Gold Becomes the #2 Reserve Asset: Which Countries Are Sitting Pretty in 2025?

With gold trading at near-record highs over the past few months, it has now overtaken the Euro as the second most important reserve asset globally, behind the US dollar. In light of this, we examine the latest report from BestBrokers, which has analysed national gold reserves worldwide in 2025.

Gold prices started surging last year as both central banks and investors sought safer assets amid rising geopolitical tensions and economic uncertainty. While many grasped the opportunity to buy, others took advantage of the high prices to sell off substantial amounts.

The BestBrokers team have analysed data on gold reserves from the World Gold Council, covering all of 2024 and the early months of 2025, identifying the largest buyers and sellers of gold during this period.

The data shows that Bolivia holds the highest percentage of gold in its total reserves, with 22.5 tonnes accounting for 96.5% of its reserve assets. It is followed by Venezuela (89.9%), Portugal (84.7%), and the United States (78.6%).

Below are some key takeaways from the BestBrokers report:

Data shows that Bolivia holds the highest percentage of gold in its total reserves, with 22.5 tonnes accounting for 96.5% of its reserve assets (as of December 2024). This equals approximately 794.7 million ounces, valued at around $2.73 billion or €2.37 billion, based on June 13 prices ($3,435/oz and €2,981/oz). Notably, Bolivia has neither bought nor sold gold since 2002, when it sold just 0.9 tonnes.

Coming in second, Venezuela holds 161.2 tonnes of gold, which made up 89.9% of its total reserves as of June 2018. Based on current gold prices, this translates to roughly 5.69 million ounces, with an estimated value of around $19.54 billion or €16.95 billion. Despite limited recent data, Venezuela’s heavy reliance on gold in its reserves remains one of the highest globally.

Portugal ranks third globally in terms of the share of gold in national reserves, with 84.7% of its reserves held in gold as of April 2025. Its holdings amount to 382.7 tonnes, or about 13.5 million ounces, valued at approximately $46.37 billion or €40.24 billion based on current gold prices. This high allocation reflects Portugal’s long-standing reliance on gold as a key reserve asset.

The United States holds by far the largest national gold reserve in absolute terms, with 8,133.5 tonnes as of March 2025. While it ranks fourth globally in percentage terms, gold still accounts for a significant 78.6% of the country’s total reserves. This massive stockpile equals approximately 286.9 million ounces, valued at an estimated $985.6 billion or €855.2 billion based on current gold prices.

Germany holds the fifth-highest share of gold in its total reserves, with 78% allocated to gold as of April 2025. Its holdings total 3,351.1 tonnes, or roughly 118.2 million ounces, making it one of the largest gold reserves globally in both percentage and absolute terms. Based on current prices, its reserve is valued at approximately $406.1 billion or €352.4 billion, reflecting Germany’s enduring reliance on gold for financial stability.

The United Kingdom holds 310.3 tonnes of gold, valued at approximately $37.6 billion (€32.6 billion), accounting for 17.3% of its total reserves. Based on World Gold Council data covering 97 countries, the UK ranks 42nd in gold’s share of national reserves, reflecting a reserve strategy more heavily weighted toward foreign currencies and financial assets than gold.

Despite ranking among the top holders in absolute terms with 2,294.5 tonnes of gold, China’s gold holdings equate to just 6.8% of its total reserves as of April 2025. Valued at approximately $278 billion (€241 billion), these holdings reflect the country’s strategy of maintaining a diversified reserve portfolio heavily weighted toward foreign currencies and other assets rather than gold alone.

In Q1 2025, Poland maintained its top spot in Europe for gold purchases, acquiring 48.6 tonnes, already more than half of the 89 tonnes it added throughout all of 2024.

With gold overtaking the Euro as the world’s second-largest reserve asset, central banks are increasingly turning to this precious metal amid ongoing currency volatility.

The United States leads in absolute holdings, followed by Germany and Italy, which hold substantial reserves. As of April 2025, the Euro area, including the ECB, holds 10,765.5 tonnes of gold, accounting for 67.1% of its total reserves, while global official gold holdings total 36,274.3 tonnes, representing 22.2% of worldwide reserves.

“While major economies hold large quantities of gold, smaller countries like Bolivia and Venezuela stand out for maintaining exceptionally high proportions of gold in their reserves, indicating a structure heavily weighted toward gold rather than foreign currencies or other assets.

“This reflects economic challenges, limited access to foreign currencies, and deliberate policies favouring tangible assets as a safeguard against inflation and currency devaluation. Although this strategy offers stability amid uncertainty, it can also limit liquidity and flexibility in economic management,” commented Paul Hoffman, lead data analyst at BestBrokers.com.

More information about countries’ demand for gold is available in the full report. It includes more details about the latest changes in the official national gold reserves reported to the International Monetary Fund, as well as the complete methodology behind BestBrokers’ findings.