Ranked: Central Bank Assets as a Share of GDP by Country

Countries With the Most Central Bank Assets vs. GDP

Central bank balance sheets expanded significantly in the years following the 2008 financial crisis, as monetary authorities responded to successive economic and market shocks.

This graphic, created by Aneesh Anand, ranks 20 major economies and financial centers by central bank assets as a share of GDP. Figures are the latest available for Q1 or Q2 2026 from the Bank for International Settlements (BIS) Data Portal.

Which Central Banks Have the Largest Balance Sheets?

The BIS measure includes assets such as gold and foreign reserves, claims on governments and financial institutions, and nonfinancial and fixed assets. Comparing these assets with GDP puts the scale of each balance sheet in the context of its domestic economy.

Here is the full ranking based on the latest available data:

Rank	Country	Central Bank	Assets (% of GDP)
1	Hong Kong	Hong Kong Monetary Authority	130.1%
2	Switzerland	Swiss National Bank	102.5%
3	Singapore	Monetary Authority of Singapore	95.1%
4	Japan	Bank of Japan	94.4%
5	Thailand	Bank of Thailand	55.3%
6	UAE	Central Bank of the UAE	47.1%
7	Saudi Arabia	Saudi Central Bank	40.6%
8	Eurozone	European Central Bank	39.0%
9	Brazil	Central Bank of Brazil	38.1%
10	Israel	Bank of Israel	37.6%
11	China	People’s Bank of China	34.4%
12	Poland	National Bank of Poland	30.5%
13	India	Reserve Bank of India	26.1%
14	UK	Bank of England	25.8%
15	South Korea	Bank of Korea	21.3%
16	U.S.	Federal Reserve System	21.2%
17	Indonesia	Bank Indonesia	19.1%
18	Turkey	Central Bank of the Republic of Turkey	18.6%
19	Mexico	Bank of Mexico	14.7%
20	Australia	Reserve Bank of Australia	12.9%

Four economies stand apart from the rest. Hong Kong, Switzerland, Singapore, and Japan all have central bank assets exceeding 90% of GDP.

Why Does Hong Kong Rank So High?

Hong Kong’s position reflects its role as a major international financial center and the distinctive structure of its monetary system. Its linked exchange rate system requires the Hong Kong Monetary Authority to maintain substantial foreign-currency backing, contributing to a large balance sheet relative to the territory’s GDP.

Hong Kong also has an unusually large financial sector relative to its economy. Its licensed banks held HK$26 trillion in total assets at the end of 2025, up 7.1% year over year, according to KPMG.

The ranking also illustrates why these ratios require context. A high asset-to-GDP ratio does not necessarily indicate a stronger or weaker economy. Like other measures expressed as a share of GDP, it simply puts the figure in perspective relative to the size of the economy.

How the U.S. and China Compare

China and the U.S. show why economic size and central bank balance-sheet size are different measures. Despite having the world’s two largest economies at market exchange rates, China ranks 11th by this measure, while the U.S. ranks 16th out of the major economies listed here.

These ratios should not be read as a ranking of monetary influence. The U.S. dollar remains central to global finance, while China’s scale gives it considerable influence over manufacturing, commodities, and trade. Even as U.S.-China economic ties evolve, the two economies remain deeply consequential for global markets.

Central bank balance sheets can also shift considerably over time as policymakers accumulate reserves, purchase securities, or unwind previous interventions.

Learn More on the Voronoi App

To explore another perspective on the scale of money and banking in the U.S., see How Much Cash Americans Have in the Bank, by State on the Voronoi app.

• Source: https://www.visualcapitalist.com/cp/ranked-central-bank-assets-as-a-share-of-gdp-by-country/