Highest Gold Reserves in Europe 2025 (Top 39 Countries)

Europe holds a special spot in the global gold story. In 2025, countries across the continent collectively have over 14,979 tonnes of gold in vaults and banks, worth approximately $1.51 trillion. To put it simply, Europe holds approximately 42% of the world’s central bank gold, which is a substantial share compared to the rest.

It’s not evenly spread, though. Most of Europe’s gold is held in just five countries: Germany, Italy, France, Russia, and Switzerland. Together, they own nearly 80% of the continent’s stash.

However, when you zoom in per person, Switzerland stands out by far. Every Swiss resident has an average of over 118 grams of gold to their name, which is quite higher than the European average of around 30 grams.

Why Gold Still Matters in Europe

Gold has always been more than a shiny rock in Europe. For centuries, it was actual money. Even after countries stopped using gold as their currency, central banks continued to hoard it. In times of crisis, such as the 2008 economic crisis or the recent pandemic, gold has provided countries with a sense of reassurance. It still does.

Right now, European central banks keep roughly 20% of their reserves in gold, which is more than they hold in euros. This shows they view gold as a reliable backup—something trustworthy even when paper money loses value.

Germany: Europe’s Gold Giant

Germany’s central bank, the Deutsche Bundesbank, holds more gold than any other European country, with approximately 3,350 tonnes, valued at roughly $338 billion. This makes Germany second in the world, behind only the U.S. Every German could claim approximately 40 grams of that gold if it were split equally.

What’s interesting about Germany is where the gold is kept. For years, much of it was stored in American or British vaults, but following public concern, Germany brought a significant portion of it home. Now, half of the team is based in Frankfurt, with the rest divided between New York and London. Over 270,000 gold bars are stored for emergencies and as a symbol of trust and stability.

Germany’s steady hands pay off—between 2020 and 2025, the value of its gold climbed by €150 billion just because the price of gold went up. Debates sometimes arise about whether to bring all the gold home, but for now, the split storage arrangement helps with security and provides fast access if needed.

Italy: Tradition and Tenacity

Italy, with around 2,452 tonnes of gold, has long relied on the yellow metal. The Italian central bank sees gold as untouchable—a national safety net priced at about $247 billion in 2025. That’s about 42 grams per person, the highest major country “gold per capita” on the continent after Switzerland.

Italy’s gold played a quiet but crucial part in weathering the euro crisis of 2011. Whenever confidence in the country’s finances waned, their pile of gold served as a reminder that they could pay their debts. Over the years, politicians have argued about using it to patch up government budgets, but the central bank hasn’t budged: gold is for stability, not for spending.

Most of it is stored in high-security bank vaults at home, but some remains overseas for trading and safety purposes.

France: A Golden Backbone

France’s gold holdings also rank among the largest, at approximately 2,437 tonnes, valued at $246 billion. Per person, that’s roughly 36 grams—a solid sum. France has maintained its gold reserves nearly unchanged for some time, reflecting its strategy of being cautious rather than opportunistic.

The Banque de France, responsible for these reserves, dates back centuries. At one time, it held nearly a third of the world’s official gold. Today, the central bank continues to hold on, seeing gold as the backbone of France’s financial system and a means to project security at home and abroad.

Russia: The Modern Accumulator

Russia now ranks near the top, with approximately 2,330 tonnes in 2025, valued at $235 billion. Unlike Germany or France, Russia is a recent “big buyer.” Sanctions and West-East tensions over the last decade led Moscow to buy more gold—and keep it all stored safely in Russia.

Gold makes up more than a third of Russia’s reserves, and it’s seen as insurance: it can’t be frozen or seized by foreign governments, and it’s a defense against the ruble weakening. Between 2020 and 2025, the boom in gold prices swelled Russia’s balance sheet by tens of billions.

Switzerland: Tiny, But Mighty in Gold

Here’s a fun fact: Switzerland, famous for banks and neutrality, has 1,040 tonnes of gold for a population of under nine million people. That works out to more than 118 grams per person, the highest per-capita gold stash in Europe.

Swiss policy on gold is deeply rooted, and although a push in 2014 to raise national gold holdings to cover 20% of Switzerland’s currency was made, it was voted down. Still, roughly 8% of the Swiss National Bank’s assets are gold. About a third is kept at home, the rest spread out globally—again, balancing security and access.

