last updated June 09, 2026
The United States continues to hold the largest national debt in the world, which has surpassed $39 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 $9.4 trillion in U.S. Treasury bonds. A year ago, in March 2025, that figure stood at $9.05 trillion. So overall, foreign holdings have grown by about $295 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 $1.19 trillion, up from $1.131 trillion a year earlier. Additionally, China’s treasury holdings remain at $652 billion, compared to $765 billion one year ago.
The United Kingdom is steadily increasing its US Treasury holdings and currently holds $927 billion, which is about 19% higher than the $779 billion it held a year ago. The top five countries together hold about $3.68 trillion in US Treasury securities. Among them, only China reduced its 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 $295 billion over the past twelve months.
- The UK is quietly becoming a bigger player. Its $148 billion increase over the year is the largest jump among major holders.
- China’s slow retreat continues. China now holds about $113 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.
| Country | Holdings (Mar 2026) |
|---|---|
| 🇯🇵 Japan | $1.19 Trillion |
| 🇬🇧 United Kingdom | $926 Billion |
| 🇨🇳 China (Mainland) | $652 Billion |
| 🇰🇾 Cayman Islands | $459 Billion |
| 🇧🇪 Belgium | $454 Billion |
| 🇨🇦 Canada | $439 Billion |
| 🇱🇺 Luxembourg | $432 Billion |
| 🇫🇷 France | $393 Billion |
| 🇮🇪 Ireland | $355 Billion |
| 🇹🇼 Taiwan | $300 Billion |
| 🇨🇭 Switzerland | $286 Billion |
| 🇭🇰 Hong Kong | $278 Billion |
| 🇸🇬 Singapore | $274 Billion |
| 🇳🇴 Norway | $217 Billion |
| 🇮🇳 India | $183 Billion |
| 🇧🇷 Brazil | $168 Billion |
| 🇸🇦 Saudi Arabia | $149 Billion |
| 🇰🇷 South Korea | $136 Billion |
| 🇦🇪 United Arab Emirates | $114 Billion |
| 🇩🇪 Germany | $112 Billion |
| 🌍 All Other | $1.82 Trillion |
| 🌎 Grand Total | $9.34 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 $1.19 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 5.4%, rising from $1.131 trillion in March 2025 to $1.192 trillion in March 2026.
Japan has been quietly adding to its position 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 $927 billion of US treasury securities, up sharply from $779.3 billion in March 2025. This marks a gain of nearly $148 billion in a single year. That’s the biggest absolute increase of any country in the top tier. The UK has essentially gone from a distant second to a much closer rival to Japan’s lead.
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 $652 billion in U.S. Treasuries as of March 2026 — down $113 billion, or 14.8%, from $765 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’s U.S. Treasury Holdings (Billions USD) |
|---|---|
| Mar-26 | 652.3 |
| Feb-26 | 693.3 |
| Jan-26 | 694.4 |
| Dec-25 | 683.5 |
| Nov-25 | 683.9 |
| Oct-25 | 687.7 |
| Sep-25 | 699.2 |
| Aug-25 | 699.7 |
| Jul-25 | 695.6 |
| Jun-25 | 731.4 |
| May-25 | 732.7 |
| Apr-25 | 743.6 |
| Mar-25 | 765.4 |
China has been gradually reducing its U.S. Treasury holdings for several years now, and this data confirms that trend continued through early 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 $652 billion in 2026.
U.S. vs. China: GDP Output Comparison from 2014 to 2025
🇰🇾 Cayman Islands
With $459 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.
You might notice the Cayman Islands’ holding of U.S. treasury securities is higher than that of countries like France and 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 $453.6 billion a year ago, so it’s been fairly steady.
🇧🇪 Belgium
Belgium holds $454 billion in U.S. Treasury securities in 2026, which is a 13% increase from $402 billion in 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 fifth largest $432 billion in U.S. Treasuries, up from $412 billion in 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 March 2026 at $439.4 billion, roughly in line with its $426.2 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 $131.6 billion in March 2025 to $149.6 billion in March 2026 — a gain of about $18 billion. The UAE went from $104.3 billion to $114.1 billion. Both Gulf states are adding, not cutting.
India moved in the opposite direction. It held $239.9 billion in March 2025 but had dropped to $183.0 billion by March 2026 — a reduction of nearly $57 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 $208.4 billion to $168.0 billion over the same period.
South Korea bucked that trend, nudging up from $125.8 billion to $136.8 billion.
Conclusion
Collectively the top countries hold a combined approximately $9 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.
