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The race to hold the world's biggest reserves

Race · 26 Oct 2026

Bar chart race of total reserves including gold, in current US dollars, 1977 to 2025, for 12 countries. Germany leads in 1977, the US from 1979 and Japan from 1995; China, highlighted in gold, climbs from 10th and leads from 2006. A note at 2025 says record gold prices lift the US, which passes Japan for 2nd. In 2025 China holds $3.75tn, the US $1.39tn and Japan $1.37tn.

Record gold prices lifted the US past Japan in the final year.

West Germany led in 1977, the US from 1979, Japan from 1995 and China since 2006. In 2025 China holds $3.75tn, more than the US ($1.39tn) and Japan ($1.37tn) combined.

Source: World Bank (IMF), 2025.

Source: World Bank (IMF), 2025