As of December 2024, Japan held United States treasury securities totaling about 1.06 trillion U.S. dollars. Foreign holders of United States treasury debt According to the Federal Reserve and U.S. Department of the Treasury, foreign countries held a total of 8.5 trillion U.S. dollars in U.S. treasury securities as of December 2024. Of the total held by foreign countries, Japan and Mainland China held the greatest portions, with China holding 759 billion U.S. dollars in U.S. securities. The U.S. public debt In 2023, the United States had a total public national debt of 33.2 trillion U.S. dollars, an amount that has been rising steadily, particularly since 2008. In 2023, the total interest expense on debt held by the public of the United States reached 678 billion U.S. dollars, while 197 billion U.S. dollars in interest expense were intra governmental debt holdings. Total outlays of the U.S. government were 6.1 trillion U.S. dollars in 2023. By 2029, spending is projected to reach 8.3 trillion U.S. dollars.

The value of U.S. Treasury securities held by residents of Russia amounted to ** million U.S. dollars in March 2025, marking a stark contrast to ***** billion U.S. dollars held in January 2020. The lowest over the period under consideration was recorded in November 2023 at ** million U.S. dollars. Furthermore, in March 2020, the figure plummeted to **** billion U.S. dollars, down from **** billion U.S. dollars one month prior. Russia’s holdings of U.S. treasury securities have decreased since 2014 following the Western sanctions over the annexation of Crimea and have further dropped in 2022 after more restrictions were imposed over the war in Ukraine. What are U.S. treasury holdings? U.S. treasury holdings are government debt instruments that contribute to the funding of various government projects in the country. The U.S. Department of Treasury allows individuals and organizations to invest in treasury notes, bills, and bonds, which are the main three types of securities. Just under half of the outstanding ** trillion U.S. dollars as of May 2024 were in the form of treasury notes. The notes have varying maturities and coupon payment frequencies, which are different from the maturity periods of treasury bills and bonds. Main foreign holders of U.S. treasury securities Foreign holdings of U.S. treasury debt amounted to ***** trillion U.S. dollars as of January 2024. Japan and China held the largest portions, with China possessing ***** billion U.S. dollars in U.S. securities. Additionally, other significant foreign holders included oil exporting countries and Caribbean banking centers.

United States Treasury Securities: Foreign Holder: Thailand data was reported at 66.100 USD bn in Sep 2018. This records an increase from the previous number of 63.300 USD bn for Aug 2018. United States Treasury Securities: Foreign Holder: Thailand data is updated monthly, averaging 31.000 USD bn from Mar 2000 (Median) to Sep 2018, with 223 observations. The data reached an all-time high of 72.900 USD bn in Jan 2017 and a record low of 8.800 USD bn in Jun 2004. United States Treasury Securities: Foreign Holder: Thailand data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s USA – Table US.Z050: Major Foreign Holders of US Treasury Securities.

Graph and download economic data for Federal Debt Held by Foreign and International Investors (FDHBFIN) from Q1 1970 to Q2 2025 about foreign, debt, federal, and USA.

United States Treasury Securities: Foreign Holder: Russia data was reported at 48.700 USD bn in Apr 2018. This records a decrease from the previous number of 96.100 USD bn for Mar 2018. United States Treasury Securities: Foreign Holder: Russia data is updated monthly, averaging 108.900 USD bn from Aug 2006 (Median) to Apr 2018, with 141 observations. The data reached an all-time high of 176.300 USD bn in Oct 2010 and a record low of 6.400 USD bn in Sep 2006. United States Treasury Securities: Foreign Holder: Russia data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s USA – Table US.Z050: Major Foreign Holders of US Treasury Securities.

