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Top 10 Countries by Foreign Exchange Reserves in the World

The ten countries with the largest foreign exchange reserves in the world, ranked by total holdings of foreign currencies, gold, and other reserve assets.

Updated July 29, 2026 10 ranked 4 sources

Quick answer: 1. China, 2. Japan, 3. Switzerland, 4. India, 5. Russia, 6. Taiwan, 7. Saudi Arabia, 8. Hong Kong SAR, 9. South Korea, 10. Brazil.

Foreign exchange reserves — the foreign-currency deposits, bonds, gold, and special drawing rights held by a central bank — are a crucial measure of a country's financial stability and its ability to influence its currency's exchange rate. The largest holders are dominated by Asian export-driven economies that have accumulated vast reserves through persistent trade surpluses. This list ranks the top ten countries by total foreign exchange reserves, drawn from the International Monetary Fund's International Reserves and Foreign Currency Liquidity (COFER) data and national central bank disclosures. The figures include all reserve assets (foreign currencies, gold, SDRs, and IMF reserve position) as reported in the latest available data.

Foreign exchange reserves (USD billions)

Foreign exchange reserves (USD billions)
China
3200 billion USD
Japan
1400 billion USD
Switzerland
1100 billion USD
India
670 billion USD
Russia
620 billion USD
Taiwan
577 billion USD
Saudi Arabia
460 billion USD
Hong Kong SAR
430 billion USD
South Korea
425 billion USD
Brazil
370 billion USD

The ranking

1

China

China holds the world's largest foreign exchange reserves at approximately $3.2 trillion, accumulated through decades of export-led growth and capital controls. The People's Bank of China manages the reserves conservatively, with the majority held in U.S. Treasury securities and other highly liquid sovereign bonds, alongside a growing allocation to gold that now exceeds 2,200 tonnes.

Region: AsiaCentral bank: People's Bank of ChinaGold reserves: 2,264 tonnesShare of global reserves: ~24%
2

Japan

Japan's foreign exchange reserves total roughly $1.4 trillion, the second-largest in the world. The Bank of Japan's holdings are dominated by foreign securities, particularly U.S. Treasuries, which Japan has historically been the largest foreign holder of. Japan's reserves have been relatively stable, reflecting years of intervention to manage yen volatility.

Region: AsiaCentral bank: Bank of JapanGold reserves: 846 tonnesShare of global reserves: ~10%
3

Switzerland

Switzerland punches well above its weight with approximately $1.1 trillion in foreign exchange reserves, the third-largest globally. The Swiss National Bank's massive reserves are a consequence of years of currency intervention to prevent the Swiss franc from appreciating too rapidly. The SNB's balance sheet is exceptionally large relative to the size of the Swiss economy.

Region: EuropeCentral bank: Swiss National BankGold reserves: 1,040 tonnesShare of global reserves: ~8%
4

India

India's foreign exchange reserves have grown rapidly to approximately $670 billion, driven by strong foreign investment inflows, a growing services export sector, and the Reserve Bank of India's active reserve accumulation. The RBI has diversified its holdings in recent years, increasing gold purchases and reducing reliance on the U.S. dollar.

Region: AsiaCentral bank: Reserve Bank of IndiaGold reserves: 876 tonnesShare of global reserves: ~5%
5

Russia

Russia's foreign exchange reserves stand at approximately $620 billion despite Western sanctions that have frozen roughly half of the total. The Bank of Russia had been actively diversifying away from the U.S. dollar since 2014, shifting toward gold, yuan, and euro-denominated assets. The frozen portion of reserves remains contested in international legal proceedings.

Region: Europe / AsiaCentral bank: Bank of RussiaGold reserves: 2,332 tonnesShare of global reserves: ~5%
6

Taiwan

Taiwan maintains $577 billion in foreign exchange reserves, the sixth-largest globally. The Central Bank of the Republic of China (Taiwan) has consistently run current-account surpluses driven by the island's dominant semiconductor and electronics manufacturing sectors. Taiwan's reserves are among the highest in the world relative to GDP.

Region: AsiaCentral bank: Central Bank of the Republic of China (Taiwan)Gold reserves: 422 tonnesShare of global reserves: ~4%
7

Saudi Arabia

Saudi Arabia holds $460 billion in foreign exchange reserves, built on decades of oil export revenues. The Saudi Central Bank (SAMA) manages these reserves alongside the Public Investment Fund, which has become a major global investor. Saudi reserves have fluctuated with oil prices but remain among the world's largest.

