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Which Countries Own the Most Gold?

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On net, central banks globally have been adding gold to their reserves. Through the first half of 2022, central banks expanded gold holdings by 270 tons.

National Bank of Poland Governor Adam Glapiński summed up the reason central banks hold gold.

Gold is the ‘most reserve’ of reserve assets: it diversifies the geopolitical risk and is a kind of anchor of trust, especially in times of tension and crises.”

A spokesperson from the Hungarian central bank said gold increase financial stability and strengthens market confidence. 

In keeping with the historical role of gold, it remains one of the safest instruments in the world, which, even under normal market conditions, exposes its stability and confidence.”

The Polish central bank has been one of the big buyers in recent years, along with Hungary, Kazakhstan, Uzbekistan, Turkey, and India.

So, which countries hold the most gold?

Here are the top 20 gold hoarders in the world based on the most recent data from the World Gold Council.

  1. The United States. – 8,133.5 tons
  2. Germany – 3,355.1 tons
  3. Italy – 2,451.8 tons
  4. France – 2436.6 tons
  5. Russia – 2298.5 tons
  6. China – 1948.3 tons
  7. Switzerland – 1,040.0 tons
  8. Japan – 846.0 tons
  9. India – 768.8 tons
  10. The Netherlands – 612.5 tons
  11. Turkey – 457.7 tons
  12. Taiwan – 423.6 tons
  13. Kazakhstan – 383.9 tons
  14. Portugal – 382.6 tons
  15. Uzbekistan – 363.9 tons
  16. Saudi Arabia – 323.1 tons
  17. United Kingdom – 310.3 tons
  18. Lebanon – 286.8 tons
  19. Spain – 281.6 tons
  20. Austria – 280.0 tons

The IMF holds 2,814.0 tons of gold. It would rank third in the world if it were a country. The European Central Bank holds 504.8 tons of gold, ranking it 12th among countries.

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