Top 15 Largest US Treasury Holders in 2025: Who Owns America’s Debt?

last updated November 26, 2025

The United States continues to hold the largest national debt in the world, which has surpassed $38 trillion. A major portion of this debt is funded through U.S. Treasury securities, which are bought by foreign governments and investors. Among the largest US Treasury holders, Japan leads the list, followed by the United Kingdom and China. Japan remains the largest holder of U.S. Treasuries with $1.18 trillion, up from $1.095 trillion a year earlier. Additionally, China’s treasury holdings remain at $700 billion, compared to $772 billion one year ago.

The United Kingdom is steadily increasing its US Treasury holdings and currently holds $865 billion, which is about 13% higher than the $769 billion it held a year ago. The top five countries together hold about $3.69 trillion in US Treasury securities. Among them, only China reduced its holdings compared to last year, while the other four countries increased theirs.

What Are Treasury Securities and How Do They Work?

Why do countries invest in U.S. Treasuries, and what does this mean for the U.S. economy? Treasury securities are U.S. government-issued debt instruments that are often purchased by foreign governments and investors to earn interest over time. They are a type of safe interest-bearing asset backed by the U.S. government. The U.S. government uses these securities to fund its public spending related to defense, healthcare, and infrastructure. The trust in these instruments helps the U.S. borrow at low interest rates, even while carrying massive debt.

The Largest US Treasury Holders in 2025

The list of the largest US Treasury holders is dominated by major global economies. The table below shows the top countries with the largest holdings of U.S. Treasury securities in 2025.

Country	U.S. Treasury Holdings
🇯🇵 Japan	1.189 Trillion
🇬🇧 United Kingdom	865 Billion
🇨🇳 China, Mainland	700 Billion
🇨🇦 Canada	475 Billion
🇧🇪 Belgium	466 Billion
🇰🇾 Cayman Islands	426 Billion
🇱🇺 Luxembourg	421 Billion
🇫🇷 France	376 Billion
🇮🇪 Ireland	340 Billion
🇹🇼 Taiwan	312 Billion
🇨🇭 Switzerland	302 Billion
🇸🇬 Singapore	259 Billion
🇭🇰 Hong Kong	238 Billion
🇳🇴 Norway	215 Billion
🇮🇳 India	202 Billion
Total (Top 15)	6.786 Trillion

The data is sourced from the U.S. Department of the Treasury.

Top Foreign Holders of U.S. Treasury Securities

These countries account for the majority of foreign-held U.S. debt and play a significant role in global finance.

🇯🇵 Japan

Japan holds the massive $1.18 trillion in US treasury assets, which ranks it at the top spot among the largest US Treasury holders. The country’s holdings of U.S. Treasuries increased by about 8.6%, rising from $1.095 trillion in September 2024 to $1.189 trillion in September 2025. Therefore, Japan still maintains the top position globally. Japan’s central bank and institutional investors purchase the U.S. reasuries to help manage the exchange rate and maintain stable foreign reserves.

🇬🇧 United Kingdom

The UK is a major global investor and holds a massive $865 billion of US treasury securities. This marks an increase from $769 billion in the previous year. The country is continuously increasing its U.S. Treasury securities. Additionally, the UK’s position among the largest US Treasury holders shows its stable financial system and strategic investments in U.S. markets.

🇨🇳 China

China is the third-largest holder of US treasuries after Japan and the United Kingdom. The country holds $700 billion in US Treasuries in 2025, which is a slight decrease of 9.2% from $772 billion a year earlier. U.S.–China relations have remained strained amid ongoing trade tensions and economic rivalry. Recently, the U.S. has imposed tariffs of up to 145% on Chinese imports, while China responded with 125% tariffs on American goods. These rising trade tensions may influence how China manages its U.S. bond holdings in the future.

China has already been reducing its U.S. Treasury holdings over the years. From a peak of around $1.3 trillion in 2013, its US treasury bond holdings have declined to approximately $700 billion in 2025.

U.S. vs. China: GDP Output Comparison from 2014 to 2025

🇰🇾 Cayman Islands

With $426 billion in holdings, the Cayman Islands is the fourth largest holder of U.S. Treasury securities. It is a major offshore financial center located in the western Caribbean Sea. This major holding is largely due to hedge funds and private financial institutions operating through Cayman-based structures. Additionally, the country’s holdings have slightly increased from $424 billion a year ago to $426 billion in 2025.

🇧🇪 Belgium

Belgium holds $466 billion in U.S. Treasury securities in 2025, which is a 27% increase from $366 billion in 2024. This is a big increase, which shows that Belgium has added more to its US debt holdings in just one year. One reason for this massive rise is that the US Treasuries are seen as a safe and stable investment, especially during uncertain times.

🇱🇺 Luxembourg

Luxembourg is a major European financial hub, with around 25% of its GDP coming from the financial sector. The country holds the fifth largest $421 billion in U.S. Treasuries, up from $407 billion in 2024. Luxembourg is also among the wealthiest nations in the world due to its GDP per capita, which currently ranks as the highest globally. Additionally, it is home to over 120 international banks and numerous investment funds.

Several other countries also hold significant amounts of U.S. Treasury securities, including Canada, Belgium, France, and Ireland. Canada holds $475 billion, which reflects its strong economic ties with the United States.

Ireland stands at $340 billion, while Taiwan and Switzerland hold $312 billion and $302 billion, respectively. Hong Kong and Singapore follow closely with $238 billion and $259 billion, respectively. Even India and Brazil, two growing economies, maintain massive holdings of U.S. securities at $202 billion and $172 billion, respectively.

Conclusion

Collectively the top 15 countries hold a combined approximately $6.7 trillion in U.S. Treasury securities in 2025. Japan alone holds more than $1 trillion of US treasury bonds, followed by the United Kingdom and China. The U.S. uses these securities as a way to borrow money to finance its national debt. By selling Treasury bonds to foreign countries and investors, the government raises funds to cover budget deficits and finance various public projects.