Wealthier nations hold more reserves
Comparing GNI (current US$), per capita with Reserves excluding gold (SDR), per capita across 169 countries, 2022–2025.
- Rank correlation
- +0.79
- Holding size constant
- +0.71
- Countries compared
- 169
- Period
- 2022–2025
What might link these
The relationship between reserves excluding gold and GNI per capita might be linked through economic stability and investment opportunities. A careful reader should be cautious about potential confounders like trade balance or economic diversification. The correlation could be influenced by these factors rather than a direct link between the two indicators.
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 could mislead by implying a causal relationship between reserve holdings and national income, when in fact both might be driven by other underlying economic factors.
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.