Countries who own the most gold revealed

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Countries who own the most gold revealed

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Who's stockpiling gold?

Gold has long been viewed as the ultimate financial asset. While we no longer use the ‘Gold Standard’ to determine the value of currencies, the precious metal is still incredibly useful and held by many central banks. At times of economic crisis, gold provides stability as it’s not impacted by political changes or economic shocks, plus it’s a liquid asset which means it can be converted to cash if needed. Using the 2020 World Official Gold Holdings Chart, click or scroll through to see the top 30 countries that own the most gold.

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30) Sweden: 125.7 tons

Sweden isn't an obvious choice for being a major player in the gold market, but this Scandinavian country actually owns 125.7 tons of gold bars. It doesn't keep all of its stocks on home ground, however. As well as Sweden's central bank – the Riksbank – the country's gold is also reportedly held within the Bank of England, the Bank of Canada, the Federal Reserve Bank in America and the Swiss National Bank.

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29) Singapore: 127.4 tons

Those looking for a secure place to store their gold often settle on Singapore, because the country has not been tarnished by any major corruption scandals, crime is low and so are taxes, plus the costs of gold storage here are incredibly competitive. The country itself has also got a substantial reserve of gold: 127.4 tons of the stuff to be precise.

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28) Thailand: 154 tons

Thailand is stockpiling 154 tons of gold, over 20 tons more than Singapore. Thailand mines its own gold and the Thai people place a high value on the precious metal. In fact, southeast Asians as a whole are much keener on gold, for jewelry in particular, than people anywhere else in the world.

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27) Venezuela: 161.2 tons

Venezuela was in the top 20 gold owners until a few years ago. But in a bid to reduce its vast debts and fend off an economic crisis it sold off about $1.7 billion (£1.2 billion)-worth of gold in early 2016 and it's now down to 161.2 tons. In September, it was reported that the country's reserves had fallen to a 75-year low, as the government sold off gold to restructure debt. There is an established gold mining business in Venezuela but as its economic crisis worsens an increasing number of unlicensed illegal mines are springing up.

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26) Algeria: 173.6 tons

The north African country of Algeria has over 12 tons of gold more than Venezuela, with 173.6 tons of the gilded stuff. It also has a strong gold mining tradition with gold thought to have been mined here on a small scale since pre-Roman times. The government has only recently taken steps to encourage commercial gold mining on a large scale as it's thought that there is a great deal of wealth hidden beneath its soil.

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25) Philippines: 197.9 tons

The Philippines is one of Asia's largest gold producers. Although mining is big business here, it's thought that much of its gold remains untapped. Desperately poor locals hoping to get lucky and literally strike gold even undertake dangerous dives in mud-filled swamp mines in search of the precious metal. The country has large reserves of gold already, however, with 197.9 tons recorded as being under its ownership.

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24) Belgium: 227.4 tons

Belgium is holding on to 227.4 tons of gold. Most of this is thought to be held abroad, some in the Bank of England and some in the Bank of Canada. There had been talk of the country looking into repatriating its stocks back to Belgium, but it's thought that the transport and security costs involved in the move were prohibitive and that Belgium was unsure where to store it if it did return to home soil.

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23) Poland: 228.6 tons

Poland has recently been expanding its gold reserves in a bid to protect domestic currency values against the rising dollar, bringing them to their highest level in 35 years at 228.6 tons. In November 2019, Bloomberg reported that Poland had transported $5.2 billion (£4bn) worth of Polish-owned gold bars from the Bank of England, where they had been stored since World War II to hide them from the Nazis, to secret vaults in Poland.

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22) Austria: 280 tons

There is another big leap between 22nd and 23rd place with Austria recorded as holding 280 tons of gold, more than 50 tons more than Poland. Much of its stock was held in the Bank of England, but the Austrian National Bank is said to be working on repatriating much of this back to Vienna so that at least half of Austrian gold is held at home.

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21) Spain: 281.6 tons

Just missing out on the top 20 is Spain, which holds just over a ton more gold than Austria. Gold mining has been going on in Spain since pre-Christian times and it was the Romans who turned it into a flourishing industry. There is now a renewed interest in Spanish gold with a lot of prospector activity being carried out in the hope of being able to strike it lucky. It's unlikely to impact on the country's gold reserves though.

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20) Lebanon: 286.8 tons

It's definitely not the most stable country in the world, but this small Middle Eastern land is rich in gold. Lebanon is currently holding on to 286.8 tons of gold and it has the third largest gold reserves in the Middle East. Although Lebanon has a mining industry, gold is not one of its abundant natural resources.

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19) United Kingdom: 310.3 tons

Many countries choose to store their gold in the heavily-fortified Bank of England vault, the second largest in the world after the vault at the New York Federal Reserve. The UK has its fair share of gold reserves too, with 310.3 tons of the precious metal held in its name. It has long been seen as the center of the wholesale gold market and a major importer and exporter of the metal. However, this is a much-reduced reserve after the nation's Chancellor at the time (and later prime minister) Gordon Brown made the controversial decision to sell more than half of the UK's gold reserves – 401 tons – for $3.5 billion in 1999. The price of gold skyrocketed in the years that followed and many consider that it was the wrong time to sell.

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18) Saudi Arabia: 323.1 tons

The oil-rich country of Saudi Arabia has the second highest gold reserves in the Middle East, with 323.1 tons of the precious metal. As part of plans to diversify its economic base and place less of a reliance on oil, Saudi Arabia is also committed to boosting its gold mining industry. Although overshadowed by oil, this is not a new endeavor, as archaeological studies show that gold began being mined in the country up to 5,000 years ago.

