Note data below includes OFR + gold holdings of each central bank.

https://www.nationmaster.com/country-info/stats/Economy/Reserves-of-foreign-exchange-and-gold-per-capita 2007 data shows

• #1 SG at USD 35k/citizen
• #2 HK at USD 22k/citizen

https://www.citypopulation.de/en/world/bymap/financialreserves/ has 2016 data.

Small countries like Sg and HK need big OFR to defend their currencies, and prevent imported inflation.

— per country .. (less important for this blogpost)

https://data.worldbank.org/indicator/FI.RES.TOTL.CD?most_recent_value_desc=true 2021 data shows total OFR

• #1 Chn
• #2 Japan
• #4 USA
• #5 India
• #7 HK .. USD 497B
• #10 Sg .. USD 425B