More countries are looking for ways to rely less on the U.S. dollar, as evidenced by tracking real shifts in reserves and trade. A recent study by The Forex Complex revealed the countries advancing de-dollarization based on three indicators: estimated U.S. dollar share of foreign reserves, gold’s share of foreign reserves, and active alternative currency trade agreements.
For the survey, alternative trade use is recorded as a binary variable. Finally, de-dollarization scores were calculated for each country, ranking them in descending order.
This revealed several trends of interest. Notably, France is rethinking dollar dependence the most, with a significant gold share of foreign reserves and active alternative currency trading. Additionally, Singapore and Brazil are moving away from the dollar mainly through trade agreements, while keeping gold reserves relatively low.
Beyond this, the picture is more mixed with Asian countries focusing more on changing trade; while in Europe, some countries build gold reserves and others stay tied to the dollar.
The rankings reveal:
| Country | FX in USD | Gold Holdings (metric tons) | Gold’s Share of Forex Reserves (%) | Trade in Alt Currency (0,1) | DeDollarization Score |
| France | 326.35 | 2437 | 72.2 | 1 | 69.66% |
| Argentina | 22758 | 61.7 | 17.5 | 1 | 53.25% |
| Singapore | 379021.34 | 219.9 | 4.8 | 1 | 48.24% |
| Brazil | 335662 | 129.6 | 3.3 | 1 | 47.79% |
| Indonesia | 157090 | 78.6 | 3.6 | 1 | 47.08% |
| Japan | 1272500 | 845.9 | 5.7 | 1 | 43.71% |
| Netherlands | 88608.84 | 612.4 | 64.9 | 0 | 37.47% |
| Turkey | 68010 | 765 | 41.4 | 0 | 30.42% |
| Spain | 1113098.53 | 281.6 | 21.9 | 0 | 24.57% |
| Switzerland | 798177.6 | 1039.9 | 9.6 | 0 | 20.88% |
In reviewing the assembled data, France ranks first with a de-dollarization score of 69.66. It leads with 72.2% of its foreign reserves held in gold, much more than any other country. It also actively uses alternative currencies in trade. Compared to other countries, France’s strong gold reserves and trade moves make its shift away from the dollar the most complete.
Argentina follows in second with a de-dollarization score of 53.25. It holds 61.7 metric tons of gold, far less than France, and its gold share is only 17.5%. Its U.S. dollar reserves are much higher, around $22.8 billion. Like France, Argentina uses alternative currencies in trade, but it leans more on changing trade deals than building up gold reserves.
Singapore is the third country rethinking dollar dependence, scoring 48.24. Singapore’s 4.8% gold share is lower than Argentina’s, but like Argentina, it actively uses alternative currencies. Its U.S. dollar reserves are at about $379 billion, much higher than both France and Argentina. showing that its efforts focus more on trade than on reshaping reserve holdings.
Brazil follows closely in fourth with a score of 47.79%. It holds 129.6 metric tons of gold, with a gold share of just 3.3%. Its U.S. dollar reserves are about $336 billion, close to Singapore’s level. Brazil also focuses on trade changes, actively using alternative currencies, but with even smaller gold backing compared to Singapore.
Indonesia follows in fifth with a de-dollarization score of 47.08. The country’s gold holdings stand at 78.6 metric tons, and its gold share is 3.6%, slightly higher than Brazil’s. Its U.S. dollar reserves total about $157 billion, smaller than Brazil’s and Singapore’s, showing a similar focus on trade moves but with fewer reserve resources.
Japan is sixth, with a score of 43.71. Japan has a significant 845.9 metric tons of gold, with a gold share of 5.7%. However, it holds a massive $1.27 trillion in U.S. dollar reserves, which is much more than any country above it.
The Netherlands comes in seventh with a de-dollarization score of 37.47. The country has a high 64.9% gold share, but its U.S. dollar reserves are about $88.6 billion, much smaller than Japan’s. Unlike Japan, the Netherlands has not shifted toward alternative currency trade, relying almost fully on its heavy gold reserves.
Turkey follows in eighth with a de-dollarization score of 30.42. Its gold holdings are a lot, at 765 metric tons, and its U.S. dollar reserves stand at about $68 billion, lower than the Netherlands. Like the Netherlands, Turkey has not moved to use alternative currencies yet, but holds more gold by weight.
Spain ranks ninth with a de-dollarization score of 24.57% and holds 281.6 metric tons of gold. Its U.S. dollar reserves are about $1.11 trillion, much higher than Turkey’s or the Netherlands. Spain has not adopted alternative currencies in trade, and its gold position is weaker compared to countries like Turkey.
Switzerland rounds out the top ten with a de-dollarization score of 20.88. Its gold holdings total 1,039.9 metric tons, but gold only makes up 9.6% of its foreign reserves. Its U.S. dollar reserves are about $798 billion, which is also very large. Like Spain, Switzerland has not taken action to shift trade away from the dollar, and its reserve structure is still dollar-heavy.
Seemingly there is a strategic realignment of reserves and trade practices toward greater balance. Gold’s growing share in reserves and the rise of local currency trade deals are early signs of a broader recalibration of international finance structures.
