With gold prices reaching historical maximums in 2025 and with the forecast that they continue to rise in a moment of international conflicts and economic uncertainty, the question is: Where is gold? To answer this question, Bestbrokers has prepared a report to identify which countries have greater gold reserves and which central banks have been more active in the purchase of this precious metal.
From Bestbrokers they emphasize that, in 2024, several countries significantly increased their gold reserves through large purchases. Specifically, Poland led this growth, expanding its reserves in 89.54 tons of gold, which represents an increase of almost 25%. “Geopolitical tensions, especially the invasion of Ukraine by Russia and the proximity of Poland to the conflict, explain why the central bank of the country has been accumulating gold,” he explains Paul Hoffman the Bestbrokers.
After Poland, Türkiye and India They also increased their gold reserves. Türkiye added 74.79 tonswhich meant an increase in 13,85% In his reservations, while India bought 72.6 tonsraising its total in 9,03%. For its part, China continued with its purchases, acquiring 44.17 tons in 2024. However, the country has reduced the acquisition rate after buying 224.9 tons in 2023 and others 62.2 tons in 2022. Other countries that appear in the Top 10 of higher gold buyers In 2024 they include The Czech Republic, Iraq, Hungary, Uzbekistan, Ghana and Catar.
Central Banks: Main Catalysts of the price of Gold
As explained by Bestbroker, as the value of various fluctuates, the price of gold has remained solid in the last year, promoting the demand of both investors and central banks. The nation that has the greatest reserve of this precious metal remains the United States, with 8,133.46 tons, which represents an impressive 22.7% of all linges and gold coins stored by banks worldwide. Germany and Italy follow with 3,351.53 tons and 2,451.84 tons, respectively.
Other nations with significant reserves are France, which has 2,436.97 tons, and the Russian Federation, with 2,332.74 tons. China, Switzerland, Japan, India and the Netherlands also stand out. China has 2,279.6 tons, while Switzerland has 1,040 tons. Although Japan, India and the Netherlands have less than a thousand tons each, they still represent about 3% of world reserves.
Nations per capita gold reserves at the close of 2024
One of the trends that stand out from Bestbrokers is that, Although some countries have impressive reserves, their golden holdings per capita can show a different reality. And they clarify that although it is an interesting measure, it does not provide information on the distribution of wealth nor is it a good indicator of the economic performance of a nation. “However, per capita gold reserves allow a useful comparison between large and small economies,” they clarify.
For example, The United States, which has the greatest amount of gold in its reserves, occupies the 12th position in gold per capitawith almost 24 grams of gold per citizen. This is equivalent to 0.77 gold troyas, or almost eight small gold coins. Switzerland, on the other hand, has the seventh largest gold reserve in the world, but when considering its population of 9 million inhabitants, it becomes the country with more gold per capita, with 115 grams or 3.7 ounces per person. “In other words, Switzerland has approximately 37 gold coins per citizen, the most per capita amount in any nation in the world,” they add.
Lebanon occupies the second place in terms of gold per capita, with approximately 17 gold coins per person, followed by Italy and Germany, which have around 13 gold coins of a tenth ounce per citizen. This is interesting, since both countries have not expanded their gold reserves in decades. Other countries with high levels of gold per capita include Singapore, Catar and Portugal, with reserves equivalent to 12 gold coins per citizen, France and the Netherlands, with 11 gold coins per person, and Austria, with 10 gold coins per inhabitant.
Finally, in the 11th place of this ranking is Aruba, the Caribbean Paradisiac island, which with 3.11 tons of gold and a population of 107,000 inhabitants, exceeds the United States in gold reserves per capita.
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