| Rank | Country | Central Bank Gold Reserves (tonnes) | Gold Reserves (millions) | ETF Gold Holdings (tonnes) | ETF Gold Demand (tonnes) | Consumer demand per capita (grams) | Gold Nation Score | ||||
| 1 | United States | 8,133 | 517,689 | 1,668 | 10.5 | 0.75 | 8.93 | ||||
| 2 | Germany | 3,355 | 213,536 | 401 | -12.4 | 2.34 | 6.83 | ||||
| 3 | Switzerland | 1,040 | 60,646 | 341 | -11.2 | 5.58 | 6.57 | ||||
| 4 | Turkey | 572 | 36,406 | 5 | 3.6 | 1.43 | 5.85 | ||||
| 5 | Italy | 2,452 | 156,058 | 8 | 2 | 0.33 | 5.36 | ||||
| 6 | China | 2,068 | 131,650 | 51 | -0.8 | 0.56 | 5.11 | ||||
| 7 | Saudi Arabia | 323 | 18,839 | 0 | 0 | 1.44 | 4.78 | ||||
| 8 | Japan | 846 | 53,846 | 26 | 0.9 | 0.03 | 4.69 | ||||
| 9 | Canada | 0 | 0 | 70 | -0.1 | 0.71 | 4.53 | ||||
| 10 | France | 2,437 | 155,102 | 69 | -2.5 | 0.30 | 4.40 |
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The United States is the number one gold nation in the world, scoring 8.93 out of 10 in the ranking of 17 selected countries. The US had the highest volume of central bank gold reserves (8,133 tonnes) as well as ETF gold holdings (1,668 tonnes).
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Germany ranked second for the biggest gold-producing countries, with a score of 6.83 out of 10. Germany ranked 2nd for central bank gold reserves volume (3,355 tonnes) but recorded higher consumer demand (2.34 grams). Germany also has the third-highest volume of ETF gold holdings (401 tonnes) behind the United States and the UK.
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Switzerland scored third place, with a score of 6.57 out of 10. As a major financial hub, Switzerland has among the highest ETF gold holdings (341 tonnes) as of the first quarter of 2023 and also had the highest consumer demand per capita (5.58 grams) compared to any other country, including the United States. Although the country holds smaller gold reserves (60,646 million) than the US and Germany, it remains the world’s biggest bullion refining and transit hub.
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