On net, central banks globally have been adding gold to their reserves. Through the first half of 2022, central banks expanded gold holdings by 270 tons.

National Bank of Poland Governor Adam Glapiński summed up the reason central banks hold gold.

Gold is the ‘most reserve’ of reserve assets: it diversifies the geopolitical risk and is a kind of anchor of trust, especially in times of tension and crises.”

A spokesperson from the Hungarian central bank said gold increase financial stability and strengthens market confidence. 

In keeping with the historical role of gold, it remains one of the safest instruments in the world, which, even under normal market conditions, exposes its stability and confidence.”

The Polish central bank has been one of the big buyers in recent years, along with Hungary, Kazakhstan, Uzbekistan, Turkey, and India.

So, which countries hold the most gold?

Here are the top 20 gold hoarders in the world based on the most recent data from the World Gold Council.

1. The United States. – 8,133.5 tons
2. Germany – 3,355.1 tons
3. Italy – 2,451.8 tons
4. France – 2436.6 tons
5. Russia – 2298.5 tons
6. China – 1948.3 tons
7. Switzerland – 1,040.0 tons
8. Japan – 846.0 tons
9. India – 768.8 tons
10. The Netherlands – 612.5 tons
11. Turkey – 457.7 tons
12. Taiwan – 423.6 tons
13. Kazakhstan – 383.9 tons
14. Portugal – 382.6 tons
15. Uzbekistan – 363.9 tons
16. Saudi Arabia – 323.1 tons
17. United Kingdom – 310.3 tons
18. Lebanon – 286.8 tons
19. Spain – 281.6 tons
20. Austria – 280.0 tons

The IMF holds 2,814.0 tons of gold. It would rank third in the world if it were a country. The European Central Bank holds 504.8 tons of gold, ranking it 12th among countries.

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