last updated Sep 08, 2026
The United States continues to hold the largest national debt in the world, which has surpassed $40 trillion. A major portion of this debt is funded through U.S. Treasury securities, which are bought by foreign governments and investors. Foreign governments and investors hold nearly $9.3 trillion in U.S. Treasury bonds. A year ago, in June 2025, that figure stood at $9.09 trillion. So overall, foreign holdings have grown by about $206 billion in twelve months. It shows that global appetite for U.S. Treasury securities has stayed strong despite years of trade tensions and talk of de-dollarization.
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 $1.117 trillion, down from $1.155 trillion a year earlier. Additionally, China’s treasury holdings remain at $633 billion, compared to $731 billion one year ago.
The United Kingdom is steadily increasing its US Treasury holdings and currently holds $940 billion, which is about 10% higher than the $856 billion it held a year ago. The top five countries together hold about $3.63 trillion in US Treasury securities. Among them, Japan and China reduced their holdings compared to last year, while the other four countries increased theirs.
Key Takeaways
- Despite years of debate about countries moving away from the dollar, foreign ownership of U.S. Treasuries grew by about $206 billion over the past twelve months.
- The UK is quietly becoming a bigger player. Its $84 billion increase over the year is the largest jump among major holders.
- • China’s slow retreat continues. China now holds about $98 billion less than it did a year ago, and there’s little sign of that trend reversing.
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 2026
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 2026.
| Sr. No. | Country | Treasury Holdings (Jun-26) |
|---|---|---|
| 1 | 🇯🇵 Japan | $1.117T |
| 2 | 🇬🇧 United Kingdom | $939.9B |
| 3 | 🇨🇳 China, Mainland | $633.4B |
| 4 | 🇧🇪 Belgium | $482.5B |
| 5 | 🇨🇦 Canada | $459.6B |
| 6 | 🇰🇾 Cayman Islands | $453.1B |
| 7 | 🇱🇺 Luxembourg | $434.2B |
| 8 | 🇫🇷 France | $389.9B |
| 9 | 🇮🇪 Ireland | $353.5B |
| 10 | 🇹🇼 Taiwan | $302.5B |
| 11 | 🇨🇭 Switzerland | $284.9B |
| 12 | 🇸🇬 Singapore | $284.4B |
| 13 | 🇭🇰 Hong Kong | $255.8B |
| 14 | 🇳🇴 Norway | $203.2B |
| 15 | 🇮🇳 India | $186.4B |
| 16 | 🇧🇷 Brazil | $168.4B |
| 17 | 🇸🇦 Saudi Arabia | $142.5B |
| 18 | 🇰🇷 South Korea | $134.7B |
| 19 | 🇦🇪 United Arab Emirates | $114.8B |
| 20 | 🇮🇱 Israel | $110.9B |
| 21 | 🌎 All Other | $1.848T |
| — | Grand Total | $9.299T |
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 $1.117 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 decreased by about 3.3%, falling from $1.155 trillion in June 2025 to $1.117 trillion in June 2026.
Japan has remained one of the largest U.S. Treasury holders, even as it deals with its own currency pressures and interest rate adjustments at home. Japan’s central bank and institutional investors purchase U.S. securities to help manage the exchange rate and maintain stable foreign reserves.
🇬🇧 United Kingdom
The UK is a major global investor and holds a massive $940 billion of US treasury securities, up sharply from $855.6 billion in June 2025. This marks a gain of nearly $84 billion in a single year. That’s the biggest absolute increase of any country in the top tier. The UK has remained the second-largest holder of U.S. Treasuries and has narrowed the gap with Japan over the past 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 Keeps Selling
China holds $633 billion in U.S. Treasuries as of June 2026 — down $98 billion, or 13.4%, from $731 billion a year earlier. It is the third-largest holder of US treasuries after Japan and the United Kingdom. U.S.–China relations have remained strained amid ongoing trade tensions and economic rivalry.
| Month | China, Mainland |
|---|---|
| Jun-26 | 633.4B |
| May-26 | 659.3B |
| Apr-26 | 651.1B |
| Mar-26 | 653.3B |
| Feb-26 | 694.2B |
| Jan-26 | 695.3B |
| Dec-25 | 684.4B |
| Nov-25 | 683.9B |
| Oct-25 | 687.7B |
| Sep-25 | 699.2B |
| Aug-25 | 699.7B |
| Jul-25 | 695.6B |
| Jun-25 | 731.4B |
China has been gradually reducing its U.S. Treasury holdings for several years now, and this data confirms that trend continued through June 2026. It’s not a sudden exit, but a slow and steady pullback. For context, China was once the largest foreign holder of U.S. debt. It lost that title to Japan years ago, and the gap has only widened since. From a peak of around $1.3 trillion in 2013, its US treasury bond holdings have declined to approximately $633 billion in 2026.
U.S. vs. China: GDP Output Comparison from 2014 to 2025
🇰🇾 Cayman Islands
With $453 billion in holdings, the Cayman Islands is the sixth-largest holder of U.S. Treasury securities. It is a major offshore financial center located in the western Caribbean Sea.
You might notice that the Cayman Islands holds more U.S. Treasury securities than France, but slightly less than Canada. This isn’t the Cayman government holding U.S. bonds. It reflects assets parked in Cayman-registered funds and financial vehicles by investors from all over the world. Think of it as a proxy for a large pool of private institutional money. That figure was $440.9 billion a year ago, so it’s been fairly steady.
🇧🇪 Belgium
Belgium holds $483 billion in U.S. Treasury securities in 2026, which is a 12.1% increase from $430 billion in June 2025. 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 seventh-largest $434 billion in U.S. Treasuries, up from $403 billion in June 2025. 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 showed some volatility month to month but ended June 2026 at $459.6 billion, roughly in line with its $438.9 billion a year earlier.
Taiwan, Switzerland, and Singapore have all stayed within narrow bands over the twelve months — suggesting steady, low-drama management of their reserves.
Emerging Markets Holding of U.S. Treasury securities
Among larger developing economies, the trends diverge.
Saudi Arabia grew its holdings from $130.5 billion in June 2025 to $142.5 billion in June 2026 — a gain of about $12 billion. The UAE went from $96.4 billion to $114.8 billion. Both Gulf states are adding, not cutting.
India moved in the opposite direction. It held $227.4 billion in June 2025 but had dropped to $186.4 billion by June 2026 — a reduction of nearly $41 billion over the year. That’s a meaningful shift, and it mirrors a broader pattern where India has been diversifying its reserves, including buying more gold.
Brazil also trimmed its holdings, falling from $215.4 billion to $168.4 billion over the same period.
South Korea bucked that trend, nudging up from $126.5 billion to $134.7 billion.
Conclusion
Collectively the top countries hold a combined approximately $9.3 trillion in U.S. Treasury securities in 2026. 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.