In June 2025, the average yield on ten-year government bonds in the United States was **** percent. This was the ******* of the selected developed economies considered in this statistic. Bonds and yields – additional information The bond yield indicates the level of return that the investor can expect from a given type of bond. The government of Italy, for instance, offered the investors **** percent yield on ten-year government bonds for borrowing their money in June 2025. In the United States, government needs are also financed by selling various debt instruments such as Treasury bills, notes, bonds and savings bonds to investors. The largest holders of U.S. debt are the Federal Reserve and Government accounts in the United States. The major foreign holders of the United States treasury securities are Japan, Mainland China, and the United Kingdom.

The major foreign holders of U.S. Treasury securities are typically countries and entities that invest heavily in U.S. government debt. As of the latest data, here are some of the top foreign holders:

Japan: Historically, Japan has been the largest holder of U.S. Treasury securities. China: China is another major holder, though its holdings have fluctuated due to various economic and political factors. United Kingdom: The UK is a significant investor in U.S. Treasuries, often ranked among the top holders. Ireland: Ireland holds a substantial amount of U.S. Treasury securities. Luxembourg: Luxembourg is also a notable holder of U.S. Treasuries. Switzerland: Swiss investments in U.S. Treasury securities are considerable. Brazil: Brazil is one of the largest holders in Latin America. Belgium: Belgium, often through its financial institutions, holds a significant amount. Taiwan: Taiwan's central bank and other financial institutions invest heavily in U.S. Treasuries. Hong Kong: Hong Kong maintains substantial holdings in U.S. Treasuries. These rankings can change frequently based on economic conditions, currency reserves, and geopolitical factors. For the most up-to-date information, refer to the U.S. Department of the Treasury's "Major Foreign Holders of Treasury Securities" report.

In 2023, China held **** percent of foreign held U.S. securities. Japan held a further **** percent of foreign held securities. The national debt of the United Stated can be found here.

United States Treasury Securities: Foreign Holder: United Kingdom data was reported at 276.300 USD bn in Sep 2018. This records an increase from the previous number of 272.600 USD bn for Aug 2018. United States Treasury Securities: Foreign Holder: United Kingdom data is updated monthly, averaging 131.000 USD bn from Mar 2000 (Median) to Sep 2018, with 223 observations. The data reached an all-time high of 350.700 USD bn in May 2010 and a record low of 40.000 USD bn in Aug 2001. United States Treasury Securities: Foreign Holder: United Kingdom data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s USA – Table US.Z050: Major Foreign Holders of US Treasury Securities. Data from March 2015 no longer include information for Guernsey, Jersey, and the Isle of Man.

United States Treasury Securities: Foreign Holder: Germany data was reported at 77.500 USD bn in Oct 2018. This records an increase from the previous number of 68.300 USD bn for Sep 2018. United States Treasury Securities: Foreign Holder: Germany data is updated monthly, averaging 54.550 USD bn from Mar 2000 (Median) to Oct 2018, with 224 observations. The data reached an all-time high of 103.900 USD bn in Aug 2016 and a record low of 34.200 USD bn in Sep 2002. United States Treasury Securities: Foreign Holder: Germany data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s United States – Table US.Z050: Major Foreign Holders of US Treasury Securities.

Graph and download economic data for Rest of the World; Treasury Securities Held by Foreign Official Institutions; Asset, Level (BOGZ1FL263061130Q) from Q4 1945 to Q2 2025 about foreign, Treasury, securities, and assets.

Foreign holdings of U.S. securities, and U.S. holdings of foreign securities. Major foreign holders of US Securities. Monthly Holdings of U.S. Long-term Securities at Current Market Value by Foreign Residents. Monthly Holdings of Foreign Long-term Securities at Current Market Value by U.S. Residents. Includes: Total holdings by all U.S. residents; by type, holder and issuer. U.S. holdings by country of issuer (files include both recent and historical data). Monthly Holdings of Short-term Debt. Types of foreign portfolio investment in the United States (quarterly). Total U.S. banking & securities liabilities to foreign residents

