After four straight sessions of gold losses, with prices slipping to $3,972 per ounce on the back of a firmer dollar and reduced expectations for Federal Reserve rate cuts, investors are reassessing their positions.
Against this backdrop, Paul Hoffman, lead data analyst at BestBrokers, shares insights from the firm’s latest report, which details the countries with the largest gold holdings per capita and their current market values:
Gold prices began climbing sharply in 2024 as central banks and investors alike turned to the precious metal as a safe haven amid mounting geopolitical tensions and global economic uncertainty.
While some countries accelerated their gold purchases to strengthen reserves, others seized the opportunity to cash in on elevated prices by selling significant volumes.
The team at BestBrokers analysed the World Gold Council October release, covering all of the available data for 2025, to identify the world’s largest buyers and sellers of gold during this period.
As of October 2025, Switzerland holds 1,039.94 tonnes of gold, ranking seventh worldwide by total national reserves and first in gold holdings per capita. The market value of its reserves has surged by about 54.97% to $135.18bn since the end of 2024, reflecting a sharp rise in gold prices, from $2609 per ounce on 31 December 2024 to $4,043 per ounce on 29 October 2025.
Here are the countries with the largest gold holdings per capita in 2025:
(expressed as the equivalent number of 1/10-ounce American Eagle Gold Proof Coins per person)
Switzerland - 1,040 tonnes, currently valued at $135.18bn = 37 coins per capita (115.97g)
Lebanon - 287 tonnes, currently valued at $37.29bn = 16 coins per capita (49.04g)
Italy - 2,452 tonnes, currently valued at $318.72bn = 13 coins per capita (41.45g)
Germany - 3,350 tonnes, currently valued at $435.51bn = 13 coins per capita (39.85g)
Qatar - 115 tonnes, currently valued at $14.97bn = 12 coins per capita (36.97g)
Portugal - 383 tonnes, currently valued at $49.74bn = 12 coins per capita (36.75g)
France - 2,437 tonnes, currently valued at $316.79bn = 12 coins per capita (36.56g)
Singapore - 204 tonnes, currently valued at $26.54bn = 11 coins per capita (34.77g)
The Netherlands - 612 tonnes, currently valued at $79.61bn = 11 coins per capita (33.38g)
Austria - 280 tonnes, currently valued at $36.40bn = 10 coins per capita (30.72g)
Key takeaways from the analysis
Switzerland’s gold holdings total 1,039.94 tonnes, valued at approximately $135.18bn, a 40% increase since December 2024, largely driven by the surge in global gold prices. This places Switzerland seventh worldwide in national gold reserves, behind the United States (8,133 tonnes), Germany (3,350 tonnes), Italy (2,452 tonnes), France (2,437 tonnes), Russia (2,329 tonnes), and China (2,302 tonnes).
Taking Switzerland’s population of 8.97 million into account, the country’s gold reserves amount to about 115.97 grams per person, roughly 37 small gold coins per citizen, the highest ratio in the world. Lebanon follows with the equivalent of 16 coins per person, while Italy and Germany each hold around 13.
Switzerland has not been active in the gold market for more than 15 years. From 2002 to 2008, the country was an active seller of gold under the Central Bank Gold Agreements, offloading more than 20 tonnes per month as part of co-ordinated European sales. Since then, the Swiss National Bank has maintained largely stable reserves, with only a minor sale of 100kg recorded in April 2014.
In 2025 so far, the leading gold buyers have been Poland (67.1 tonnes), Kazakhstan (32.4 tonnes), China (22.7 tonnes), Turkey (21.4 tonnes), and the Czech Republic (14.1 tonnes). The State Oil Fund of the Republic of Azerbaijan (SOFAZ) also expanded its holdings by 34.5 tonnes, marking the second-largest single purchase of the year. However, as Azerbaijan’s central bank does not officially report gold reserves, the country is excluded from the global rankings.
Source: Supplied.
Says Hoffman: "Switzerland’s position at the top of global gold holdings per capita shows strategic diversification among both advanced and emerging economies. While the United States continues to dominate in absolute reserves, nations across Europe and Asia, from Germany and Italy to China and Singapore, are leveraging gold as a hedge against inflation, currency fluctuations, and geopolitical risk.
"Recent accumulation by countries such as Poland, Kazakhstan, and China signals an enduring shift toward tangible assets amid a high-rate, high-uncertainty environment. As the US dollar remains strong and monetary easing expectations fluctuate, gold’s role as a stabilising reserve asset appears set to strengthen further, anchoring global portfolios in an increasingly volatile financial landscape."
Global gold reserves reached $4.73tn on Wednesday, 29 October 2025, rising 40.43% since the end of 2024, as record-high prices drove a historic revaluation of central bank holdings.
