Real Assets
200 Years of Global Gold Production, by Country
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Visualizing Global Gold Production Over 200 Years
Although the practice of gold mining has been around for thousands of years, it’s estimated that roughly 86% of all above-ground gold was extracted in the last 200 years.
With modern mining techniques making large-scale production possible, global gold production has grown exponentially since the 1800s.
The above infographic uses data from Our World in Data to visualize global gold production by country from 1820 to 2022, showing how gold mining has evolved to become increasingly global over time.
A Brief History of Gold Mining
The best-known gold rush in modern history occurred in California in 1848, when James Marshall discovered gold in Sacramento Valley. As word spread, thousands of migrants flocked to California in search of gold, and by 1855, miners had extracted around $2 billion worth of gold.
The United States, Australia, and Russia were (interchangeably) the three largest gold producers until the 1890s. Then, South Africa took the helm thanks to the massive discovery in the Witwatersrand Basin, now regarded today as one of the world’s greatest ever goldfields.
South Africa’s annual gold production peaked in 1970 at 1,002 tonnes—by far the largest amount of gold produced by any country in a year.
With the price of gold rising since the 1980s, global gold production has become increasingly widespread. By 2007, China was the world’s largest gold-producing nation, and today a significant quantity of gold is being mined in over 40 countries.
The Top Gold-Producing Countries in 2022
Around 31% of the world’s gold production in 2022 came from three countries—China, Russia, and Australia, with each producing over 300 tonnes of the precious metal.
Rank | Country | 2022E Gold Production, tonnes | % of Total |
---|---|---|---|
#1 | 🇨🇳 China | 330 | 11% |
#2 | 🇷🇺 Russia | 320 | 10% |
#3 | 🇦🇺 Australia | 320 | 10% |
#4 | 🇨🇦 Canada | 220 | 7% |
#5 | 🇺🇸 United States | 170 | 5% |
#6 | 🇲🇽 Mexico | 120 | 4% |
#7 | 🇰🇿 Kazakhstan | 120 | 4% |
#8 | 🇿🇦 South Africa | 110 | 4% |
#9 | 🇵🇪 Peru | 100 | 3% |
#10 | 🇺🇿 Uzbekistan | 100 | 3% |
#11 | 🇬🇭 Ghana | 90 | 3% |
#12 | 🇮🇩 Indonesia | 70 | 2% |
- | 🌍 Rest of the World | 1,030 | 33% |
- | World Total | 3,100 | 100% |
North American countries Canada, the U.S., and Mexico round out the top six gold producers, collectively making up 16% of the global total. The state of Nevada alone accounted for 72% of U.S. production, hosting the world’s largest gold mining complex (including six mines) owned by Nevada Gold Mines.
Meanwhile, South Africa produced 110 tonnes of gold in 2022, down by 74% relative to its output of 430 tonnes in 2000. This long-term decline is the result of mine closures, maturing assets, and industrial conflict, according to the World Gold Council.
Interestingly, two smaller gold producers on the list, Uzbekistan and Indonesia, host the second and third-largest gold mining operations in the world, respectively.
The Outlook for Global Gold Production
As of April 25, gold prices were hovering around the $2,000 per ounce mark and nearing all-time highs. For mining companies, higher gold prices can mean more profits per ounce if costs remain unaffected.
According to the World Gold Council, mined gold production is expected to increase in 2023 and could surpass the record set in 2018 (3,300 tonnes), led by the expansion of existing projects in North America. The chances of record mine output could be higher if gold prices continue to increase.
Real Assets
Visualizing Gold Consumption vs. Domestic Supply
India’s consumption is 50 times higher than its domestic supply.
Visualizing Gold Consumption vs. Domestic Supply
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
While India and China dominate the demand for gold, both countries face different scenarios when comparing supply gaps.
With its huge jewelry industry, India’s consumption is 50 times higher than its domestic supply. Meanwhile, China produces more than one-third of the gold it demands.
This graphic compares gold demand (in tonnes) versus domestic gold production in 10 selected countries. The data comes from the World Gold Council and was compiled by The Gold Bullion Company as of 2023.
India’s Massive Gold Market
Gold holds a central role in India’s culture, considered a store of value, a symbol of wealth and status, and a fundamental part of many rituals. The metal is especially auspicious in Hindu and Jain cultures.
With a population of over a billion, India tops our ranking with substantial gold demand, primarily for jewelry and gold bars.
