For the first time in modern history, Hungary has more gold reserves than Romania, writes the financial daily Vilaggazdasag, quoted by Agerpres.
According to this publication, while Romania's gold reserves are around 103.6 tons, a level at which it has stagnated for several years, Hungary's gold reserves have reached a record level of 110 tons, after the National Bank of Hungary (MNB) began an aggressive strategy of gold purchases.
Another notable aspect of Romania's gold reserves is where they are stored. 60% (about 60 tons) of Romania's gold is in the vaults of the Bank of England in London. On the other hand, Hungary is increasingly focusing on the physical presence and strategic availability of gold reserves.
Hungary has the largest gold reserves per capita in Central and Eastern Europe
The National Bank of Hungary has held gold reserves since its establishment in 1924, but its reserves have fluctuated greatly over time. Gold reserves grew until World War II, and at the end of the war, the Hungarian National Bank sent about 30 tons of gold bars and coins to Austria. After the war, gold reserves were returned to Hungary and supported economic stabilization and financial consolidation.
After the regime change, Hungary's gold reserves were reduced in several stages to a minimum level of approximately 3.1 tons. With “long-term national and economic strategic goals” in mind, the MNB increased gold reserves more than tenfold in 2018 to 31.5 tons, and then tripled them in 2021 to 94.5 tons. In 2024, the centenary year of its foundation, the National Bank of Hungary decided to increase its gold reserves from 94.5 tons to 110 tons.
As a result of the MNB's recent purchases, the amount of gold per capita in Hungary has increased from 0.32 ounces to 0.37 ounces, making Hungary the holder of the largest gold reserves per capita in all of Central and Eastern Europe.
Hungary's strategy to increase its gold reserves is part of a global phenomenon. In 2025, global gold demand reached an all-time high of more than 5,000 tons.
The United States has by far the largest gold reserves in the world, with more than 8,100 tons, followed by Germany (3,350 tons), then Italy and France (both with more than 2,400 tons). Although the volume of central bank purchases decreased in 2025, it remained exceptionally high: in total, around 860 tonnes of gold were purchased by the world's central banks, well above the average of the previous decade. The biggest buyer was Poland, which accumulated more than 80 tonnes alone, but Kazakhstan and Brazil also remained significant buyers.
