German private households hold 1.4 trillion euros in gold

German private households hold a record amount of gold, with the total value of gold assets reaching approximately 1.4 trillion euros as of March 2026. According to the ‘Goldinvestments 2026’ study by Reisebank, the proportion of gold within private wealth has risen from 2.8 percent in 2024 to 6.1 percent.

Private investors hold approximately 9,173 tonnes of gold, which includes 5,464 tonnes in bars and coins and 3,709 tonnes in jewelry. This amount is nearly three times the 3,350 tonnes held by the Deutsche Bundesbank. The study notes that German private individuals account for roughly 10.7 percent of global gold investments.

The rapid increase in value is attributed to historic highs in gold prices. However, the report highlights a significant information gap regarding tax regulations. While investment gold (such as bars with a purity of at least 995/1000) is exempt from VAT, profits from selling gold within one year of purchase may be subject to income tax under German law. Gains realized after a one-year holding period are generally tax-free.