Central banks hold gold reserves due to their safety, liquidity, and return characteristics.

They are significant owners of gold, accounting for approximately a fifth of all the gold mined throughout history.

The country with the most gold is the United States, with 8,133 tonnes, which has a value of $579 billion.

The top ten countries in total gold reserves (tonnes) as of May 2024.

These figures come from the World Gold Council.

Amid escalating geopolitical tensions, increased sanctions, and discussions around de-dollarization, interest in gold purchases is rising.

But which countries are leading the charge in increasing their gold reserves?

This graphic, via Visual Capitalist's Bruno Venditti, ranks the top 10 countries by the change in gold reserves over the past decade (2013-2023).

The figures, measured in tonnes, were compiled by the World Gold Council.

Central banks, particularly those of Russia and China, have bought gold at the fastest pace as countries seek to diversify their reserves away from the dollar.

Russia’s reserves jumped from 1,035 tonnes in 2013 to 2,333 in 2023. China’s reserves rose from 1,054 tonnes to 2,235 in 2023.

In third place in our ranking of central bank gold additions, Türkiye increased its reserves from 116 tonnes in 2013 to 540 tonnes in 2023.