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Top 20 Countries Owing the U.S. as of March 2025
Japan Leads with Over a Trillion Dollars in Debt
Japan remains the largest foreign holder of U.S. debt, with holdings surpassing $1.13 trillion. As a major economic power with a high savings rate, Japan’s investment in U.S. Treasury securities reflects its strategic financial positioning and strong trade ties with the United States. This large debt position underscores the deep financial interconnection between the two nations, which has persisted through decades of economic collaboration.
The United Kingdom Continues as a Key Player
Holding nearly $779.3 billion in U.S. debt, the United Kingdom ranks second on the list. The UK’s economic stability and historic financial hub status contribute to its significant investment in American debt instruments. London’s status as a global financial center facilitates substantial cross-border capital flows, including U.S. Treasury holdings.
China’s Evolving Debt Portfolio
China, with holdings of approximately $765.4 billion, remains a major creditor to the U.S. Despite recent shifts in global economic dynamics, China’s debt position reflects ongoing economic strategies aimed at managing its dollar reserves and foreign exchange policies. The relationship continues to be a cornerstone of the ongoing economic dialogue between the two nations.
Offshore Financial Havens Feature Prominently
The Cayman Islands, a known offshore financial hub, hold around $455.3 billion in U.S. debt, emphasizing the role of tax havens in international financial flows. Such jurisdictions serve as key conduits for global investment, allowing for diversified and often more discreet debt portfolios.
Neighboring Countries and Strong Trade Partners
Canada ($426.2 billion) and Luxembourg ($412.4 billion) are also among the top debt holders. Canada’s proximity, combined with its robust trade relationship with the U.S., makes its debt holdings particularly significant. Luxembourg, as a prominent financial center within Europe, offers flexible investment structures that attract substantial U.S. debt investments.
European Countries Maintain Notable Positions
Belgium ($402.1 billion) and France ($363.1 billion) feature prominently, reflecting Europe’s sizable holdings of U.S. securities. These countries often serve as intermediary points in global investment and financial services, facilitating large-scale U.S. debt ownership.
Ireland and Switzerland Hold Strategic Stakes
Ireland ($329.3 billion) and Switzerland ($311.6 billion) also rank high, illustrating their roles as global financial hubs with significant foreign investment portfolios. Ireland’s favorable tax policies and Switzerland’s stability attract diverse international investments, including in U.S. Treasury securities.
Asia-Pacific Powers Continue to Invest Heavily
Taiwan ($297.8 billion), Hong Kong ($262.9 billion), and Singapore ($262.7 billion) maintain significant holdings, underscoring their importance in the Asian region’s economic ecosystem. These markets serve as vital financial gateways for global capital flows into America’s debt markets.
Emerging Markets and Traditional Economies
India ($239.9 billion), Brazil ($208.4 billion), and Norway ($200.1 billion) demonstrate diverse reasons for their investments, from economic growth prospects to strategic financial diversification. The steady increase in debt holdings among these nations suggests a growing global reliance on U.S. debt as a safe haven and investment staple.
Gulf Cooperation Council Countries and East Asia
Saudi Arabia ($131.6 billion), South Korea ($125.8 billion), Germany ($111.4 billion), and the United Arab Emirates ($104.4 billion) feature in this list, reflecting geopolitical stability and strategic economic relations. These countries leverage U.S. debt holdings for diplomatic leverage and economic stability.
Image: Global Map Highlighting Major U.S. Debt Holders (2025)
Summary
As of March 2025, the landscape of international debt to the United States remains dynamic, with Asia-Pacific nations, European countries, and offshore financial centers playing crucial roles. The data underscores the U.S.’s deep financial ties across continents, reflecting its status as a global economic powerhouse. Despite geopolitical tensions and shifts in global trade, U.S. Treasury securities continue to serve as a cornerstone of international investment.
Source: U.S. Department of the Treasury
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