Which World Countries Have the Most Gold?

Did you know that governments used to back the value of their paper money with gold? The gold standard was used throughout the world during the late 1800s and a large portion of the 1900s. This international monetary system was officially abandoned in the 1970s, although many countries do still have gold reserves. So which countries have the most gold in reserve, and which countries don’t have any gold at all? The research team at Madison Trust Company collected data from Trading Economics and Kitco to determine the total weight and value of gold reserves around the world, including a list of the 50 countries with the most gold. How much gold does the U.S. have? The U.S. gold reserves have more than 8,000 metric tons of gold, nearly as much gold as the next three countries on the list combined! Explore our world map to see which countries have the largest gold reserves in the world.

What Country Has the Most Gold?

The country with the most gold is the United States, with 8,133 metric tons in the American gold reserve. This amounts to a value of $480.84 billion, going by the price of gold at the beginning of January 2023. With more than 8,000 metric tons, the U.S. gold reserve has almost as much as the next three biggest gold reserves combined. The next three countries with the most gold in reserve are Germany, Italy, and France, which have 3,355 metric tons, 2,452 metric tons, and 2,437 metric tons of gold respectively.
Why does the U.S. have such a large gold reserve? Even though the gold standard was abandoned more than 40 years ago, the U.S. still maintains the biggest gold reserve in the world. One reason is to protect its currency in case of economic disaster, but another reason is that if the United States sold its huge amount of gold, that would wreak havoc on the market. The price of gold would drop drastically, and many large banks could fail or need to be bailed out.

Top 10 Countries With the Most Gold Reserves

1. United States: 8,133 metric tons ($480.84 billion)
2. Germany: 3,355 metric tons ($198.35 billion)
3. Italy: 2,452 metric tons ($144.97 billion)
4. France: 2,437 metric tons ($144.08 billion)
5. Russia: 2,299 metric tons ($135.92 billion)
6. China: 1,948 metric tons ($115.17 billion)
7. Switzerland: 1,040 metric tons ($61.49 billion)
8. Japan: 846 metric tons ($50.02 billion)
9. India: 785 metric tons ($46.41 billion)
10. Netherlands: 612 metric tons ($36.18 billion)

Why Do Countries Have a Gold Reserve?

Countries around the world have used gold as a physical asset to back the value of their fiat currency, or paper money, for hundreds of years. The gold standard is an international monetary system that began during the 1870s and became the basis for international trade, stabilizing prices around the world. The gold standard was used on and off for the next century, having been abandoned once during the Great Depression and again a few decades later. The gold standard was officially abandoned in 1971 when the U.S. no longer allowed converting the U.S. dollar to gold, an attempt to curb inflation. While the gold standard is no longer used as the basis for international trade, many countries still keep gold reserves for insurance in case of an economic crash. The gold held by each country’s national bank is referred to as a gold reserve. If the fiat currency system collapses, the country’s gold reserve allows the government to still be able to repay debts and issue money.
Demand for gold rose 28% in 2022 thanks to soaring inflation and economic uncertainty, as governments and banks sought safer assets. A large amount of the demand for this gold has come from central banks, which have been accumulating gold reserves at the fastest rate seen since 1967.

How Much Is Gold Worth?

The price of gold has fluctuated greatly over time and can be driven by factors like supply and demand, interest rates, and market volatility. The price of gold reached a low of $274 per ounce in 1970 and a high of $2,499 per ounce just ten years later, in 1980. The price of gold today in 2023 is closer to the higher end, at around $1,900 per ounce. How much does that amount to per metric ton of gold? One metric ton of gold is worth more than $67 million at that price. That means that the countries that have built up large gold reserves weighing thousands of metric tons are sitting on many billions of dollars worth of gold.
What can you do to protect yourself financially during these times of inflation and economic uncertainty? One option is to invest in gold or other precious metals through a Self-Directed Gold IRA. Some of the benefits of investing in gold include hedging against inflation, maintaining a consistent value, and diversifying your portfolio.

