Where Portugal Stands in Global Gold Per Capita
Central banks around the world collectively hold nearly 35,000 tonnes of gold, but when you divide that by population, the picture of national gold wealth changes dramatically. A new study by Best Brokers, drawing on World Gold Council data, ranks countries not by total reserves but by how much gold each citizen theoretically holds.
At the top sits Switzerland. With 1,040 tonnes of official gold reserves and a population of around 9 million, each Swiss resident is backed by 115 grams (3.7 troy ounces) of the central bank’s gold. That is the equivalent of 37 small gold coins, using the study’s illustrative 0.1 troy-ounce (3.39-gram) coin. Lebanon, with a much smaller economy but modest reserves relative to its population, comes second with 16 coins per person. Italy and Germany follow with 13 each.
Portugal occupies the 15th spot in total reserves at 382 tonnes. On a per-capita basis, it ties for 12th place with France and Qatar, each averaging 12 of those small coins per citizen. The United States, despite holding the world’s largest stockpile at 8,133 tonnes, slips to 12th in per-capita terms — just 0.75 troy ounces, or seven coins, for each American.
The analysis also flags a busy 2025 for central banks. Nations including Poland, Kazakhstan, Brazil and China expanded their gold holdings as part of strategies to reinforce financial stability, while others like Singapore and Uzbekistan trimmed reserves to manage liquidity. The overall takeaway: total tonnes tell only part of the story; adjusting for population size highlights the extraordinary concentration of reserves in a handful of smaller wealthy nations.
Why Small Wealthy Nations Dominate the Per-Capita Ranking
Population Dilution and the U.S. Disadvantage
The United States may own almost a quarter of all central bank gold, but its 340 million residents spread that wealth thin. Switzerland’s per-capita lead owes more to its small population than to an outsized reserve — it holds only the seventh-largest total globally. The per-capita lens effectively magnifies the position of compact, high-income economies and diminishes that of populous giants.
What a “Coin” Represents – and What It Doesn’t
The study’s use of a hypothetical 0.1 troy-ounce coin helps visualize comparisons, but it is not a real coin traded or held by citizens. All the gold counted is in central bank vaults, serving as a reserve asset, not a direct claim for individuals. Per-capita figures should therefore be read as a measure of national backing, not personal wealth.
Portugal’s Steady Position
Portugal’s 382 tonnes have been stable for decades, placing it solidly among mid-tier holders. The 12-coin per-capita mark puts it in line with France and ahead of Singapore, the Netherlands and Austria. While less flashy than Switzerland’s 37, that level still signals a meaningful gold buffer relative to the size of its economy, a legacy of historical accumulation that continues to underpin the credibility of the eurozone’s smaller central banks.
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