United States Treasury Securities: Foreign Holder: Europe data was reported at 3,230.659 USD bn in Jan 2025. This records an increase from the previous number of 3,204.098 USD bn for Dec 2024. United States Treasury Securities: Foreign Holder: Europe data is updated monthly, averaging 1,803.702 USD bn from Dec 2011 (Median) to Jan 2025, with 158 observations. The data reached an all-time high of 3,279.210 USD bn in Sep 2024 and a record low of 1,156.453 USD bn in Jan 2012. United States Treasury Securities: Foreign Holder: Europe data remains active status in CEIC and is reported by U.S. Department of the Treasury. The data is categorized under Global Database’s United States – Table US.Z061: Major Foreign Holders of US Treasury Securities.

As of July 22, 2025, the yield for a ten-year U.S. government bond was 4.38 percent, while the yield for a two-year bond was 3.88 percent. This represents an inverted yield curve, whereby bonds of longer maturities provide a lower yield, reflecting investors' expectations for a decline in long-term interest rates. Hence, making long-term debt holders open to more risk under the uncertainty around the condition of financial markets in the future. That markets are uncertain can be seen by considering both the short-term fluctuations, and the long-term downward trend, of the yields of U.S. government bonds from 2006 to 2021, before the treasury yield curve increased again significantly in the following years. What are government bonds? Government bonds, otherwise called ‘sovereign’ or ‘treasury’ bonds, are financial instruments used by governments to raise money for government spending. Investors give the government a certain amount of money (the ‘face value’), to be repaid at a specified time in the future (the ‘maturity date’). In addition, the government makes regular periodic interest payments (called ‘coupon payments’). Once initially issued, government bonds are tradable on financial markets, meaning their value can fluctuate over time (even though the underlying face value and coupon payments remain the same). Investors are attracted to government bonds as, provided the country in question has a stable economy and political system, they are a very safe investment. Accordingly, in periods of economic turmoil, investors may be willing to accept a negative overall return in order to have a safe haven for their money. For example, once the market value is compared to the total received from remaining interest payments and the face value, investors have been willing to accept a negative return on two-year German government bonds between 2014 and 2021. Conversely, if the underlying economy and political structures are weak, investors demand a higher return to compensate for the higher risk they take on. Consequently, the return on bonds in emerging markets like Brazil are consistently higher than that of the United States (and other developed economies). Inverted yield curves When investors are worried about the financial future, it can lead to what is called an ‘inverted yield curve’. An inverted yield curve is where investors pay more for short term bonds than long term, indicating they do not have confidence in long-term financial conditions. Historically, the yield curve has historically inverted before each of the last five U.S. recessions. The last U.S. yield curve inversion occurred at several brief points in 2019 – a trend which continued until the Federal Reserve cut interest rates several times over that year. However, the ultimate trigger for the next recession was the unpredicted, exogenous shock of the global coronavirus (COVID-19) pandemic, showing how such informal indicators may be grounded just as much in coincidence as causation.

United States Treasury Securities: Foreign Holder: Singapore data was reported at 134.500 USD bn in Sep 2018. This records an increase from the previous number of 130.000 USD bn for Aug 2018. United States Treasury Securities: Foreign Holder: Singapore data is updated monthly, averaging 39.800 USD bn from Mar 2000 (Median) to Sep 2018, with 223 observations. The data reached an all-time high of 134.500 USD bn in Sep 2018 and a record low of 17.300 USD bn in Jan 2003. United States Treasury Securities: Foreign Holder: Singapore data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s United States – Table US.Z050: Major Foreign Holders of US Treasury Securities.

United States Treasury Securities: Foreign Holder: All Countries data was reported at 8,426.974 USD bn in Jan 2025. This records an increase from the previous number of 8,403.259 USD bn for Dec 2024. United States Treasury Securities: Foreign Holder: All Countries data is updated monthly, averaging 6,212.959 USD bn from Dec 2011 (Median) to Jan 2025, with 158 observations. The data reached an all-time high of 8,579.443 USD bn in Sep 2024 and a record low of 4,927.625 USD bn in Dec 2011. United States Treasury Securities: Foreign Holder: All Countries data remains active status in CEIC and is reported by U.S. Department of the Treasury. The data is categorized under Global Database’s United States – Table US.Z061: Major Foreign Holders of US Treasury Securities.