Country | Gold Production in Tonnes (2023) | Gold Consumer Demand | Deficit or Surplus |
---|---|---|---|
🇮🇳 India | 15 | 748 | -733 |
🇨🇳 China | 378 | 910 | -532 |
🇹🇷 Turkey | 37 | 202 | -165 |
🇺🇸 United States | 167 | 249 | -82 |
🇧🇷 Brazil | 86 | 17 | 69 |
🇮🇩 Indonesia | 133 | 45 | 88 |
🇲🇽 Mexico | 127 | 15 | 112 |
🇨🇦 Canada | 192 | 24 | 168 |
🇷🇺 Russia | 322 | 71 | 251 |
🇦🇺 Australia | 294 | 24 | 270 |
China ranks second, with demand driven primarily by gold’s role as a store of value, especially by the People’s Bank of China. Central banks seek gold as a hedge against inflation and currency devaluation. Since 2022, the People’s Bank of China has increased its gold reserves by 316 tonnes.
In third place for gold demand, the U.S. consumed 249 tonnes in 2023, against a domestic supply of 167 tonnes.
Turkey ranks fourth, with mine production in 2023 at 37 tonnes, which is five times lower than its demand of 202 tonnes.
Learn More on the Voronoi App
To learn more about gold, check out this graphic that shows the value of gold bars in various sizes (as of Aug. 21, 2024).
Real Assets
Visualized: China’s Steel Demand Through Time
China’s steel demand remains robust, but the breakdown on a sectoral level has shifted since 2010. Which sectors are driving steel consumption?
Visualized: China’s Steel Demand Through Time
As the world’s manufacturing powerhouse, China has the highest global demand for crude steel, with the market experiencing remarkable growth since 2010.
In 2023, China’s crude steel demand reached 911 million metric tons. This is up an estimated 50% from 609 million metric tons 13 years earlier. When adding in exports and changes to inventory, China surpassed 1 billion metric tons of steel production for the fifth year in a row.
However, the growth in demand for the metal has not been even across industries. In this graphic, we’ve partnered with BHP to visualize how demand for steel on a sectoral level has shifted between 2010 and 2023.
The Sectors Driving Steel Demand
We observed demand for crude steel across the following sectors:
- Machinery: machinery used in power, construction, metals and mining, agriculture, tools and parts, etc.
- Infrastructure: roads, railways, subways, pipelines, etc.
- Construction: urban and rural housing, office buildings, industrial buildings, WRAC buildings (wholesale, retail, accommodation, catering), etc.
- Transport: light-duty vehicles, trucks and buses, auto parts, shipbuilding, etc.
- Consumer Durable Goods: refrigerators, washing machines, air conditioners, microwaves, etc.
- Metal Goods: containers and hardware, etc.
- Other: smaller categories, statistical change, etc.
In 2010, the largest share of Chinese demand came from the construction sector. Construction accounted for an estimated 42% of the country’s total steel needs. Machinery (20%) and infrastructure (13%) were the industries with the second- and third-highest demand, respectively.
Over the past 13 years, however, demand has shifted towards the machinery and infrastructure industries.
Sector | 2010 (%) | 2023 (%) |
---|---|---|
Machinery | 20 | 30 |
Infrastructure | 13 | 17 |
Construction | 42 | 24 |
Transport | 12 | 9 |
Durable Goods | 7 | 8 |
Other | 6 | 12 |
The demand for steel from the construction industry is estimated to have dropped from 42% of total demand to 24%, as construction firms purchased 37 million metric tons less steel in 2023 compared to 2010. This slump can, in part, be attributed to the Chinese real estate crisis and developer bankruptcies. Both of these factors led to a slowdown in residential building starts.
The machinery sector, on the other hand, has witnessed incredible growth. It rose from an estimated 20% share of overall Chinese steel demand in 2010 to 30% by 2023, boosted by an influx of equipment renewals. Infrastructure saw approximate growth of 13% to 17% over this timeframe.
Steel Demand for Transportation and Durable Goods
The share of steel used by the transport sector is estimated to have falled from 12% in 2010 to 9% in 2023. However, there was an uptick in the amount of steel used by the industry. It rose from around 73 million metric tons in 2010 to 82 million metric tons 13 years later. And, with more than half of all new electric vehicles (EVs) sold worldwide made in China, the sector could receive support if EVs continue to gain in popularity.
In fact, the green economy needs the steel industry—it remains vital for the production of emerging technologies. As such, it is important that nations take steps towards “cleaning” their steel industries. China is doing so with its focus on carbon capture, utilization, and storage technologies, employing green hydrogen metallurgy, and introducing electric furnaces.
Steel demand for durable goods rose slightly from 2010 to 2023. However, the relatively steady share masks the near-doubling of absolute steel purchased by this sector—up from 43 million metric tons to an estimated 73 million metric tons.
The Path Forward for Steel
The Chinese steel industry remains robust—growing by an estimated 50% from 2010 to 2023—despite significant shifts beneath the surface.
As the energy transition progresses, further changes in industry demand for steel are likely, especially with the increasing prominence of clean technologies, such as EVs. Conversely, demand from the construction industry remains closely tied to the outlook of the country’s housing sector.
BHP is one of the world’s leading iron ore producers. Read more insights in its economic and commodity outlook report.
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