2 min readJun 29, 2026 10:00 AM IST
Top 10 countries with the highest forex reserves in 2026: Data from IMF’s International Reserves and Foreign Currency Liquidity suggests that the largest present day reserve holders were shaped by the 1997 Asian Financial Crisis.
This made foreign capital during periods of market instability, susceptible. Several governments started accumulating large foreign exchange reserves as a safeguard, effectively treating them as a form of economic self-insurance.
The compiled data lists countries according to their foreign exchange reserves, excluding gold, using the most recent available figures reported between mid-2025 and the second quarter of 2026.
It is worth noting that Asian countries top the list, majorly. Seven of the top 10 listed here are Asian countries. USA ranks 13th on the list.
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Why do countries build currency reserves?
Foreign exchange reserves function like a financial safety net for a country. Central banks can draw on them to support the national currency during periods of volatility, cover critical import needs, repay external debt, or calm investor concerns in times of capital outflow.
A larger stockpile of reserves gives a nation stronger capacity to absorb external economic shocks without depending heavily on outside financial aid.
The significance of maintaining robust reserves became especially evident after the 1997 Asian Financial Crisis, when several Asian economies faced sharp currency devaluations and had to seek international support. In response, many countries in the region began prioritising the accumulation of large reserve buffers as a form of economic self-protection.
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China ranked No. 1 in the list. Japan, Switzerland and Taiwan took the #2, #3 and #4 spot respectively. India took the No. 5 position. Saudi Arabia, Hong Kong and Russia were placed at #6, #7 and #8 respectively. South Korea earned the No. 9 spot while Singapore closed the top 10 list.
Top 10 countries with the highest forex reserves in 2026:
| Rank | Country | Foreign Exchange Reserves ($B) |
| 1 | China | 3,410.5 |
| 2 | Japan | 1,259.2 |
| 3 | Switzerland | 932.3 |
| 4 | Taiwan | 602.5 |
| 5 | India | 543.0 |
| 6 | Saudi Arabia | 458.6 |
| 7 | Hong Kong | 442.1 |
| 8 | Russia | 434.5 |
| 9 | South Korea | 423.1 |
| 10 | Singapore | 419.3 |