On October 21, 2025, Switzerland was crowned the world’s most resilient country in the debut Global Investment Risk and Resilience Index, a landmark ranking that signals a shift in how nations, investors, and policymakers weigh security, adaptability, and long-term value. But the news comes amid a broader, quieter revolution: gold, that ancient store of value, is making a dramatic comeback as a high-quality liquid asset, transforming the global financial order from the inside out.
Let’s start with the numbers. According to the new index—developed by Henley & Partners in partnership with the analytics firm AlphaGeo—Switzerland’s top spot is no accident. The country’s low risk, world-leading innovation, and robust governance propelled it to first place, followed closely by Denmark, Norway, Singapore, and Sweden. These smaller, highly adaptive states are increasingly seen as havens of resilience in a world beset by geopolitical turmoil, economic volatility, and the ever-looming threat of climate change.
At the other end of the spectrum, nations like South Sudan, Lebanon, Haiti, Sudan, and Pakistan find themselves at the bottom, grappling with high exposure to risk and limited capacity to recover. As Dr. Christian H. Kaelin, Chairman of Henley & Partners, put it, the index “identifies for investors, businesses and families the countries that are best placed to preserve wealth and generate long-term value, and it gives governments a benchmark to measure competitiveness.”
But what does resilience mean in today’s financial landscape? Increasingly, it’s not just about strong institutions or innovative economies—it’s about the ability to adapt in a world where old certainties are fading. Dr. Parag Khanna, Founder and CEO of AlphaGeo, explained, “High risk is not always negative if matched by strong resilience, while high resilience can conceal vulnerabilities, especially in advanced economies now facing political or fiscal pressures. Adaptation is the new imperative.”
This new imperative is playing out in the world’s vaults, where gold—the so-called relic of the past—is quietly reclaiming its throne. As Donovan Martin Sr. wrote in a recent analysis, gold is no longer just a decorative luxury or a hedge for nervous investors. It is emerging as a cornerstone of monetary sovereignty, a high-quality liquid asset that can be rapidly converted to cash, carries no counterparty risk, and holds universal value.
Why the sudden rush toward gold? The answer lies in sovereignty and security. For countries like Germany and Italy, the repatriation of hundreds of billions worth of gold bullion is more than a logistical move—it’s a declaration of autonomy. By keeping their gold at home, central banks are ensuring that, in times of crisis, their reserves can’t be frozen or seized by foreign powers. It’s a silent guarantee that their wealth remains under their own control, immune to the unpredictable tides of international politics.
This trend is especially pronounced among the BRICS nations—Brazil, Russia, India, China, and South Africa—who have been accelerating their gold accumulation while reducing their holdings of U.S. Treasury securities. Russia and China, in particular, now hold thousands of tons between them, forming the backbone of the bloc’s reserves. This isn’t just about hedging against inflation or market swings. It’s part of a broader strategy of de-dollarization, a deliberate effort to reduce dependence on the U.S. dollar and the financial leverage it brings.
The implications are profound. As gold becomes a recognized high-quality liquid asset, it’s starting to rival traditional safe havens like U.S. government bonds. More importantly, it’s paving the way for a potential alternative monetary system. The idea of a BRICS currency—possibly gold-backed or at least supported by massive gold holdings—has been floated repeatedly. If realized, it could create a parallel global reserve standard, giving countries outside the Western orbit a new way to settle trade and store value.
The Shanghai Cooperation Organization, closely aligned with several BRICS members, is already exploring ways to settle trade in local currencies or digital tokens backed by gold. This move aims to bypass Western-controlled financial systems like SWIFT, further insulating participants from political risk and external shocks. In this evolving landscape, gold acts as a universal anchor, enabling countries to transact confidently outside the dollar’s shadow.
Meanwhile, the G7 economies—long the bedrock of global financial stability—continue to balance low risk with strong resilience. Germany leads the pack at 10th place, thanks to its climate readiness, economic complexity, and innovation, followed by Canada (13th), the UK (23rd), France (29th), the US (32nd), Japan (35th), and Italy (48th). Yet even these giants are not immune to the pressures of adaptation. As the index shows, robust institutions and adaptive capacity remain critical, but they must now contend with new forms of vulnerability, from political polarization to fiscal strain.
Beyond the major powers, a host of smaller states are demonstrating remarkable resilience. Luxembourg (6th), Finland (7th), Greenland (8th), the Netherlands (9th), and Germany (10th) all score highly thanks to transparent governance, climate preparedness, and sustainable policies. Iceland and Liechtenstein, just outside the top ten, combine exceptionally low risk with strong resilience, while Canada’s subdued inflation, stable currency, and minimal physical climate risk earn it a “very low risk” classification.
In Asia, South Korea stands out for its world-class adaptive capacity, economic complexity, and innovation, ranking 25th globally. Other European markets like Czechia (16th) and Slovenia (22nd) are defined by economic sophistication and complexity, making them prime destinations for investors seeking stability in an uncertain world.
Yet, for all their strengths, advanced economies face a new kind of competition. As gold-backed digital currencies are explored and payment systems evolve, the possibility of a dual-track global financial order looms larger. In such a system, one track would rely on the established liquidity and convenience of fiat currencies, while the other would be anchored in the tangible security of gold holdings, verified and controlled by sovereign states.
This isn’t about the collapse of the dollar. As Martin Sr. notes, “The dollar’s infrastructure, liquidity depth, and global habit of use cannot be undone overnight. The transformation will be gradual—a creeping adjustment as more nations accumulate gold, build payment systems, and conduct trade outside Western frameworks.” The dollar will likely remain dominant, but its monopoly will erode as nations diversify their reserves and assert greater control over their financial destinies.
For many countries—especially commodity producers, emerging markets, and those outside Western alliances—this shift is more than an investment strategy. It’s a declaration of independence, a way to insulate themselves from the whims of distant policymakers and the risks of a single-currency world. As gold reclaims its place in the global financial system, the balance of power is quietly, but unmistakably, tilting toward a more multipolar order.
In the end, resilience is about more than weathering storms—it’s about being ready for the next one. Whether through innovative governance, adaptive economies, or the silent strength of gold reserves, nations are rewriting the rules of security and value for a new era.
