Gold has long been viewed as the ultimate financial asset – and never more so than during times of uncertainty and financial crisis. In fact, the price of gold hit a record high of around $3,790 (£2.8k) an ounce in September, and analysts believe the $3,800 mark will soon be breached.

While we no longer use the gold standard to determine the value of currencies, the precious metal is still incredibly useful and is held by many central banks due to its immunity to political changes and economic shocks. It's also a 'liquid asset', meaning it can be converted to cash if required.

But which countries have the most stashed away? Using the latest data from GoldHub, read on to discover the 25 nations that own the most gold as of the second quarter of 2025, unless otherwise stated.

All dollar amounts in US dollars. Data correct as of 25 September 2025.

The countries with the largest gold reserves, ranked