Reserves fall as population grows
Comparing Population growth (annual %) with Total reserves (gold at market value) (SDR), per capita across 171 countries, 2025–2025.
- Rank correlation
- -0.56
- Holding size constant
- -0.47
- Countries compared
- 171
- Period
- 2025–2025
What might link these
The negative correlation between total reserves per capita and population growth might be linked to countries with rapidly growing populations potentially having less ability to accumulate reserves. A careful reader should consider that urbanization rates could be a confounder, as they might influence both indicators. The relationship could also be driven by other economic factors.
Why this is not proof of anything
This is a correlation across countries, not an experiment. It cannot show that either indicator causes the other, and both may simply follow a third thing. This correlation does not account for other potential economic or political factors that could influence both reserves and population growth, and thus might not imply a direct relationship.
The second figure above repeats the measurement with national population and income held constant. It is the more conservative number: a relationship that largely disappears there was mostly telling you that larger, richer countries have more of most things.
How this was measured
Both indicators were ranked across every country reporting each, and the two rankings compared — ranks rather than raw values, because a handful of very large countries can otherwise manufacture a relationship on their own. The calculation is arithmetic over figures already published on this site; the commentary above is drafted from the two indicator names and the resulting coefficients.