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Indian women own 24,000 tonnes of gold, which is more than the combined reserves of the top five countries. South Indian women in particular own the most gold, Indian women own 11% of the world’s gold and represent a significant portion of India’s GDP. Limits on legal ownership also reflect the importance of gold in Indian culture, especially for women’s financial security.
Gold has long been a symbol of wealth, tradition and cultural significance in India, especially among women, who have a deep association with gold jewellery. It holds a central place in Indian celebrations, especially weddings, where gold is an essential part of the celebrations. Be it intricate bridal jewelery or simple gold bars, no Indian wedding is complete without a gold gift. This cultural affinity for gold has led Indian women to accumulate it in significant quantities, often passed down through generations. As a result, India has become the global leader in gold ownership, especially domestic gold. According to the World Gold Council, Indian women collectively own about 24,000 tonnes of gold in the form of jewellery, which is about 11% of the world’s total gold reserves.
Indian women have a lot of gold
In fact, the total gold held by Indian women is more than the combined gold reserves of the top five countries. The United States has 8,000 tons of gold, Germany has 3,300 tons, Italy has 2,450 tons, France has 2,400 tons, and Russia has 1,900 tons. Even if the combined reserves of these countries are taken into account, they are still less than the gold owned by women in India. According to a report by Oxford Gold Group, Indian households hold 11% of the world’s total gold – more than the combined reserves of the United States, the International Monetary Fund (IMF), Switzerland and Germany.
Women in South India are particularly prominent in gold ownership. The southern region accounts for 40% of India’s total gold reserves, with Tamil Nadu alone accounting for 28%. A 2020-21 study by the World Gold Council shows that Indian households hold 21,000 to 23,000 tonnes of gold. By 2023, this figure will increase to about 24,000 to 25,000 tonnes or 25 million kilograms of gold – representing a large portion of the country’s wealth. These gold reserves also play a role in supporting India’s economy, accounting for 40% of the country’s GDP.
According to the income tax laws of India, married women are allowed to keep up to 500 grams of gold, while unmarried women are allowed to keep up to 250 grams of gold. In comparison, men are limited to only 100 grams of gold. Gold plays an important role in Indian culture. Gold is considered a symbol of wealth and safe for future savings.
