The ten countries and central banks with the largest gold reserves in the world, ranked by metric tonnes held.
Quick answer: 1. United States, 2. Germany, 3. International Monetary Fund (IMF), 4. Italy, 5. France, 6. Russia, 7. China, 8. Switzerland, 9. India, 10. Japan.
Gold has been a store of value for millennia, and central banks around the world still hold significant quantities of it as a cornerstone of their foreign-exchange reserves. This list ranks the top ten countries (and one supranational institution) by the amount of gold they hold, based on the latest data from the World Gold Council. The United States holds the top spot by a commanding margin, followed by a mix of European central banks, the International Monetary Fund, and emerging-market giants like China and Russia. The ranking reflects a mix of historical accumulation, post-war monetary arrangements, and modern diversification strategies.
The United States holds the largest gold reserves of any country in the world at 8,133 tonnes, accounting for roughly 79% of its total foreign-exchange reserves. The vast majority is stored in secure facilities including Fort Knox, West Point, and the Denver Mint.
Germany holds 3,351 tonnes of gold, the second-largest national reserve. The Bundesbank completed a multi-year repatriation program in 2017, bringing 674 tonnes back from the Federal Reserve Bank of New York and the Banque de France. About half of Germany's gold is now stored in Frankfurt.
The IMF holds 2,814 tonnes of gold, making it the third-largest holder globally. The IMF's gold is held as a reserve asset rather than a currency-reserve component, and it can be used for transactions with member countries. The IMF does not use its gold for lending but holds it as a backstop for its balance sheet.
Italy holds 2,452 tonnes of gold, the fourth-largest national reserve and the third-largest among European Union countries. The Banca d'Italia has maintained a stable gold reserve for decades, with gold representing about 70% of its total foreign-exchange reserves.
France holds 2,437 tonnes of gold, nearly all stored in the Banque de France's underground vault, "La Souterraine," located beneath its headquarters in Paris. The Banque de France has maintained a consistent gold policy, with gold comprising about 67% of its reserves.
Russia holds 2,332 tonnes of gold, a position it has steadily built since 2006 through years of aggressive central-bank purchasing. The Bank of Russia increased its gold reserves roughly sixfold between 2006 and 2020, though recent purchases have slowed as the country has shifted focus to other reserve assets.
China reports 2,264 tonnes of gold reserves, though many analysts believe the actual figure is higher given the People's Bank of China's long history of discreet gold purchases. China has been a major gold producer and importer, and its official reserves have grown steadily since it began regular reporting in 2006.
Switzerland holds 1,040 tonnes of gold, a significant amount for a country of its size. The Swiss National Bank's gold is stored in vaults in Bern, as well as at the Bank of England and the Bank of Canada. A 2014 referendum that would have required the SNB to hold 20% of its assets in gold was rejected by Swiss voters.
India holds 876 tonnes of gold, with the Reserve Bank of India maintaining a cautious accumulation strategy. In 2024, the RBI repatriated 100 tonnes of gold from the Bank of England to its domestic vaults, reflecting a broader trend among emerging-market central banks to bring gold reserves home.
Japan rounds out the top ten with 846 tonnes of gold. The Bank of Japan's gold reserves have remained stable for many years, and gold represents a small fraction of Japan's massive foreign-exchange reserves, which are dominated by U.S. Treasury securities and other foreign currencies.
| # | Name | Region | Share of forex reserves | Central bank | Storage |
|---|---|---|---|---|---|
| 1 | United States | North America | 79% | Federal Reserve / U.S. Treasury | Fort Knox, West Point, Denver Mint |
| 2 | Germany | Europe | 75% | Deutsche Bundesbank | Frankfurt (51%), New York (37%), London (12%) |
| 3 | International Monetary Fund (IMF) | International | N/A (reserve asset) | N/A (supranational institution) | Pledged as balance-sheet backstop |
| 4 | Italy | Europe | 70% | Banca d'Italia | Bank of Italy vaults (Rome); plus foreign storage |
| 5 | France | Europe | 67% | Banque de France | La Souterraine vault, Paris |
| 6 | Russia | Europe / Asia | 26% | Bank of Russia | Central vaults, Moscow |
| 7 | China | Asia | 5% | People's Bank of China | State vaults, Beijing |
| 8 | Switzerland | Europe | 7% | Swiss National Bank | Bern, London, Ottawa |
| 9 | India | Asia | 9% | Reserve Bank of India | Domestic vaults and Bank of England |
| 10 | Japan | Asia | 4% | Bank of Japan | Bank of Japan vaults, Tokyo |
Rankings are based on the latest publicly reported gold reserves in metric tonnes, sourced from the World Gold Council's official data as of July 2026. The figures include gold held as part of monetary reserves by central banks, governments, and the International Monetary Fund, following the IMF's International Reserves and Foreign Currency Liquidity reporting standards. The European Central Bank's holdings are reported separately from those of the eurozone national central banks. Where countries report holdings in ounces, they have been converted to metric tonnes (1 troy ounce = 0.0000311035 tonnes). Rank 1 holds the most gold.
The United States has the largest gold reserves of any country at 8,133 tonnes, more than double the next-largest holder (Germany, at 3,351 tonnes). U.S. gold reserves account for approximately 79% of its total foreign-exchange reserves.
Many European countries accumulated large gold reserves during the Bretton Woods system (1944–1971), when the U.S. dollar was convertible to gold at a fixed rate and European central banks needed to settle international accounts. After the system collapsed, these countries retained their gold as a strategic reserve asset. Additionally, European central banks' gold-to-reserve ratios are high because their foreign-exchange reserves (holdings of U.S. dollars and other currencies) are relatively smaller compared to countries like China and Japan.
China's foreign-exchange reserves total over $3 trillion, making it the world's largest holder of foreign currency. Even with 2,264 tonnes of gold, gold represents only about 5% of China's total reserves. The People's Bank of China has historically preferred to hold dollar-denominated assets (U.S. Treasuries) and other currencies for liquidity and yield, though it has been steadily increasing gold purchases in recent years to diversify away from the dollar.
Central bank gold is typically stored in heavily guarded underground vaults. Major storage locations include the Federal Reserve Bank of New York's gold vault (which holds gold for many foreign central banks, not just the U.S.), the Bank of England's vaults in London, and national central bank vaults. Security includes multi-ton vault doors, 24/7 surveillance, compartmentalized access, and strict audit procedures. Some countries have repatriated their gold in recent years to store it domestically.