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Visualize the Debt: The Top 20 Countries Owing the U.S. in 2025
1. Japan Leads the Pack with Over $1.1 Trillion Owed
Japan continues to carry the heaviest foreign debt to the United States among international borrowers, totaling approximately $1.13 trillion as of March 2025. This outstanding debt highlights Japan’s longstanding economic ties with the U.S. and its significant role in global financial markets. Despite global economic shifts, Japan remains a major creditor nation, mainly through U.S. Treasury securities.
2. United Kingdom Maintains Its Position with Nearly $780 Billion
The United Kingdom is America’s second-largest foreign debtor, owing around $779.3 billion. UK’s financial dealings with the U.S. are a reflection of deep economic relationships, common language, and shared financial institutions. London’s prominence as a global finance hub further cements this connection.
3. China’s Debt to the U.S. Is Close to $765 Billion
Despite geopolitical tensions, China remains a key player in U.S. debt holdings, with an impressive $765.4 billion owed. This figure underscores the complex financial interdependence between the world’s second-largest economy and the U.S., especially considering recent efforts to diversify foreign reserves.
4. Offshore Accounts: The Cayman Islands’ $455.3 Billion Owed
The Cayman Islands, often a hub for offshore financial activity, owes about $455.3 billion to the U.S. This sizable debt is largely tied to investment funds and offshore holdings that channel through the territory, illustrating the intricate global financial web.
5. Canada’s Debt Figures at $426.2 Billion
Canada, America’s neighbor and trade partner, owes roughly $426.2 billion. This debt is indicative of strong economic ties spanning trade, real estate, and cross-border investments. As a close ally, Canada’s financial health is closely watched by U.S. policymakers.
6. Luxembourg’s Creditor Role with $412.4 Billion Owed
Luxembourg’s debt position at $412.4 billion highlights its role as a major financial intermediary, channeling investments and funds across Europe and beyond. Its robust banking sector and investment funds contribute significantly to this debt tally.
7. Belgium’s Debt Rises to Over $400 Billion
Owing approximately $402.1 billion, Belgium’s substantial debt reflects its important role in European finance and trade. Many multinational corporations headquartered there have investments rooted in the U.S., generating these debt connections.
8. France’s U.S. Debt Hits $363.1 Billion
France maintains a large debt to the U.S., amounting to about $363.1 billion. This figure emphasizes enduring financial relations and mutual investments, despite shifting global economic landscapes.
9. Ireland’s Increasing Debt at $329.3 Billion
Ireland’s debt to the U.S. is roughly $329.3 billion, illustrating its growing role as a global financial hub, especially for tech giants and foreign investment funds operating across Europe and North America.
10. Switzerland at $311.6 Billion Reflects Financial Stability
Switzerland’s debt holdings of around $311.6 billion position it among major U.S. creditor nations. Known for banking secrecy and financial stability, Swiss institutions are key players in this debt landscape.
11. Taiwan’s Debt Reaching $297.8 Billion
Taiwan owes nearly $297.8 billion, indicating its participation in U.S. financial markets and global supply chains, especially in technology and manufacturing sectors.
12. Hong Kong Owes $262.9 Billion in 2025
Hong Kong’s debt to the U.S. stands at roughly $262.9 billion, highlighting its status as a vital international finance center and gateway for Asian investments.
13. Singapore’s $262.7 Billion Debt Underlines Its Role as a Financial Hub
Singapore owes approximately $262.7 billion, demonstrating its importance in global finance, trade, and investment flows linked to U.S. markets.
14. India’s Growing Debt at Nearly $240 Billion
India’s debt to the U.S. has surged to around $239.9 billion, reflecting its expanding economy, increased foreign investment, and strengthening economic ties with America.
15. Brazil’s Debt at $208.4 Billion Reflects Latin American Engagement
Brazil owes approximately $208.4 billion, showcasing its prominent role in South America’s financial dealings with the U.S.
16. Norway’s Debt Soars to $200.1 Billion
Norway’s debt to the U.S., around $200.1 billion, is a testament to its robust sovereign wealth and extensive investment in U.S. treasury securities.
17. Saudi Arabia’s Economy Contracts Slightly, Debt at $131.6 Billion
Saudi Arabia owes roughly $131.6 billion, likely connected to oil investments and financial dealings amidst fluctuating global energy prices.
18. South Korea’s Debt at $125.8 Billion Demonstrates Tech Ties
South Korea, owing about $125.8 billion, reflects its deep integration in U.S.-linked technology, manufacturing, and financial systems.
19. Germany at $111.4 Billion Is Among Europe’s Leaders in U.S. Debt
Germany’s debt of approximately $111.4 billion emphasizes its economic strength and close financial affiliations with the U.S., especially through European investments.
20. UAE Owes $104.4 Billion, Signaling Growing Investment Ties
Finally, the UAE’s debt standing at $104.4 billion highlights its rising influence as a global investment hub, especially in real estate, energy, and finance sectors linked to the U.S.
Sources: U.S. Department of the Treasury, March 2025
This data reveals the complex web of international financial relations, emphasizing the continued significance of U.S. Treasury securities worldwide.
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