Here’s who owns the largest gold reserves in the world

Gold prices have reached unprecedented levels in 2025, with gold trading at a record high of over 3,932 dollars per ounce (31.1 grams) since May 7, marking an increase of over 83 percent compared to last year.

The surge, driven by escalating geopolitical tensions and global economic uncertainty, has pushed the value of a standard gold bar (400 ounces or 12.4 kilograms) to over one million dollars for the first time.

BestBrokers reviewed the demand for gold from central banks over the past year and the beginning of this year, using data from the World Gold Council to identify the biggest buyers and holders.

The report highlights a growing divergence in the reserve strategies of central banks: smaller economies are concentrating their reserves in gold as protection against currency volatility, while larger economies continue to dominate in absolute volume.

"Gold prices started rising last year as both central banks and investors sought safer assets amid growing geopolitical tensions and economic uncertainty," BestBrokers noted.

This rise helped gold prices exceed 3,400 dollars per ounce by June, making it the world’s second-largest reserve asset, surpassing the euro.

Among countries with the largest share of gold in their government reserves, Bolivia tops the list. As of December 2024, it held 22.5 tons of gold, representing 96.5 percent of its total reserves, valued at 2.37 billion euros.

"It is worth noting that Bolivia has neither bought nor sold gold since 2002," the report states.

Venezuela ranks second, with 161 tons of gold, accounting for about 90 percent of its reserves or 16.95 billion euros. Portugal, with around 383 tons, holds about 85 percent of its reserves in gold—valued at 40.224 billion euros as of April 2025. This reflects a long-standing preference for gold as a stable store of value.

In absolute terms, the United States remains the world’s dominant gold holder, with 8,133.5 tons of gold worth 995.6 billion dollars or 855.2 billion euros.

Gold accounts for around 79 percent of the total reserves of the United States. Germany follows with 3,351 tons of gold valued at 446.1 billion dollars or 352.4 billion euros, representing 78 percent of its reserves.

China, despite holding 2,294.5 tons of gold, holds only 6.8 percent of its reserves in gold. These are valued at 241 billion euros, reflecting a strategy that prioritizes diversification into foreign currencies and other assets.

Eurozone countries, including the European Central Bank, held 10,765.5 tons of gold in April, or 67.1 percent of their total reserves.

Global official gold reserves totaled 36,274 tons, accounting for 22.2 percent of total global reserves. In Europe, Poland led gold purchases in the first quarter of 2025, buying 48 tons, already more than half of the 89-ton total purchased in 2024.

The United Kingdom, in contrast, holds 310 tons of gold, or just 17.3 percent of its reserves in gold. It ranks 42nd globally in gold holdings, underlining a strategy more focused on financial assets and foreign currencies rather than gold.

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