As of 2026, official gold reserves remain heavily concentrated among a small group of countries, with the United States, Germany, Italy, France, and Russia holding the largest stocks worldwide. Together, these five nations account for a substantial share of global central bank gold holdings, which exceed 36,000 tonnes based on the latest publicly available disclosures, underscoring gold’s enduring role in monetary stability and geopolitical strategy.
The concentration matters because central banks have continued to favour gold as a hedge against inflation, currency volatility, and financial sanctions. While reserve compositions vary by country, bullion remains a core asset for economies seeking long-term security in an increasingly fragmented global financial system.
The world’s largest official gold holders
The United States remains the world’s largest holder of gold, with 8,133 tonnes in official reserves. Gold accounts for more than 70 percent of US foreign reserves, reflecting a policy legacy that dates back to the Bretton Woods system. At current prices, the notional value of US gold holdings exceeds $1 trillion, though valuations fluctuate with market movements.
Germany ranks second globally, holding 3,352 tonnes. Germany has consistently treated gold as a strategic reserve asset and has, in recent years, repatriated significant portions of its bullion from overseas storage to domestic vaults, reinforcing sovereign control over its reserves.
Close behind are Italy and France, with 2,452 tonnes and 2,437 tonnes respectively. In both cases, gold holdings have remained largely stable over time, reflecting long-term monetary policy choices rather than short-term responses to price fluctuations.
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Russia holds the fifth-largest official gold reserves at 2,333 tonnes. Russia expanded its bullion holdings significantly over the past decade as part of a strategy to reduce dependence on the US dollar. While ownership of these reserves is undisputed, international sanctions have highlighted the difference between holding gold and having full access to external reserve assets.
China and the wider global picture
Just outside the top five, China ranks sixth with officially reported gold reserves of 2,262 tonnes. Analysts note that China discloses gold purchases intermittently, and its true holdings may be higher than reported. Beijing’s accumulation strategy is closely watched as a signal of longer-term currency and reserve diversification plans.
Globally, central banks have been net buyers of gold for more than a decade. Emerging economies, in particular, have increased allocations to bullion as they seek to diversify away from foreign sovereign debt and reduce exposure to geopolitical risk.
Why gold remains central in 2026
Gold’s appeal lies in its lack of counterparty risk and its role as a universally recognised store of value. For central banks, bullion provides insurance against financial shocks, currency instability, and sanctions-related disruptions. As of 2026, these factors continue to shape reserve strategies, reinforcing gold’s position as a cornerstone of global monetary policy despite advances in digital finance and alternative assets.
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