With this in mind, FOREX.com commissioned an analysis of the foreign exchange reserves held by 94 countries between Q – Q2 2023, to identify which country has the largest forex reserves. As of the World Gold Council Report 2025 Q2, the United States stands as the country with the largest gold reserves in the world, holding approximately 8,133.5 tonnes of gold. Following the U.S., Germany, Italy, and France are among the top countries with significant gold reserves, further solidifying their economic standing on a global scale.

• Major events, such as the 2008 financial crisis, the COVID-19 pandemic, and fluctuations in global trade patterns, have affected how countries allocate their foreign exchange reserves.
• When people talk about the “richest” countries in Africa, they often think only about GDP or natural resources.
• The share of the euro fluctuates based on factors like the European Union's economic stability and the policies of the European Central Bank.
• Japan holds the second-largest foreign reserves, totaling $1.272 trillion.
• But, before we get into it, do you understand what gold reserves are?

Recoveries in global oil prices, combined with tighter management of public finances, have helped rebuild reserves and provide a stronger base for the country’s long-term economic transition. Africa’s most industrialised economy stands out for its diversified economic base, deep financial markets and relatively strong institutions. Its reserve levels play a key role in anchoring one of the continent’s most sophisticated banking and capital market systems.

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Foreign exchange reserves (also called Forex Reserves) are assets that are held on reserve by a central bank. The purpose of Forex Reserves is to influence monetary policy and back liabilities. An example of a Forex Reserve is the foreign money held by the US Federal Reserve Bank. Forex reserves may include foreign currencies, treasury bills, bonds and other government securities. In 2025, total foreign exchange reserves in the world are estimated at $12.3 trillion.

How does “gold as share of forex reserves” affect a nation’s strategy?

They comprise mainly of Foreign Currency Assets like US dollar, Euro, Bonds and Treasuries, Gold, Special Drawing Rights and IMF Reserve Positions These reserves, which are composed of gold holdings and foreign currencies like the US dollar and euro, act as a vital financial buffer. Germany is one of the top economies in Europe and maintains a trade surplus that is steady, i.e., it exports more products overseas than it imports. These reserves enable Germany to stabilize its economy and cushion itself against risks that arise from international trade and financial flows within the European Union. Aside from the largest reserve holders such as China, Japan, and the U.S., there are numerous other countries that also maintain significant foreign exchange reserves. South Korea maintains approximately $418 billion in reserves in 2024.

For example, if a currency is depreciating, a central bank can sell its reserves in foreign currency to buy its own currency, creating demand and helping to stabilize its value. High levels of reserves instill confidence among investors and traders. If market participants believe that a country has sufficient reserves to support its currency, they are less likely to engage in speculative attacks that could lead to a sharp depreciation. Adequate reserves ensure that a country can meet its international payment obligations, which helps maintain a stable exchange rate by preventing panic in the foreign exchange market. Having substantial reserves allows central banks to implement monetary policies more effectively. They can afford to maintain interest rates or engage in other measures without the immediate fear of depleting reserves, which can influence market expectations positively.

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China is the top country with more than $3.57 trillion, highest reserves in the world. China uses these reserves to support the yuan (CNY) and keep its trade strong. Check the list of top-10 countries with the highest foreign reserves. Foreign currency reserves are vital to a nation’s economic well-being. Without adequate reserves, a country may be unable to pay for critical imports, such as crude oil, or service its external debt.

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This figure has fluctuated over the years due to economic challenges, geopolitical tensions, and currency market interventions by central banks. Many countries still hold gold reserves today, as they are essential for international trade and finance. These reserves enhance a nation’s creditworthiness and impact its status within the global economic framework.

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Though ~66% of Swiss gold was sold in the early 2000s, it still ranks high among countries with the biggest gold reserves per capita. At about 8% of total Swiss reserves, gold remains an ultra-conservative fallback. Below is the latest World Gold Council gold reserves by country data (as of December top 10 foreign reserve country 2024). Figures are in metric tons; we also show “gold as share of FX reserves,” i.e., how big each gold hoard is compared to the country’s overall foreign exchange portfolio.

The Russian Federation ranks 7th in the list of top 10 countries with the highest foreign exchange reserves including gold. It had a total foreign exchange reserves of $590,222.33 million in the first quarter of this year. This includes $424,146.08 million forex reserves and $166,076.25 million gold reserves. The United States of America or the USA which has the highest gold reserves in the world is fourth on the list of total foreign exchange reserves since it keeps lesser forex currency reserves.

Their significance is represented in international rankings like those created by Global Firepower, which monitors national capabilities like economic strength and defense readiness. China is a good exporter of electronic gadgets mainly smartphones, and Integrated Chips, and is also