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Top Countries Holding the Largest Debt to the United States in 2025
1. Japan – $1.13 Trillion
Japan continues to lead as the largest foreign creditor to the United States, holding over a trillion dollars in U.S. debt. The strong economic ties and Japan’s strategic investment in U.S. treasury bonds highlight their ongoing financial relationship.
2. United Kingdom – $779.3 Billion
The UK remains a significant holder of U.S. debt, with close to $780 billion. London’s status as a global financial hub facilitates substantial investments in American securities, reinforcing the countries’ longstanding economic partnership.
3. China – $765.4 Billion
Although the size of Chinese holdings has slightly decreased compared to previous years, China still holds a noteworthy amount of U.S. debt, reflecting its role as a major player in global finance and trade, alongside ongoing diplomatic and economic negotiations.
4. Cayman Islands – $455.3 Billion
The Cayman Islands, often recognized as an offshore financial center, possess a considerable amount of U.S. debt. Their role in international finance and investment funds contributes to this sizable holding, which often raises questions about transparency and regulation.
5. Canada – $426.2 Billion
Canada’s proximity and close economic ties with the United States make it a key holder of U.S. debt. Their investments help underpin broad economic cooperation, especially given the integration of North American trade markets.
6. Luxembourg – $412.4 Billion
Luxembourg stands out as a major European financial hub with significant holdings in U.S. debt, thanks to its banking sector and investment funds that serve a global clientele.
7. Belgium – $402.1 Billion
Belgium’s role as a conduit for international finance manifests in its high holdings of U.S. securities, mirroring its strategic position within European financial networks.
8. France – $363.1 Billion
France maintains substantial U.S. debt holdings, often through large institutional investors, reflecting its active participation in global debt markets.
9. Ireland – $329.3 Billion
Ireland’s investment in U.S. securities underscores its development into a major financial center, with numerous multinational corporations and investment funds based there.
10. Switzerland – $311.6 Billion
Switzerland’s reputation for banking and financial services continues to be reflected in its sizeable holdings of U.S. debt, often managed by private wealth managers and institutional investors.
[Image: Foreign debt holdings as of March 2025. Source: U.S. Department of the Treasury]
11. Taiwan – $297.8 Billion
Taiwan is among the leading Asian nations holding large U.S. debt, primarily for strategic economic reasons and to diversify its foreign reserves.
12. Hong Kong – $262.9 Billion
Despite recent political complexities, Hong Kong maintains significant U.S. debt holdings, often funneled through major financial institutions based on the territory.
13. Singapore – $262.7 Billion
Singapore’s role as a global financial hub is reinforced by its hefty investment in United States securities, highlighting its importance in regional and international finance.
14. India – $239.9 Billion
India’s growing economy has increased its U.S. debt holdings, reflecting expanding investment interests and strategic economic planning.
15. Brazil – $208.4 Billion
Brazil, as part of its efforts to diversify reserves and stabilize its economy, continues to hold a sizable amount of U.S. debt, indicating strong financial links.
16. Norway – $200.1 Billion
Norway’s sovereign wealth fund invests heavily in U.S. treasury securities, emphasizing a conservative approach to its national savings and investment strategies.
17. Saudi Arabia – $131.6 Billion
Saudi Arabia’s strategic investments in U.S. debt bolster its broader economic and diplomatic relations, particularly within energy markets.
18. South Korea – $125.8 Billion
South Korea’s investments in U.S. securities help sustain its economic stability amid ongoing regional and global uncertainties.
19. Germany – $111.4 Billion
Germany’s position as Europe’s largest economy is reflected in its substantial holdings of U.S. debt, often through major banks and institutional investors.
20. United Arab Emirates – $104.4 Billion
The UAE continues to diversify its reserves by investing in U.S. securities, maintaining a balanced approach to its international financial holdings.
Data accurate as of March 2025. Source: U.S. Department of the Treasury.
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