Who is the Top Richest Country? Who Buys the Most Gold?

Gold - the Riches Countries in the World Have a Lot

It takes a lot of this to buy even an ounce of gold.
It takes a lot of this to buy even an ounce of gold.

Countries' Ranking as Top Gold Buyers

The Reserve Bank of India bought 200 metric tonnes of gold from the International Monetary Fund, or the IMF, in September of 2009. The move was a bid to increase the Washington-based financial institution’s capacity to lend to poor nations.

Strictly limited to 403.3 metric tonnes, the IMF’s executive board approved the sale on September 18 of 2009. The 403 tonnes represents on eighth of the IMF’s total holdings. Expected to jump on the bid were both China and India because of their economic strength at a time when much of the world is ravaged by recession.

China lost the race to the gold because India jumped on it so fast, paying $1045 per ounce, making it the number eleven spot among the world’s leading gold buyers.

11 Top Richest Economies That Buy Gold

#1.) With 8,133.5 tonnes of gold, making up 77.4% of their foreign exchange reserves (ForEx), the USA is the fourth largest producer of gold and the third highest buyer at the same time. While producing 240 tonnes of gold in 2007, the USA is the largest economy in the world, with an estimated GDP (Gross Domestic Product) of over $14.3 trillion in 2008. That’s a quarter of nominal GDP and one fifth of global GDP at purchasing power parity (PPP).

#2.) Next on the list is Germany , with 3,408.3 tonnes of gold that comprises 69.2% of their ForEx reserves. As a major world economic power Germany is the world’s fourth largest economy by national GDP and the fifth largest by PPP.

#3.) The International Monetary Fund , or IMF, isn’t a country, but rather an organization of 186 countries. The multilateral financing company’s main focus is to facilitate international trade, secure financial stability, foster global monetary cooperation, facilitate international trade and advocate for employment and growth. It’s also making huge strides in efforts to stop world hunger by reducing poverty.

Ranked 8th for Quality of Life is Europe’s Fourth Largest Economy, Italy

#4.) Holding the rank of 8th highest quality of life index rating, Italy has 2,451.8 tonnes of gold that makes up 66.6% of its total ForEx reserves. The 7th largest economy in the world, Italy is the fourth largest economy in Europe.

#5.) France is at number five. 70.6% of this country’s ForEx reserves are made up of 2,445.1 tonnes of gold. The most visited country in the world enjoys 82 million tourists every year. The fifth largest world economy by GDP and eighth by PPP, Italy is also the largest country in the European Union.

#6.) With an average annual GDP growth of over 10% for the past 30 years is China , the fastest growing economy in the world. China is the 3rd largest economy after the US and Japan, with 2008’s GDP of $4.4 trillion.

#7.) Switzerland is number seven with 1040.1 tonnes of gold, comprising 29.1% of it’s total ForEx reserves. With a GDP of nearly $316 billion, Switzerland is one of the richest countries in the world. Zurich and Geneva are two of Switzerland’s cities that are ranked second and third in the world for highest quality of life.

Japan Comes in Second in the World’s Largest Economy

#8.) Japan enjoys it’s rank as the second largest economy in the world by nominal GDP and the 3rd largest in PPP. Japan has 765.2 tonnes of gold that comprises 2.3% of it’s total ForEx reserves. The fourth largest exporter and the sixth largest importer, Japan is the only Asian nation in the G8.

#9.) 59.6% of the Netherlands ’ total ForEx reserves is 621.5 tonnes of gold. The Netherlands is one of the most free-market capitalist economies in the world, ranking 12th of 157 countries, according to the Index of Economic Freedom. The Netherlands registered a GDP of $677.49 billion in 2008.

#10.) The world’s 7th largest buyer of gold is also the world’s sixth largest producer. Russia has 568.4 tonnes of gold that comprises 43% of their total ForEx reserves and it also produced 169.2 tonnes of gold in 2007.

#11.) As mentioned in the beginning, India recently bought 200 metric tonnes of gold from the IMF for $6.7 billion. India has 557.7 tonnes of gold, making up 6% of its total ForEx reserves. Analysts report that the purchase was a smart move because in buying IMF gold, New Delhi is building up it’s reserves, banking on the US dollar losing more value against other countries.

There, you have it. All the richest countries in the world and their ForEx reserves, with gold buying and producing power.

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