Countries With the Largest Gold Reserves

Countries With the Largest Gold Reserves

3 Min.

Gold has historically been important in the global economy, and countries still hold significant reserves as protection against economic crises. The United States has the largest reserves, followed by Germany, Italy, France, and Russia. Gold is used in various industries and is seen as a hedge against inflation or recession. The United States also holds foreign-owned gold, reinforcing its global financial position.


Gold has played a significant role in the global economy for centuries. It served as a means of exchange and store of value, underpinning the monetary systems of many nations from the 17th to the 20th centuries. During this period, paper money was often tied to a fixed amount of gold, providing a legal claim to the physical metal. International trade transactions were conducted in gold, emphasizing its importance.

Modern Role of Gold Reserves

While contemporary economies no longer require their money to be backed by gold, countries continue to maintain substantial gold reserves. These reserves act as a safeguard against hyperinflation and economic crises. Governments worldwide increase their gold reserves annually, measured in metric tons, to bolster their financial stability.

Gold also serves as a versatile commodity used in various industries, including medicine, jewelry, and electronics. Many investors, both institutional and retail, view gold as a hedge against inflation or recession, further contributing to its relevance in the modern financial landscape.

Countries with the Largest Gold Reserves

As of March 2022, the following countries possess the most substantial gold reserves:

1. United States

Gold Reserves: 8,133.5 tons

The United States maintains the world's largest gold reserves by a significant margin. At the height of the Bretton Woods system, the U.S. held between 90% and 95% of global gold reserves in its vaults. Today, gold accounts for over 75% of its foreign reserves.

2. Germany

Gold Reserves: 3,359.1 tons

Germany's gold reserves are stored in various locations, including the Deutsche Bundesbank in Frankfurt am Main, the U.S. Federal Reserve Bank branch in New York, and the Bank of England in London.

3. Italy

Gold Reserves: 2,451.8 tons

Despite calls during the eurozone crisis to sell gold reserves for funding, Italy retained its substantial gold holdings, ensuring financial stability.

4. France

Gold Reserves: 2,436.5 tons

Former French President Charles de Gaulle played a pivotal role in challenging the Bretton Woods system by trading dollars for gold from Fort Knox reserves. This led to the eventual end of the dollar's convertibility into gold under President Richard Nixon.

5. Russia

Gold Reserves: 2,301.6 tons

In 2018, Russia surpassed China to become the world's fifth-largest holder of gold. This move was seen as an effort to diversify its investments away from U.S. assets, primarily by selling U.S. Treasury bonds to acquire gold.

Custodianship of Gold

The United States plays a unique role in safeguarding gold owned by foreign governments, foreign central banks, and official international organizations. The Federal Reserve Bank of New York serves as the custodian for these entities, further solidifying the U.S.'s position as a global financial powerhouse.


Gold reserves remain a vital asset for countries, offering stability in times of economic uncertainty. While the gold standard of currency has faded into history, gold's significance in the global economy endures. The United States, with its substantial gold reserves, continues to lead the world in this essential aspect of financial security.

United States of America (USA)