Top 10 in Gold Reserves: Why Do Countries Continue Accumulating Gold?

In times of global uncertainty, gold becomes a strategic pillar of economic stability and financial resilience. According to the most recent data from the World Gold Council, the world's central banks continue to increase their gold reserves to historic levels. What does this mean in economic terms and for those seeking to protect their assets?

USA leads the global ranking with 8,133 tons of gold as of February 2025, which represents 74.9% of its international reserves. They are followed by Germany in 2nd place, Italy in 3rd and France in the 4th position, for all of them gold exceeds 70% of their international reserves.

Some emerging economies have steadily accumulated gold in recent years

This high percentage reveals the historical search for support from gold as a safehaven asset, and a strategic positioning against possible crises of the international monetary system.

On the other hand, based on the same data updated to March 2025, emerging economies such as Russia (2,333 tons) and China (2,280 tons), now occupy the 5th and 6th positions, respectively, among the countries with the largest gold reserves in the world, thanks to their uninterrupted accumulation of gold as part of their accelerated de-dollarization strategy.

Although in proportional terms gold still represents a smaller part of their reserves (6.5% in the Chinese case), the constant growth of their holdings is a clear signal of the respective global monetary plans.

Gold Reserves by Country, as of 31-Dec-2024 

Top-10 countries

Country	Economic Grouping	Total Reserves ($)	Gold Reserves Tonnes	Gold Reserves in Millions ($)
USA	High income	910,036.55	8,133.46	682,276.85
Germany	High income	377,935.57	3,351.53	281,143.57
Italy	High income	290,547.25	2,451.84	205,672.74
France	High income	282,857.00	2,437.00	204,428.20
Russia	High income	609,043.20	2,332.74	195,682.50
China	Upper middle income	3,456,024.81	2,279.56	191,220.94
Switzerland	High income	909,365.74	1,039.94	87,235.26
India	Lower middle income	643,042.56	876.18	73,498.28
Japan	High income	1,230,666.98	845.97	70,964.60
Netherlands	High income	79,129.15	612.45	51,375.79

Why do Countries Buy so Much Gold?

From an economic point of view, gold acts as insurance against inflation, volatile interest rates, and the weakening of fiat currencies.

Unlike other reserves such as US Treasury bonds, gold carries no counterparty risk and is not exposed to political sanctions, making it a neutral store of value tool.

For the Central Banks, this increase in their gold reserves also responds to a logic of diversification. The dollar has dominated the international financial system for decades, but its growing use as an instrument of political pressure has generated distrust in several countries. In response, gold appears as a reserve that no foreign government can freeze or manipulate.

A Strategy with Geopolitical Implications

Gold is also a response to a changing world order. Countries such as Türkiye, India and the BRICS members are strengthening their gold reserves as part of a more autonomous financial architecture. This increase is not just a technical decision, but a declaration of monetary sovereignty.

China, for example, has bought gold for 18 consecutive months, according to the World Gold Council report of March 2025. While promoting the digital yuan and expanding its yuan trading network, it consolidates its gold reserves as a backing for financial power. This dual strategy has an implicit message: a multipolar world requires currencies less exposed to the control of a single power.

What Does This Mean for Investors?

The behavior of the Central Banks is a clear signal for individual investors: gold is relevant in the diversification of an investment portfolio).

The role of gold as a refuge from inflation, its low correlation with other assets and its sustained demand from major powers make it a strategic store of value.

The increase in the gold purchases by institutions with access to global financial intelligence, sparks the interest of those seeking to protect their assets over the long term. For economies, central banks, and investors alike, the message is clear: gold shines as a symbol of trust.

Protect your Money

Aktagold's mission is to help people around the world protect their money from the economic and financial instability of their countries of origin by giving them access to saving in physical gold, safely stored in Canada’s most secure vaults, an option that used to be reserved only for the wealthiest ones.

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