New research has revealed the countries with the largest gold reserves, with the United Kingdom ranking 16th overall at $34.2 billion (about $863 billion less than the U.S.).
This news comes at a time when more countries are prioritising their gold reserves to offset against economic sanctions and secure a reliable store of value amid high geopolitical uncertainty.
In light of this, experts at The Gold Bullion Company have analysed World Gold Council data to reveal which nations have the largest gold reserves and comment on the reasons why nations are focusing on gold investment.
Where the UK ranks among the world’s biggest gold nations:
| Rank | Country | Gold reserves (tonnes) | Gold reserves (oz t) | Estimated value |
| 1 | United States | 8,133.5 | 261,492,025 | $897.3bn |
| 2 | Germany | 3,350.3 | 107,712,145 | $369.6bn |
| 3 | Italy | 2,451.8 | 78,825,370 | $270.5bn |
| 4 | France | 2,437.0 | 78,349,550 | $268.9bn |
| 5 | Russia | 2,311.0 | 74,298,650 | $255.0bn |
| 6 | China | 2,308.5 | 74,218,275 | $254.7bn |
| 7 | Switzerland | 1,039.9 | 33,432,785 | $114.7bn |
| 8 | India | 880.3 | 28,301,645 | $97.1bn |
| 9 | Japan | 846.0 | 27,198,900 | $93.3bn |
| 10 | Netherlands | 612.5 | 19,691,875 | $67.6bn |
| 18 | United Kingdom | 310.3 | 9,976,145 | $34.2bn |
- The United States still dominates global gold reserves by a wide margin
Just as they were three years ago, the United States still has by far the largest gold reserves of any country on the planet. In total, the United States has 8,133.5 tonnes of gold, which is almost double that of Germany in second place, and 2141.25% more than the average reserves across countries in the study, 362.9 tonnes.
Although the United States has not increased its reserves since the first study, the value of its gold reserves has massively risen from $507bn to $897.3bn. This is a result of the rapid increase in the price of gold, which has more than doubled between 2023 and 2025.
- Germany retains second place despite a slight drop in gold holdings
Despite Germany’s gold reserves dropping slightly, the value of its gold has increased since the first study. Currently, Germany’s gold reserves are 3,350.3 tonnes, 2.7 tonnes fewer than in 2023. Interestingly, over a third (1,236 tonnes) of Germany’s gold is stored in vaults in the United States, with some German economists advocating its repatriation.
Just like the United States’, Germany’s gold reserve value has increased massively due to the jump in the price of gold since the first study. Previously, the German gold reserves were worth $209bn, but this has increased by 75.8% to $369.6bn. This is 824% higher than the average country’s gold reserves of $40bn.
- Italy holds firm in third as reserves remain unchanged.
As in the United States, Italy’s gold reserves have not changed since the original study, but it has retained its third-place ranking. Overall, Italy has 2,451.8 tonnes of gold in reserve. This is 575.6% higher than the average for all countries in the study, and slightly higher than France, which ranks fourth with 2,437 tonnes.
Where the UK currently ranks among the top nations:
- The UK has an estimated gold reserve value of $34.2 billion, ranking 18th worldwide.
- Between April 2025 and April 2026, the UK refrained from increasing its gold reserves.
- The UK has 310.3 tonnes of gold, ranking 17th globally.
- The total value of gold worldwide is $3.6 trillion.
Rick Kanda, Managing Director at The Gold Bullion Company, comments:
“After analysing this new data, it’s clear to me that central banks continuing to build and hold gold reserves is a strong signal of how seriously governments are treating ongoing economic uncertainty. While total holdings haven’t shifted dramatically, the rising price of gold has pushed the value of those reserves to record levels, reinforcing its role as a long-term store of value in volatile markets.
“What I find especially interesting are the motivations behind this demand. Countries are actively reducing reliance on fiat currencies and insulating themselves from geopolitical risk. That same principle applies at the individual level, where we see investors increasingly seeking assets that sit outside traditional financial systems and retain their value over time.
“For private investors, this is about stability, wealth preservation, and diversification. Physical gold, whether in bars or coins, offers a tangible asset that isn’t tied to the performance of equities or currencies, making it a useful hedge against inflation and market shocks.
“Anyone considering buying gold should focus on transparency and trust. That means working with established, reputable dealers, understanding exactly what you’re paying in premiums, and taking a long-term view to investments. Central banks aren’t buying gold for quick returns, and for most investors, the same mindset applies.”
