The finding comes from a recent analysis of World Gold Council data, which examined official gold reserves around the world during 2025 and the opening months of 2026. While attention in financial markets remains focused on interest rates, inflation and economic growth, central banks have continued quietly increasing their exposure to gold.

The precious metal enjoyed a strong performance in 2025, recording its largest annual gain since the late 1970s. Demand has remained supported by geopolitical tensions, uncertainty surrounding global economic growth and continued interest from both institutional investors and central banks.

The United States remains the world's largest holder of gold reserves, with more than 8,100 tonnes held by its central bank. Germany, Italy, France and China complete the top five, together controlling more than half of global official gold reserves.

China has continued expanding its holdings this year, adding more than 15 tonnes to its reserves and overtaking Russia to become the world's fifth-largest official gold holder. Poland has also emerged as one of the most active buyers, increasing its reserves significantly as it seeks greater financial security amid ongoing geopolitical uncertainty in Eastern Europe.

While Portugal does not rank among the largest holders in absolute terms, it performs far better when reserves are measured against population size.

According to the analysis, Portugal holds approximately 382.7 tonnes of gold, equivalent to around 36.8 grams for every resident. That places the country among the strongest performers globally on a per-capita basis, alongside countries such as France and Qatar.

Portugal's gold reserves also account for around 78% of its total national reserves, a notably high proportion compared with many larger economies. In absolute terms, Portugal holds more gold than several countries with significantly larger populations, including Spain, the United Kingdom, Sweden, Brazil and Greece.

Switzerland tops the global ranking for gold per inhabitant, with more than 115 grams per person, followed by Lebanon. Italy and Germany also rank highly thanks to their substantial reserves combined with relatively smaller populations than the United States.

Financial analysts say the continued accumulation of gold by central banks reflects a long-term strategy rather than a short-term reaction to market events. Unlike currencies or government bonds, gold is viewed as a store of value that sits outside the banking system and is less exposed to political or financial risks.

As uncertainty continues to shape the global economy, many monetary authorities appear to be treating gold as an important tool for diversification and financial stability. For Portugal, the figures underline the country's unexpectedly strong position among the world's leading holders of gold reserves on a per-person basis.