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17) Uzbekistan: 335.9 tons

A mineral-rich country, Uzbekistan has a wealth of resources including petroleum, natural gas, gold, silver and uranium. As well as being a top producer of gold, the country plans to continue increasing its gold reserves to 430 tons by 2024, a further increase of almost 100 tons. According to reports from international media sources, Uzbekistan may start with a purchase of 81.37 tons of gold this year.

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16) Portugal: 382.5 tons

Portugal has 382.5 tons of gold, nearly 50 tons more than Uzbekistan. However, the country has battled with economic instability and there have been calls for it to sell off some of its gold reserves to reduce its national debt. Regulations make this easier said than done though and for now Portugal is holding on to its precious asset.

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15) Kazakhstan: 385.5 tons

Kazakhstan's National Bank increased its gold reserves by more than 100 tons in the past three years, in a bid to reduce the country's reliance on the US dollar and neutralize currency risks. The land-locked country, which is currently working to develop its gold mining industry through foreign investors and low government regulation, has an impressive 385.5 tons in total gold stocks.

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14) Turkey: 412.5 tons

Turkey's gold reserves fell by more than 200 tons between 2017 and 2019, from 495.6 tons to 293.6 tons, but rose back up to 412.5 tons in 2020. The government was unclear about the reasons for the previous dip, but there's speculation that the central bank may have dug into gold reserves in an attempt to save the lira. Gold is thought to have been discovered in Turkey as early as 9000 BC, but it is only quite recently that it has become of international commercial interest.

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13) Taiwan: 422.4 tons

Despite being a small island off the coast of China, Taiwan is sitting on 422.4 tons of gold and has held this amount of the precious metal for several years.

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12) European Central Bank: 504.8 tons

It's not a country but the European Central Bank (ECB) is the central bank of all the European Union countries that have adopted the euro as their currency. It holds 504.8 tons of gold in their name, largely as a result of transfers made to the bank by Euro member national central banks at the launch of the Euro. This gold is said to be stored across five locations around the world.

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11) The Netherlands: 612.5 tons

The Netherlands takes the number 10 spot on the World Official Gold Holding Chart with 612.5 tons of gold in its stocks. In October 2019, it was reported that the Dutch central bank would be transporting 14,000 gold bars, weighing a total of 175 tons, to a temporary location in Haarlem, before being permanently moved to the DNB Cash Centre in Zeist.

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10) India: 633.1 tons

India's gold reserves have increased by more than 70 tons in the past two years, although much of it is in the form of household reserves and jewelry, as the country places a high value on gold storage. Although India does have a small gold mining industry, it can't support the national demand and most of its yellow metal is bought in from abroad.

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9) Japan: 765.2 tons

Japan holds 765.2 tons of gold in stock, over 130 tons more than India. It also has its own veins of gold running through its land, which have been mined on a small scale for centuries. Recent exploratory gold searches have proved positive and Japan is now looking to exploit those reserves further.

8) Switzerland: 1,040 tons

The gold stocks move into four figures now with Switzerland holding 1,040 tons. The majority of this gold is held on home soil, but some of it is stored at the Bank of England and Bank of Canada. In 2014 there was a referendum to decide on whether the Swiss National Bank (SNB) should expand its gold reserves from 7% to 20%. The status quo prevailed as 78% of voters were against the SNB increasing its share.

7) China: 1,948.3 tons

China has 1,948.3 tons of gold in its reserves. It is also the world's biggest gold producer, accounting for 12% of global mine production according to investment manager US Global Investors, Inc., and the local demand for gold has been boosted by the burgeoning wealth of its growing middle-class.

6) Russia: 2,271.2 tons

Russia can’t get enough of this precious metal and has increased its gold reserves by more than 400 tons in the past two years alone, overtaking China in the rankings in the process. Plus, it has a billion-dollar gold mining industry which means this metal-rich country doesn’t need to rely on imports either.

5) France: 2,436 tons

France has stockpiled 2,436 tons of gold, much of this reportedly acquired during the 1950s and 1960s. Although some is held abroad, most of this gold is said to be held in vaults under the Banque de France in Paris. A few hundred tons of French gold was sold off in the early part of this century, but its stocks have remained stable since about 2009.

4) Italy: 2,451.8 tons

Italy holds just slightly more gold than France with 2,451.8 tons. Unlike most countries, where the gold reserves are owned by the state and managed by their central banks, Italy’s gold is actually owned by the Banca d’Italia, and held in vaults in Rome and at the Swiss National Bank, the Federal Reserve Bank in New York and the Bank of England. The Italian government recently made headlines when it said that it would "not sell a gram" of the gold reserves to fill budget holes.

3) International Monetary Fund: 2,814 tons

The International Monetary Fund (IMF) is a group of 189 countries that work to foster global monetary co-operation. When it was founded in 1944 it was decided that 25% of initial quota subscriptions and subsequent quota increases were to be paid in gold. That remains the main source of the 2,814 tons of gold it holds.

2) Germany: 3,366.5 tons

Germany is the second largest hoarder of gold in the world, with 3,366.5 tons of it. Concern over its gold falling under Soviet control during the Cold War led to the stockpile being spread around the world. It was thought to be divided between the Federal Reserve Bank in New York, the Bank of England and the Banque de France. At least half of this bounty has recently been bought back home to Frankfurt.

1) USA: 8,133.5 tons

The USA is the country with the most gold in the world with 8,133.5 tons of gold bullion. That's nearly as much as Germany, the IMF and Italy combined. The majority of this gold is thought to be held in depositories across America, such as the United States Bullion Despository, better known as Fort Knox.

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