A small group of resource‑rich countries controls most of the world’s known silver reserves in 2026, with Peru firmly at number one.
These reserves matter for everything from jewellery and coins to solar panels, EVs, and electronics, so the ranking isn’t just trivia; it’s quietly tied to the energy transition and industrial supply chains.
Top 10 Countries With the Most Silver Reserves in 2026
Based on recent compilations drawing on the U.S. Geological Survey’s Mineral Commodity Summaries and updated 2025–2026 estimates, these are the top 10 countries by silver reserves (metric tons).
|
Rank |
Country |
Silver reserves (metric tons) |
|---|---|---|
|
1 |
Peru |
140,000 |
|
2 |
Australia |
94,000 |
|
3 |
Russia |
92,000 |
|
4 |
China |
70,000 |
|
5 |
Poland |
61,000 |
|
6 |
Mexico |
37,000 |
|
7 |
Chile |
26,000 |
|
8 |
United States |
23,000 |
|
9 |
Bolivia |
22,000 |
|
10 |
India |
8,000 |
Different sources quote slightly different figures for Peru and China, but they agree on the overall order from Peru down to India.
Peru
Peru is the world leader in silver reserves, holding roughly 22% of known global silver stocks with 140,000 metric tons. The country also consistently ranks near the top in annual silver production, thanks to huge polymetallic mines in the Andes where silver is produced alongside copper, zinc, and lead.
Recent investment in operations like Antamina and new deals such as Endeavour Silver’s acquisition of Huachocolpa Uno suggest Peru intends to stay central to the silver story for years.
Australia
Australia sits second with about 94,000 metric tons of silver reserves. Much of that silver is tied up in large base‑metal and gold systems, so it often comes as a by‑product rather than from “pure” silver mines.
The upside is that Australia’s strong mining infrastructure and regulatory environment make those reserves relatively accessible when silver prices or industrial demand spike.
Russia
Russia holds an estimated 92,000 metric tons of silver, placing it just behind Australia. Mines like Dukat and the newer Prognoz project in the Far East are key contributors, with Prognoz expected to add several million ounces of silver annually once fully ramped.
Geopolitical issues and sanctions complicate exports, but they don’t change the underlying fact that Russia is one of the biggest long‑term holders of underground silver.
China
China’s silver reserves are 72,000 metric tons, keeping it firmly in the global top four. While its reserve base is huge, China’s real leverage is in processing: it is the largest processor of silver ores and concentrates in the world and a dominant player in refining.
Mines such as Silvercorp’s Ying district in Henan remain major primary silver producers, but a lot of Chinese silver still comes as a by‑product of lead‑zinc and copper operations.
Poland
Poland has about 63,000 metric tons of silver reserves. Most of this sits in massive copper deposits mined by KGHM, where silver is recovered during smelting and refining.
For a relatively small country, that combo of copper and silver makes Poland a quiet heavyweight in European metals supply.
Mexico
Mexico holds roughly 37,000 metric tons of silver in reserves, but it is the world’s top silver producer by annual output. Regions like Zacatecas, Durango, and Chihuahua dominate national production, with operations such as Peñasquito and various Fresnillo mines contributing heavily. In practice, Mexico’s “smaller” reserve figure is offset by its dense cluster of producing and near‑production projects.
Chile
Chile has around 26,000 metric tons of silver reserves, often tied to its giant copper mines. Because Chile is already a global copper superpower, its silver output tends to scale up whenever copper expansions happen, making silver an important if sometimes overlooked, secondary revenue stream.
United States
The United States holds about 23,000 metric tons of silver reserves. Silver is produced in multiple states, with Alaska and Idaho among the leaders, and much of it comes as a by‑product from polymetallic deposits. USGS reports highlight a diverse set of mines and refiners rather than just one or two mega‑operations.
Bolivia
Bolivia’s silver reserves stand near 22,000 metric tons. Historically, the country has been synonymous with silver because of Potosí; today, it remains an important producer through modern polymetallic mines.
Bolivia’s reserves keep it in the conversation whenever analysts talk about Latin America’s long‑term role in precious and industrial metals.
India
India rounds out the top 10 with about 8,000 metric tons of silver reserves. Unlike some peers, India’s bigger story is on the consumption side: it has become the world’s largest importer of refined silver, with imports surging in 2024–2025 to meet industrial and investment demand.
That combination of modest domestic reserves, huge imports, and fast‑growing use in solar, electronics, and jewellery is why Indian policy analysts now argue that silver should be treated as a strategic metal, not just a precious one.
Why Silver Reserves Matter in 2026?
Silver reserves matter in 2026 because the metal now sits at the crossroads of industry and investment, not just jewellery or coins.
Countries with big in‑ground reserves have more leverage as demand rises for solar panels, EV components, high‑end electronics, and even medical applications that rely on silver’s conductivity and antibacterial properties.
At the same time, analysts tracking reserves warn that easy, high‑grade deposits are finite, so the map of who holds how much silver quietly shapes long‑term pricing, mining investment, and even trade strategies especially for fast‑growing economies like India that depend heavily on imports.
Disclaimer
Silver reserve figures and country rankings are based on the latest available geological surveys, industry reports, and 2025–2026 estimates. Numbers are rounded and may be revised as new deposits are discovered or reclassified. This content is for general information only and should not be used as financial or investment advice.
