Gold has moved back into focus for central banks. Prices hit record highs in early 2025, and the buying wave that started years ago has not slowed. New figures from BullionVault, which tracks official central bank holdings, show how concentrated global reserves remain across a few regions.
The US and Europe still dominate
The United States continues to sit far ahead of the pack. Its official reserves stand at 8,133.5 tonnes, unchanged for decades.
Most of it is kept at Fort Knox and the New York Federal Reserve. At current valuations, that stockpile is worth well over $1 trillion, according to the Visual Capitalist.
Europe follows closely when taken as a group. Germany, Italy and France hold 3,351.6 tonnes, 2,451.9 tonnes, and 2,437 tonnes respectively. Together, their combined total rivals the American figure.
Much of this gold dates back to the Bretton Woods era, when gold served as the backbone of the postwar monetary system, as per the Visual Capitalist report.
Asia’s quiet accumulation
China has increased its holdings steadily. The country added 331 tonnes between 2019 and 2024, lifting its official reserves to 2,279.6 tonnes. Beijing’s strategy aligns with its push to diversify away from US Treasuries.
India, now the world’s fifth-largest economy, holds 876.2 tonnes. Japan remains just behind with 846 tonnes. Several emerging markets, including Turkey (595.4 tonnes) and Poland (448.2 tonnes), have also expanded their positions sharply since 2019.
Beyond the top tier
Smaller reserve-heavy nations also continue to build their reserves. This includes Switzerland, which holds 1,039.9 tonnes. Uzbekistan with 382.6 tonnes and Saudi Arabia’s 323.1 tonnes round out the rankings.
Many other developing countries like Thailand, Kazakhstan and Singapore cite inflation risks, currency swings and geopolitical uncertainty as reasons for holding more gold, the Visual Capitalist reported.
Taken together, the United States and Europe control more than 60% of all reported gold holdings. China, India and several emerging markets are catching up, but the gap remains wide.
For now, the distribution of global gold remains heavily weighted toward old financial centers, even as newer economies add to their reserves year after year.
FAQs
Which country holds the most gold reserves?
The United States leads with 8,133.5 tonnes, the largest official gold stockpile in the world.
How much gold does China hold as of 2025?
China’s reserves stand at about 2,280 tonnes after significant purchases between 2019 and 2024.
Which countries saw the biggest increases in gold holdings?
China, India, Turkey and Poland posted major jumps as part of diversification and currency-risk strategies.