In September 2024, the national debt of the United States had risen up to 35.46 trillion U.S. dollars. The national debt per capita had risen to 85,552 U.S. dollars in 2021. As represented by the statistic above, the public debt of the United States has been continuously rising. U.S. public debt Public debt, also known as national and governmental debt, is the debt owed by a nations’ central government. In the case of the U.S., national debt is owed by the federal government to Treasury security holders. Generally speaking, government debt increases with government spending, and can be decreased through taxes. During the COVID-19 pandemic, the U.S. government increased spending significantly to finance virus infrastructure, aid, and various forms of economic relief. International public debt Venezuela leads the global ranking of the 20 countries with the highest public debt in 2021. In relation to the Gross Domestic Product (GDP), Venezuela's public debt amounted to around 306.95 percent of GDP. Eritrea was ranked fifth, with an estimated debt of 170 percent of the Gross Domestic Product. The national debt of the United Kingdom is forecasted to grow from 87 percent in 2022 to 70 percent in 2027, in relation to the Gross Domestic Product. These figures include England, Wales, Scotland as well as Northern Ireland. Greece had the highest national debt among EU countries as of the 4th quarter of 2020 in relation to the Gross Domestic Product. Germany ranked 13th in the EU, with its national debt amounting to 69 percent of GDP in the same time period. Tuvalu was one of the 20 countries with the lowest national debt in 2021 in relation to the GDP, while Macao had an estimated level of national debt of zero percent, the lowest of any country. The data refer to the debts of the entire state, including the central government, the provinces, municipalities, local authorities and social insurance.

As of July 18, 2025, the major economy with the highest yield on 10-year government bonds was Turkey, with a yield of ** percent. This is due to the risks investors take when investing in Turkey, notably due to high inflation rates potentially eradicating any profits made when using a foreign currency to investing in securities denominated in Turkish lira. Of the major developed economies, United Kingdom had one the highest yield on 10-year government bonds at this time with **** percent, while Switzerland had the lowest at **** percent. How does inflation influence the yields of government bonds? Inflation reduces purchasing power over time. Due to this, investors seek higher returns to offset the anticipated decrease in purchasing power resulting from rapid price rises. In countries with high inflation, government bond yields often incorporate investor expectations and risk premiums, resulting in comparatively higher rates offered by these bonds. Why are government bond rates significant? Government bond rates are an important indicator of financial markets, serving as a benchmark for borrowing costs, interest rates, and investor sentiment. They affect the cost of government borrowing, influence the price of various financial instruments, and serve as a reflection of expectations regarding inflation and economic growth. For instance, in financial analysis and investing, people often use the 10-year U.S. government bond rates as a proxy for the longer-term risk-free rate.

United States Treasury Securities: Foreign Holder: China data was reported at 1,138.900 USD bn in Oct 2018. This records a decrease from the previous number of 1,151.400 USD bn for Sep 2018. United States Treasury Securities: Foreign Holder: China data is updated monthly, averaging 872.600 USD bn from Mar 2000 (Median) to Oct 2018, with 224 observations. The data reached an all-time high of 1,316.700 USD bn in Nov 2013 and a record low of 58.900 USD bn in Nov 2000. United States Treasury Securities: Foreign Holder: China data remains active status in CEIC and is reported by US Department of Treasury. The data is categorized under Global Database’s United States – Table US.Z050: Major Foreign Holders of US Treasury Securities.

As of March 2025, the Bank of Japan held around ** percent of outstanding Japanese Government Bonds (JGBs). While ******************** held the largest share of JGBs, ***** accounted for almost ** percent of JGB holders.