Let’s face it: gold is a popular investment. It’s valuable, it doesn’t get hacked and it doesn’t crash in value like the stock market. But how much of the world’s gold is actually owned by nations? And who holds the most? We’ve ranked countries by their holdings of precious metals to give you an idea of which countries have the most gold in reserve.
The U.S. has the most gold in reserve, with 8,133.5 tonnes of it held by the Federal Reserve Bank and U.S. Mint (the second-largest amount is held by Germany). The country’s economy is also the largest in the world and its consumer market tops all others as well.
Germany has the second-largest gold reserves in the world, with 3374 tonnes. That’s about $125 billion worth of gold. The country keeps its reserves stored in two locations: Germany’s central bank, Bundesbank, keeps about 50% of its reserves in Frankfurt and 40% at Federal Reserve Bank of New York (FRBNY). The rest are stored at other banks around Europe and Asia.
Italy’s gold is located in the Bank of Italy in Rome. The country has the third highest amount of gold in reserve, at 3,451 tonnes. Its reserves are worth $79.2 billion and were used as part of the European Central Bank’s gold pool before it was phased out in 2016. Italy increased its foreign reserves by $37 billion since 2013 to help offset losses from its sovereign debt crisis and banking sector reforms that have lowered government revenues for years to come.
France has the fourth largest gold reserves in the world, with 2,435 tonnes of gold currently in reserve. It is also the world’s fourth biggest gold producer. The country has a large number of mines in its territory, which contributes to its status as one of the top producers. Russia has about 2,100 tonnes of gold in reserve as well as being fifth on our list for total amount held by any nation (behind Germany). Russia produces more than 300 tons every year and has more than 1% percent share worldwide; this makes it one of only two countries where mining contributes significantly towards GDP growth (the other being Australia).
Russia has the fifth largest gold reserves in the world, at 1,920 tons. It is also the world’s fifth largest producer of gold, producing 544 tons in 2018. The country’s major mines are located in Siberia and Krasnoyarsk Krai; its largest mine accounts for 12% of global output.