Turkey: Rapid Growth in Gold

Turkey’s gold reserves have increased, reaching 635 tonnes, valued at nearly $64 billion as of 2025. Why? High inflation and a shaky currency lead people and the government to trust gold more than the lira. Turkish citizens hold more than 3,000 tonnes of gold privately—one of the largest private gold stashes anywhere.

The Central Bank is also a big buyer, adding more gold during periods of economic swings. The aim? Reduce reliance on dollars and build up assets that retain value when money loses its purchasing power.

Netherlands: Safe but Smart

The Dutch keep 612 tonnes on hand, worth about $62 billion, which works out to a healthy 35 grams per person. What’s special is their storage—after years of keeping much of their gold elsewhere, the Netherlands built a new secure vault in Zeist. Now, gold is split across Zeist, the Federal Reserve in New York, Canada, and London.

Dutch officials have called gold their “supreme safe-haven asset”—a last resort to restart the financial system if there’s ever a real disaster.

Poland: The Aggressive Accumulator

Poland’s gold stash has shot up—now at 515 tonnes ($52 billion), increasing by over 100 tonnes in just a couple of years as the central bank reacted to the war in Ukraine and general uncertainty. That’s about 14 grams per person. Policymakers say gold is the only investment that’s “forever safe” in times of trouble.

Portugal: Old Reserves, Modern Value

Portugal is a quiet heavyweight, with 383 tonnes of gold. For such a small country, that’s about 37 grams per person. During past euro crises, Portugal’s gold reassured lenders and citizens alike. The value has soared—2024 alone saw the price jump enough to add several billion euros to Portugal’s books.

Most Portuguese gold is stored securely at home, but some is kept in the UK for international transactions.

United Kingdom: Once Mighty, Still Valuable

The UK holds 310 tonnes of gold—less than half its past gold reserves after unloading much of it at the turn of the 21st century, a move often seen as bad timing. Today, that gold is worth approximately $31 billion and is stored in Bank of England vaults in London. Every Brit gets just under 5 grams, on average.

Britain’s approach now is practical: what gold remains is for liquidity and financial credibility.

Spain: Modest, But Steady

Spain’s central bank holds 282 tonnes, about 6 grams per Spaniard. That’s much less than in the past, as sales reduced reserves after the euro was adopted. However, gold still accounts for a significant portion (approximately a quarter) of Spain’s official reserves, with the majority stored domestically.

Austria: Securely Shared

Austria keeps 280 tonnes—roughly 31 grams per person—in a mix of home and international storage. Approximately half is held domestically, and the remainder is divided between vaults in the UK and Switzerland.

Belgium: Political Debates, Quiet Holdings

Belgium’s gold—227 tonnes—isn’t going anywhere, even when politics gets noisy. Central bankers insist that the national gold stock is not for sale, preferring to manage it solely for the public’s long-term benefit, not for immediate government spending.

Sweden: Small But Strategic

Sweden holds 126 tonnes, with careful diversification. About half is stored in London, with the rest split among vaults in the US, Canada, Switzerland, and at home. Even with this modest pile, Sweden values gold for stability, not as a flashy asset.

Europe’s Gold Economics: Trends and Context

Looking at the big picture, European gold holdings dwarf those of most regions except the US. Even countries like China and India, which have been heavy buyers lately, still haven’t caught up to the Old Continent. And the price of gold? It exploded to over $4,000 an ounce by late 2025—up around 48% year-to-date—making the continent’s gold even more valuable.

Most central banks in Europe have maintained their gold holdings steady over recent years, benefiting primarily from the surge in gold prices. Others, such as Poland and Turkey, were significant buyers and drove global trends.

Storage strategies have also shifted, with more gold being brought home for safekeeping, reflecting concerns about possible foreign asset freezes. Each country has its own formula for determining how much gold to hold domestically or abroad, as well as how to utilize its reserves as a backup in times of crisis.

What’s Next for Europe’s Gold Stash?

Gold isn’t losing its importance, especially amid worldwide uncertainty and inflation fears. Some countries are likely to continue adding to their reserves. As new technologies emerge, vault security and transparency also improve.

Europe’s mix of tradition and innovation helps keep gold as a strategic advantage—and a point of pride.

If the world’s finance system shakes again, Europe’s gold will be a powerful lifeline: a reminder that old-world wisdom still holds up when things get rough.

Here is the list of European countries with the highest gold reserves in 2025:

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