Which country has the most gold in the world?

With 8,133.5 tonnes, the US holds the biggest gold reserve in the world. 78.9% of the foreign reserves of the US consists of gold. The majority of US gold is held at Fort Knox in Kentucky, while the rest is held at the Philadelphia Mint, Denver Mint, San Francisco Assay Office and West Point Bullion Depository.

Germany is the second biggest hoarder of gold in the world. At 3,366.8 tonnes, Germany has 75.2 % of its foreign reserves in gold. Germany has been steadily increasing its stock of gold after the global financial crisis.

Member countries can transact with the IMF using gold, for example if a member country wishes to buy currency of another country, then gold can be used as a method of payment.

Italy is the fourth largest holder of gold in the world with 2,451.8 tonnes. As a % of foreign reserves, gold dominates Italian portfolio with a massive share of 70.8% 

France is the fifth biggest holder of gold in the world. France's 65% of foreign reserves consists of gold.

Russia is the sixth biggest holder of gold in the world. In the past decade Russia has quadrupled its gold reserves to 2,299 tonnes which is valued at more than $100 billion. As a share of the Russia's foreign reserves, gold accounts for only 22.6%.

At 1,948.3 tonnes, China ranks seventh in the list. Gold consists of only 3.4% of China's foreign reserves. In 2019, People's Bank of China in a move to diversify from the US dollar bought gold for seven consecutive months, adding almost 74 tonnes to its portfolio.

Switzerland is on the eighth spot. Switzerland has the world's largest reserves of gold per capita. As a share in foreign reserves, gold accounts for 6.5 %.

Japan, the world's third largest economy, is also the eighth largest holder of the precious metal. With 765.2 tonnes, gold account for 3.1% of Japanese foreign reserves.