entering the country by April or May.

7. Switzerland – 1,040.0 tonnes (5.4% of reserves) Switzerland boasts the world’s highest gold reserves per capita. During World War II, the neutral nation became Europe’s gold trading hub, transacting with both Allies and Axis powers. Today, most trading occurs with Hong Kong and China.

8. Japan – 765.2 tonnes (3.1% of reserves) As the world’s third-largest economy, Japan holds the eighth-largest gold cache. Its central bank pioneered aggressive quantitative easing—including below-zero interest rates in 2016—fueling global gold demand.

9. India – 687.8 tonnes (6.5% of reserves) The Bank of India maintains substantial gold reserves befitting the nation’s status as the world’s second-largest gold consumer. With 1.25 billion people, India’s festival and wedding season (October–December) historically drives significant precious metal demand.

10. Netherlands – 612.5 tonnes (67.4% of reserves) The Dutch Central Bank announced plans to relocate gold vaults from Amsterdam to Camp New Amsterdam, roughly an hour away, citing heavy security requirements—a move that puzzled observers given the bank’s recent gold repatriation from the U.S.

Percentage Leaders: Where Gold Matters Most

While the United States holds the most absolute gold, some nations allocate higher percentages to the precious metal. Portugal leads at 80.1% of reserves, followed by Venezuela at 82.4%. For context, the International Monetary Fund itself would rank third globally with 2,814 tonnes, though it’s typically excluded from country rankings.

The diversity in gold allocations reflects each nation’s unique economic strategy—some prioritize hard assets protection, others focus on currency diversification, and a few maintain gold as historical reserve legacy.