A BIS-based ranking of 20 major economies shows Hong Kong, Switzerland, Singapore, and Japan have central bank assets exceeding 90% of GDP, while major economies such as the U.S. and China sit much lower by this measure.
Hong Kong’s central bank assets equal 130.1% of GDP, the highest among the 20 economies shown.
Switzerland, Singapore, and Japan also have exceptionally large central bank balance sheets, each above 90% of GDP.
High asset-to-GDP ratios reflect structural roles or policy choices and do not alone indicate stronger or weaker economies.
# What the ranking measures This dataset compares central bank assets to national GDP using BIS figures for Q1 or Q2 2026. The BIS measure includes gold and foreign reserves, claims on governments and financial institutions, and nonfinancial and fixed assets. Expressing assets as a share of GDP puts balance-sheet scale in the context of the domestic economy.
# The headline numbers Hong Kong leads the list at 130.1% of GDP. Switzerland (102.5%), Singapore (95.1%), and Japan (94.4%) also stand above 90%. At the other end, Australia (12.9%), Mexico (14.7%), and Turkey (18.6%) are among the lowest in the 20-economy sample. China is 34.4% and the United States is 21.2%.
# Why Hong Kong is so high Hong Kong's ratio reflects two concrete features. First, its linked exchange-rate system requires the Hong Kong Monetary Authority to hold substantial foreign-currency backing, which inflates the balance sheet relative to GDP. Second, Hong Kong's financial sector is large compared with the territory's economy: licensed banks held HK$26 trillion in assets at end-2025, a figure cited in the source, which helps explain why the monetary authority's reserves look large relative to GDP.
# What large ratios can mean (and what they don't)
# Comparing China and the U.S. China's central bank assets (34.4% of GDP) are substantially higher than the U.S. (21.2%), despite both being among the world's largest economies. The difference shows how asset-to-GDP ratios capture domestic balance-sheet scale rather than global monetary influence. The ranking cautions against using these ratios as a standalone measure of monetary power.
# How balance sheets change over time Central bank balance sheets expanded significantly after the 2008 financial crisis and continued to shift as authorities accumulated reserves, purchased securities, or unwound interventions. That history explains why some economies in this snapshot have unusually large balance sheets relative to GDP: composition and past policy actions matter.
# Practical takeaways for readers
# Source and scope The ranking covers 20 major economies and financial centers using the latest BIS data available for Q1 or Q2 2026. The BIS definition of assets is broad and includes holdings that central banks use for monetary and exchange-rate policy.
Japan leads on government debt at 195% of GDP, Switzerland on household debt at 123%, and Luxembourg on corporate debt at 359%.
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