Region: Middle EastCentral bank: Saudi Central Bank (SAMA)Gold reserves: 323 tonnesShare of global reserves: ~3%
8

Hong Kong SAR

Hong Kong's foreign exchange reserves total $430 billion, managed by the Hong Kong Monetary Authority to maintain the territory's currency peg to the U.S. dollar. The Hong Kong dollar's Linked Exchange Rate System requires the HKMA to hold substantial reserves to defend the peg, which has remained in place since 1983.

Region: AsiaCentral bank: Hong Kong Monetary AuthorityGold reserves: 2 tonnesShare of global reserves: ~3%
9

South Korea

South Korea holds $425 billion in foreign exchange reserves, the ninth-largest globally. The Bank of Korea has built reserves through consistent trade surpluses driven by exports of semiconductors, automobiles, and ships. Korea's reserves are actively managed as a buffer against capital-flow volatility and currency crises.

Region: AsiaCentral bank: Bank of KoreaGold reserves: 104 tonnesShare of global reserves: ~3%
10

Brazil

Brazil rounds out the top ten with $370 billion in foreign exchange reserves, the largest in Latin America. The Central Bank of Brazil built reserves substantially after the 2008 financial crisis as a precautionary buffer, and they have remained relatively stable. Brazil's reserves are predominantly held in U.S. dollar-denominated assets.

Region: South AmericaCentral bank: Central Bank of BrazilGold reserves: 130 tonnesShare of global reserves: ~3%

Full comparison

# Name RegionCentral bankGold reservesShare of global reserves
1 China AsiaPeople's Bank of China2,264 tonnes~24%
2 Japan AsiaBank of Japan846 tonnes~10%
3 Switzerland EuropeSwiss National Bank1,040 tonnes~8%
4 India AsiaReserve Bank of India876 tonnes~5%
5 Russia Europe / AsiaBank of Russia2,332 tonnes~5%
6 Taiwan AsiaCentral Bank of the Republic of China (Taiwan)422 tonnes~4%
7 Saudi Arabia Middle EastSaudi Central Bank (SAMA)323 tonnes~3%
8 Hong Kong SAR AsiaHong Kong Monetary Authority2 tonnes~3%
9 South Korea AsiaBank of Korea104 tonnes~3%
10 Brazil South AmericaCentral Bank of Brazil130 tonnes~3%

How we ranked this

Countries are ranked by total foreign exchange reserves in US dollar terms, using the latest available data from the IMF's International Financial Statistics (IFS) and COFER databases, supplemented by national central bank statistical releases. The ranking includes all reserve asset categories: foreign currency holdings (primarily U.S. Treasuries, euro-denominated bonds, and Japanese government bonds), gold reserves converted to market value, Special Drawing Rights (SDRs), and the IMF reserve position. Data is as of mid-2026 where available. The People's Bank of China and the Hong Kong Monetary Authority are reported separately as distinct entities, per international convention.

FAQ

Which country has the largest foreign exchange reserves in the world?

China holds the largest foreign exchange reserves at approximately $3.2 trillion, more than double the second-largest holder (Japan at $1.4 trillion). China's reserves are the result of decades of trade surpluses and capital controls.

What are foreign exchange reserves made of?

Foreign exchange reserves typically consist of foreign currency deposits and bonds (primarily U.S. Treasuries, euro-denominated bonds, and Japanese government bonds), gold, Special Drawing Rights (SDRs) from the IMF, and the country's reserve position at the IMF. The composition varies by country based on their reserve management strategy.

Why do countries hold foreign exchange reserves?

Countries hold foreign exchange reserves for several reasons: to maintain confidence in their currency and economy, to provide a buffer against external shocks and capital-flow volatility, to intervene in foreign exchange markets to influence their currency's value, and to meet international obligations such as debt payments and import financing.

Why are Asian countries so dominant in this ranking?

Six of the top ten reserve holders are in Asia. This reflects the region's export-oriented economic model, where countries maintain trade surpluses and accumulate dollar-denominated assets. Many Asian economies also maintain managed exchange-rate regimes that require large reserve buffers, and they built up precautionary reserves after the 1997 Asian financial crisis.

Sources