How much gold do governments (or their central banks) have as reserve assets? And what does an increase in nation states accumulating the metal signal?
Governments hold gold primarily as a strategic asset to enhance financial stability, diversify reserves, and provide a hedge against economic uncertainty. Gold acts as a store of value, a safe haven during crises, and a diversifier of risk, offering a reliable anchor in volatile times.
This suggests that as gold reserves increase, this is an indicator that not all is well with a national economy or the interplay of global finance overall.
Top three gold-hoarding nations
New data, coming from BestBrokers.com, shows that Bolivia holds the highest percentage of gold in its total reserves, with 22.5 tonnes accounting for 96.5% of its reserve assets (as of December 2024). This equals approximately 794,697 ounces, valued at around $2.73 billion or €2.37 billion, based on June 13 prices ($3,435/oz, €2,981/oz).
Coming in second, Venezuela holds 161.2 tonnes of gold, which made up 89.9% of its total reserves as of June 2018. Based on current gold prices, this translates to roughly 5.7 million ounces, with an estimated value of around $19.54 billion (€16.95 billion).
Portugal ranks third globally in terms of the share of gold in national reserves, with 84.7% of its reserves held in gold as of April 2025. Its holdings amount to 382.7 tonnes, or about 13.5 million ounces, valued at approximately $46.37 billion (€40.24 billion).
The largest in absolute terms
The U.S. holds by far the largest national gold reserve in absolute terms, with 8,133.5 tonnes as of March 2025. While it ranks fourth globally in percentage terms, gold still accounts for a significant 78.6% of the country’s total reserves. This massive stockpile equals approximately 286.9 million ounces, valued at an estimated $985.6 billion (€855.2 billion) based on current gold prices.
Germany holds the fifth-highest share of gold in its total reserves, with 78% allocated to gold as of April 2025. Its holdings total 3,351.1 tonnes, or roughly 118.2 million ounces, making it one of the largest gold reserves globally in both percentage and absolute terms. Based on current prices, that reserve is valued at approximately $406.1 billion (€352.4 billion) reflecting Germany’s enduring reliance on gold for financial stability.
UK – a new ‘bar’?
The UK holds 310.3 tonnes of gold, valued at approximately $37.6 billion (€32.6 billion), accounting for 17.3% of its total reserves. Based on World Gold Council data covering 97 countries, the UK ranks 42nd in gold’s share of national reserves, reflecting a reserve strategy more heavily weighted toward foreign currencies and financial assets than gold.
Despite ranking among the top holders in absolute terms with 2,294.5 tonnes of gold, China’s gold makes up just 6.8% of its total reserves as of April 2025. Valued at approximately $278 billion (€241 billion), these holdings reflect the country’s strategy of maintaining a diversified reserve portfolio heavily weighted toward foreign currencies and other assets, rather than gold alone.
