Latest Rankings of the World's Largest Central Banks by Assets: Where Does Indonesia Stand?

The size of a nation’s economy does not always align with the scale of its central bank’s balance sheet. While the United States and China are the world’s two largest economies, neither occupies the top positions in the list of central banks with the largest assets relative to Gross Domestic Product (GDP).

Hong Kong holds the top position. Assets held by its central bank, the Hong Kong Monetary Authority (HKMA), reached 130.1% of GDP, a value exceeding the total goods and services produced by the Hongble Kong economy in a single year. Switzerland follows in second place with a ratio of 102.5%, followed by Singapore at 95.1% and Japan at 94.4%. These four are the only nations and financial centres in the list with central bank assets exceeding 90% of their GDP.

These findings are based on a ranking compiled by Aneesh Anand using recent data from the Bank for International Settlements (BIS) for Q1 or Q2 2026, as reported via Visual Capitalist. Central bank assets in the BIS calculation include gold, foreign exchange reserves, government debt securities, claims on financial institutions, as well as fixed and other non-financial assets. The comparison with GDP is used to observe the scale of the central bank’s balance sheet relative to the size of each respective economy.

Why is Hong Kong so large? The scale of Hong Kong’s central bank balance sheet is inseparable from its position as a global financial hub. The region also employs a monetary system different from most other nations. The Hong Kong Dollar is pegged to the US Dollar through a linked exchange rate system. To maintain this exchange rate relationship, the HKMA must hold significant foreign currency-denominated assets, making its reserves and assets very large compared to the size of the Hong Kong economy.

The large financial sector further widens this comparison. According to KPMG data, licensed banks in Hong Kong held total assets of HK$26 trillion at the end of 2025, a 7.1% increase from the previous year. Switzerland and Singapore are also known as global financial hubs and wealth management centres. Both nations possess large reserves and financial assets, while their domestic economies are relatively smaller than those of the US or China.

Japan presents a different scenario. The Bank of Japan’s balance sheet has expanded following years of loose monetary policy and large-scale purchases of government debt. These purchases were intended to lower borrowing costs, inject liquidity into the financial system, and assist the economy in escaping deflationary pressures. The purchased debt is subsequently recorded as an asset on the Bank of Japan’s balance sheet.

Among Southeast Asian nations in the top 20, Thailand recorded the highest ratio. Assets held by the Bank of Thailand reached 55.3% of GDP, placing it fifth in the world. Thailand’s position is significantly higher than that of the United Arab Emirates, Saudi Arabia, China, India, South Korea, and Indonesia.

While Singapore maintains a higher ratio at 95.1%, its economic character differs due to its status as a global financial hub with massive foreign exchange reserves relative to its domestic economy, similar to Hong Kong.

Indonesia ranks 17th among the 20 countries included in the ranking. Assets recorded by Bank Indonesia are equivalent to 19.1% of GDP. This position is slightly below the US, which recorded a ratio of 21.2%, but higher than Turkey at 18.6%, Mexico at 14.7%, and Australia at 12.9%. Among the Southeast Asian nations in the list, Indonesia’s ratio sits below Singapore and Thailand.

However, a high ratio does not necessarily imply a stronger economic condition, nor does a low ratio indicate a weaker central bank. The size of central bank assets depends heavily on the policies implemented by each nation. Some central banks maintain large foreign exchange reserves, while others engage in significant bond purchases to support the economy during crises. Large-scale bond purchases increase assets on the central bank’s balance sheet, but such increases do not inherently make a country wealthier than those with lower ratios.

Despite being the world’s two largest economies, China and the United States do not appear at the top of this list. The central bank of China (People’s Bank of China) has an asset-to-GDP ratio of only 34.4%, placing China 11th. Meanwhile, the US central bank (The Federal Reserve) sits at 16th with a ratio of 21.2%. This is due to the massive scale of both economies; while the absolute value of their central bank assets is large, the percentage relative to their respective GDP is much smaller.