diff --git a/substrate/bin/node/runtime/src/assets_api.rs b/substrate/bin/node/runtime/src/assets_api.rs
new file mode 100644
index 000000000000..cf1a663d7030
--- /dev/null
+++ b/substrate/bin/node/runtime/src/assets_api.rs
@@ -0,0 +1,34 @@
+// This file is part of Substrate.
+
+// Copyright (C) 2018-2022 Parity Technologies (UK) Ltd.
+// SPDX-License-Identifier: GPL-3.0-or-later WITH Classpath-exception-2.0
+
+// This program is free software: you can redistribute it and/or modify
+// it under the terms of the GNU General Public License as published by
+// the Free Software Foundation, either version 3 of the License, or
+// (at your option) any later version.
+
+// This program is distributed in the hope that it will be useful,
+// but WITHOUT ANY WARRANTY; without even the implied warranty of
+// MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the
+// GNU General Public License for more details.
+
+// You should have received a copy of the GNU General Public License
+// along with this program. If not, see <https://www.gnu.org/licenses/>.
+
+//! Runtime API definition for assets.
+
+use codec::Codec;
+use sp_std::vec::Vec;
+
+sp_api::decl_runtime_apis! {
+	pub trait AssetsApi<AccountId, AssetBalance, AssetId>
+	where
+		AccountId: Codec,
+		AssetBalance: Codec,
+		AssetId: Codec,
+	{
+		/// Returns the list of `AssetId`s and corresponding balance that an `AccountId` has.
+		fn account_balances(account: AccountId) -> Vec<(AssetId, AssetBalance)>;
+	}
+}
diff --git a/substrate/bin/node/runtime/src/lib.rs b/substrate/bin/node/runtime/src/lib.rs
index f8589036f785..9b317926a5a9 100644
--- a/substrate/bin/node/runtime/src/lib.rs
+++ b/substrate/bin/node/runtime/src/lib.rs
@@ -105,6 +105,9 @@ use sp_runtime::generic::Era;
 /// Generated voter bag information.
 mod voter_bags;
 
+/// Runtime API definition for assets.
+pub mod assets_api;
+
 // Make the WASM binary available.
 #[cfg(feature = "std")]
 include!(concat!(env!("OUT_DIR"), "/wasm_binary.rs"));
@@ -2072,6 +2075,18 @@ impl_runtime_apis! {
 		}
 	}
 
+	impl assets_api::AssetsApi<
+		Block,
+		AccountId,
+		Balance,
+		u32,
+	> for Runtime
+	{
+		fn account_balances(account: AccountId) -> Vec<(u32, Balance)> {
+			Assets::account_balances(account)
+		}
+	}
+
 	impl pallet_contracts::ContractsApi<Block, AccountId, Balance, BlockNumber, Hash> for Runtime
 	{
 		fn call(
diff --git a/substrate/frame/assets/src/functions.rs b/substrate/frame/assets/src/functions.rs
index f970ce6cf564..f6e027472f15 100644
--- a/substrate/frame/assets/src/functions.rs
+++ b/substrate/frame/assets/src/functions.rs
@@ -924,4 +924,11 @@ impl<T: Config<I>, I: 'static> Pallet<T, I> {
 			Ok(())
 		})
 	}
+
+	/// Returns all the non-zero balances for all assets of the given `account`.
+	pub fn account_balances(account: T::AccountId) -> Vec<(T::AssetId, T::Balance)> {
+		Asset::<T, I>::iter_keys()
+			.filter_map(|id| Self::maybe_balance(id, account.clone()).map(|balance| (id, balance)))
+			.collect::<Vec<_>>()
+	}
 }
diff --git a/substrate/frame/assets/src/tests.rs b/substrate/frame/assets/src/tests.rs
index e76e989ef893..e0f612e5cd78 100644
--- a/substrate/frame/assets/src/tests.rs
+++ b/substrate/frame/assets/src/tests.rs
@@ -37,11 +37,14 @@ fn asset_ids() -> Vec<u32> {
 fn basic_minting_should_work() {
 	new_test_ext().execute_with(|| {
 		assert_ok!(Assets::force_create(RuntimeOrigin::root(), 0, 1, true, 1));
+		assert_ok!(Assets::force_create(RuntimeOrigin::root(), 1, 1, true, 1));
 		assert_ok!(Assets::mint(RuntimeOrigin::signed(1), 0, 1, 100));
 		assert_eq!(Assets::balance(0, 1), 100);
 		assert_ok!(Assets::mint(RuntimeOrigin::signed(1), 0, 2, 100));
 		assert_eq!(Assets::balance(0, 2), 100);
-		assert_eq!(asset_ids(), vec![0, 999]);
+		assert_eq!(asset_ids(), vec![0, 1, 999]);
+		assert_ok!(Assets::mint(RuntimeOrigin::signed(1), 1, 1, 100));
+		assert_eq!(Assets::account_balances(1), vec![(0, 100), (999, 100), (1, 100)]);
 	});
 }