How Much Gold is There in the World?

Breaking Down How Much Gold There Is

Our investigation began with the World Gold Council* (WGC). According to their mining data report, approximately 216,265 tonnes of gold have been mined throughout history. Gold mining has accelerated rapidly since 1950, with around two-thirds of all mined gold extracted in the last 75 years.

While this gives us a solid starting point, the next question is: how much gold is left to be mined? In a 2020 report, BBC News stated that mining companies estimated around 50,000 tonnes of gold remained underground. However, that estimate is now five years old, and the figure is likely to be lower today. Some experts even believe that all accessible gold could be mined by 2050—just 25 years from the time of writing.

Another useful source is the WGC’s gold demand report, which shows the following annual mine production:

• 2021: 3,568.9 tonnes
• 2022: 3,611.9 tonnes
• 2023: 3,644.1 tonnes
• 2024: 3,661.2 tonnes

This totals 14,486.1 tonnes over four years. If we subtract this from the 50,000-tonne estimate, that leaves roughly 35,513.9 tonnes of gold still to be mined. With production increasing by 20-30 tonnes per year, if current rates continue, all known gold reserves could be exhausted by 2035, less than a decade away. Of course, much of this is based on available data and educated estimates. The true amount of gold in the world is difficult to determine.

Our Best Estimate - We suggest there is roughly 250,000 tonnes of gold in total mined and unmined.

But there’s one more astonishing detail: experts believe there could be up to 20 million tonnes of gold dissolved in the world’s oceans, potentially worth over $700 trillion. If that were ever recoverable, the total gold on Earth could reach 20,250,000 tonnes, with only a tiny fraction mined since ancient times.

*World Gold Council is an industry association that promotes the use of gold and provides research and education about the gold market.

What Country Has the Most Gold?

It may come as no surprise that the United States holds the largest gold reserves of any country. What’s less well known is that Germany and Italy store a significant portion of their gold in the US, worth around $245 billion.

Approximately 37% of Germany’s gold and 43% of Italy’s reserves are held there. In recent years, politicians in both countries have called for the repatriation of thousands of tonnes of gold from the United States. This movement has been driven by rising geopolitical tensions and concerns over US policy, particularly during Donald Trump’s presidency.

If you live in the UK, you might notice it’s missing from the list of top gold-holding nations. That’s largely due to the sale of 401 tonnes of gold (56% of the UK’s reserves), by then-Chancellor Gordon Brown. From 1999 to 2002, Gordon Brown, against advice of leading bankers, sold a large proportion of Britain's Gold Reserves, and managed to time the sales to coincide with a 25 year low.

Sold at an average of $275 per ounce, the total raised was just £3.5 billion. Today, gold is worth significantly more: around £2,468 per ounce in GBP and $3,300 in USD. Many still consider this one of the most costly financial decisions in UK history.

What Countries Are Mining the Most Gold?

Gold mining is a truly global industry, with operations on every continent except Antarctica. In 2024, China led global production with 380 tonnes, accounting for around 10% of the total output. Russia followed in second place with 330 tonnes. Both countries are key members of BRICS.

BRICS is a group of emerging economies—Brazil, Russia, India, China, and South Africa, that aim to challenge Western dominance in global affairs. Throughout 2024, over 30 countries expressed interest in joining BRICS, either as full members or strategic partners.

How Is Gold Mined?

Extracting gold is far more complex than simply digging where it’s believed to be. It involves a lengthy process of geological surveys, feasibility studies, and careful planning to determine the size and accessibility of the deposit. Safety and environmental standards must also be met throughout. According to the World Gold Council, it can take anywhere from 10 to 20 years after a discovery before the gold is processed into refined bullion.

Even when accounting for known reserves, there may still be undiscovered gold deposits. If found, these could extend the timeline for global depletion by another 10 to 20 years. So rather than running out in the next decade, gold supplies could last several more.

How Is Gold Formed?

It's believed that gold originated during a supernova nucleosynthesis, occurring when a star implodes. This process of nucleosynthesis is responsible for the creation of approximately half of the elements in the periodic table, including gold, platinum, and uranium. For more information you can explore complete guide on 'How Gold is Formed'.