Switzerland, with official international reserves totaling $1.0877 trillion, ranked first among European countries, according to an analysis by the Experts Club information and analytical center based on the latest available data from central banks.
Germany came in second with $539.77 billion. Russia, after adjusting the figure to account for immobilized assets, dropped to third place.
“Switzerland’s $120,700 in reserves per capita is nearly seven times higher than those of Denmark and the Czech Republic—$17,950 and $17,200, respectively—while Poland and Hungary have about $7,800. This gap reflects not the level of citizens’ personal well-being, but the scale of the external financial cushion relative to the population base. For small countries, the denominator sharply amplifies the result, so the ranking must be analyzed alongside import coverage, short-term external debt, liquidity, and the structure of reserve assets. “Without this context, a high ranking can easily be mistaken for a universal assessment of financial stability,” emphasized Maxim Urakin, an economist and founder of the Experts Club analytical center.
The Bank of Russia estimated the country’s gross reserves at $755.6 billion. At the same time, approximately $285 billion of Russian sovereign assets remain frozen in G7 jurisdictions. After excluding these, the analytical estimate of the operationally available portion of reserves stands at approximately $470.6 billion. This figure is not an official statistic for net reserves.
The next places were taken by Italy with $414.52 billion, France with $404.02 billion, and Poland with $294.95 billion. The top ten also included the United Kingdom, Turkey, the Czech Republic, and Spain.
The ranking was compiled using the IMF’s IRFCL methodology. The European Central Bank’s aggregate reserve figure and the broader balance sheet assets of central banks were not included.