Gold Reserves by Country

Country	Metric Tons of Gold in Reserve
United States	8,133
Germany	3,355
Italy	2,452
France	2,437
Russia	2,299
China	1,948
Switzerland	1,040
Japan	846
India	785
Netherlands	612
Turkey	489
Taiwan	424
Uzbekistan	390
Portugal	383
Kazakhstan	381
Saudi Arabia	323
United Kingdom	310
Lebanon	287
Spain	282
Austria	280
Thailand	244
Poland	229
Belgium	227
Algeria	174
Venezuela	161
Philippines	155
Singapore	154
Iraq	130
Brazil	130
Sweden	126
South Africa	125
Egypt	125
Mexico	120
Libya	117
Greece	114
South Korea	104
Romania	104
Hungary	94.49
Australia	79.85
Kuwait	78.97
Indonesia	78.57
Qatar	72.29
Denmark	66.55
Pakistan	64.65
Argentina	61.74
United Arab Emirates	54.1
Belarus	53.64
Cambodia	50.45
Finland	49.02
Bolivia	42.51
Bulgaria	40.84
Malaysia	38.88
Serbia	38.46
Jordan	37.32
Peru	34.68
Ecuador	33.78
Slovakia	31.69
Ukraine	27.06
Syria	25.82
Morocco	22.12
Afghanistan	21.87
Nigeria	21.37
Bangladesh	14.03
Cyprus	13.9
Mauritius	12.43
Ireland	12.04
Czechia	11.54
Kyrgyzstan	10.19
Ghana	8.74
Paraguay	8.19
Mongolia	8.18
Nepal	7.99
Myanmar	7.27
Guatemala	6.89
Macedonia	6.89
Tunisia	6.84
Sri Lanka	6.7
Latvia	6.66
Lithuania	5.82
Tajikistan	5.71
Colombia	4.68
Bahrain	4.67
Mozambique	3.94
Slovenia	3.17
Albania	3.11
Aruba	3.11
Bosnia and Herzegovina	2.99
Luxembourg	2.24
Hong Kong	2.08
Iceland	1.98
Papua New Guinea	1.96
Trinidad and Tobago	1.94
Haiti	1.81
Yemen	1.56
Suriname	1.46
El Salvador	1.37
Honduras	0.69
Dominican Republic	0.57
Malawi	0.4
Chile	0.25
Estonia	0.25
Uruguay	0.1
Burundi	0.03
Fiji	0.03
Malta	0.03
Kenya	0.02
Oman	0.02
Armenia	0
Azerbaijan	0
Cameroon	0
Canada	0
Nicaragua	0

The 50 Countries With the Most Gold in Reserve

	Country	Weight of Gold in Reserve (in Metric Tons)	Value of Gold in Reserve (in Billions USD)
1	United States	8,133	$480.84
2	Germany	3,355	$198.35
3	Italy	2,452	$144.97
4	France	2,437	$144.08
5	Russia	2,299	$135.92
6	China	1,948	$115.17
7	Switzerland	1,040	$61.49
8	Japan	846	$50.02
9	India	785	$46.41
10	Netherlands	612	$36.18
11	Turkey	489	$28.91
12	Taiwan	424	$25.07
13	Uzbekistan	390	$23.06
14	Portugal	383	$22.64
15	Kazakhstan	381	$22.53
16	Saudi Arabia	323	$19.10
17	United Kingdom	310	$18.33
18	Lebanon	287	$16.97
19	Spain	282	$16.67
20	Austria	280	$16.55
21	Thailand	244	$14.43
22	Poland	229	$13.54
23	Belgium	227	$13.42
24	Algeria	174	$10.29
25	Venezuela	161	$9.52
26	Philippines	155	$9.16
27	Singapore	154	$9.10
28	Iraq	130	$7.69
29	Brazil	130	$7.69
30	Sweden	126	$7.45
31	South Africa	125	$7.39
32	Egypt	125	$7.39
33	Mexico	120	$7.09
34	Libya	117	$6.92
35	Greece	114	$6.74
36	South Korea	104	$6.15
37	Romania	104	$6.15
38	Hungary	94.49	$5.59
39	Australia	79.85	$4.72
40	Kuwait	78.97	$4.67
41	Indonesia	78.57	$4.65
42	Qatar	72.29	$4.27
43	Denmark	66.55	$3.93
44	Pakistan	64.65	$3.82
45	Argentina	61.74	$3.65
46	United Arab Emirates	54.1	$3.20
47	Belarus	53.64	$3.17
48	Cambodia	50.45	$2.98
49	Finland	49.02	$2.90
50	Bolivia	42.51	$2.51

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