Taiwan ranks 12th in 2024 Q1 global gold reserves: Forbes

Taipei, June 2 (CNA) Taiwan ranked 12th in global gold reserves in the first quarter of 2024, according to a recent Forbes report, citing data from the World Gold Council (WGC).

Taiwan had 423 tonnes of gold reserves, equivalent to approximately US$28 billion, Forbes reported on May 31.

The U.S. had the most gold reserves in the world, with nearly as much as the combined total of the next three countries on the list, the magazine reported.

According to the WGC data, the U.S. had 8,133 tonnes of gold reserves, worth approximately US$579 billion.

It was followed by Germany with 3,352 tonnes (US$238 billion), Italy with 2,451 tonnes (US$174 billion), and France with 2,436 tonnes (US$173 billion).

Rounding out the top 10 list were Russia, China, Switzerland, Japan, India, and the Netherlands, the WGC data showed.

Gold reserves are critical for the economic stability of a country, acting as a reliable store of value, particularly during financial uncertainties, Forbes said.