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Top 20 Countries with the Largest Debt to the United States in 2025
As of March 2025, the global financial landscape continues to be shaped by the intricate relationships of international debt, highlighting which countries owe the most to the United States. The following list details the top 20 nations holding significant debt to the U.S., revealing economic dynamics that influence international markets and policy decisions.
1. Japan – $1.13 Trillion
Japan remains the leading holder of U.S. debt overall, with holdings surpassing $1.13 trillion this year. This immense debt stake underscores Tokyo’s longstanding strategy of investing heavily in U.S. Treasury securities, balancing its economic stability and international financial influence. The Japanese government’s consistent purchasing of U.S. debt reflects its efforts to maintain a stable yen and support its export-driven economy.
2. United Kingdom – $779.3 Billion
The United Kingdom holds the second-largest amount of U.S. debt, valued at approximately $779.3 billion. Despite Brexit and ongoing economic adjustments, London’s financial institutions and sovereign wealth funds continue to see U.S. Treasury securities as a safe investment, underpinning London’s status as a global financial hub.
3. China – $765.4 Billion
China’s holdings stand at around $765.4 billion, marking it as a pivotal player in international debt relations. While Beijing has periodically diversified its reserves, maintaining large U.S. debt holdings remains a strategic move to stabilize its currency and manage trade balances, particularly amid ongoing global trade tensions.
4. Cayman Islands – $455.3 Billion
Often overlooked, the Cayman Islands dominate this list with $455.3 billion in U.S. debt holdings. This figure largely reflects the jurisdiction’s role as a major offshore financial center, where investment funds and sovereign entities allocate significant assets through the territory’s banking systems.
5. Canada – $426.2 Billion
Canada’s economy is closely linked with the United States, reflected in its debt holdings of over $426.2 billion. As a neighbor and trading partner, Canadian institutions invest heavily in U.S. securities, facilitating cross-border economic stability.
6. Luxembourg – $412.4 Billion
Luxembourg, known for its financial services sector, holds approximately $412.4 billion in U.S. debt. This significant amount underlines its position as a global financial hub, channeling investments for European and international clients.
7. Belgium – $402.1 Billion
Belgium’s holdings of U.S. debt, totaling around $402.1 billion, reinforce its role as a key European financial actor. The country’s strategic investments support its position within the Eurozone and its sophisticated banking industry.
8. France – $363.1 Billion
France maintains a debt stake of about $363.1 billion in U.S. securities. French financial institutions and government funds prefer U.S. Treasuries as part of their diversified reserves, enhancing economic resilience amidst global economic fluctuations.
9. Ireland – $329.3 Billion
Ireland’s $329.3 billion in U.S. debt holdings highlight the country’s attractiveness as an investment hub, benefiting from its favorable tax policies and financial services sector. The holdings bolster Dublin’s reputation as a key financial conduit.
10. Switzerland – $311.6 Billion
Switzerland’s banking secrecy and financial expertise have resulted in holdings of approximately $311.6 billion in U.S. debt. Swiss institutions often serve as intermediaries in global finance, channeling investments into U.S. treasury assets.
11. Taiwan – $297.8 Billion
Taiwan’s robust $297.8 billion investment in U.S. debt emphasizes its strategic economic positioning amid complex geopolitical relations. Maintaining substantial U.S. debt holdings aids Taiwan in managing its currency value and economic stability.
12. Hong Kong – $262.9 Billion
Hong Kong’s sizable investment of approximately $262.9 billion in U.S. debt is a testament to its role as an international financial center. Despite recent geopolitical shifts, Hong Kong continues to rely on U.S. securities as part of its reserve portfolio.
13. Singapore – $262.7 Billion
Singapore’s financial stability is reinforced by its $262.7 billion in U.S. debt holdings. Its strategic position in Southeast Asia makes it a pivotal conduit for Asian investments into U.S. securities.
14. India – $239.9 Billion
India’s increasing U.S. debt holdings, now at about $239.9 billion, reflect its expanding global economic footprint. The investment helps support India’s burgeoning economy and stabilizes the rupee amidst global economic pressures.
15. Brazil – $208.4 Billion
Brazil holds approximately $208.4 billion in U.S. debt, supporting its economic policies and monetary stability. As emerging markets grow, Brazil’s investments help foster economic resilience.
16. Norway – $200.1 Billion
Norway’s substantial $200.1 billion investment in U.S. Treasury securities underscores its policy of maintaining strong foreign reserves and prudent financial management, stemming from its resource-driven economy.
17. Saudi Arabia – $131.6 Billion
Saudi Arabia’s holdings amount to approximately $131.6 billion, with investments supporting its economic diversification plans and foreign reserve management.
18. South Korea – $125.8 Billion
South Korea continues its strategic investments with $125.8 billion in U.S. debt, aligning with its goal to maintain economic stability and a strong currency amidst regional tensions.
19. Germany – $111.4 Billion
Germany’s $111.4 billion in U.S. securities exemplify its robust financial sector’s preference for U.S. Treasury assets as a safe haven amid volatile economic times.
20. United Arab Emirates – $104.4 Billion
The UAE has amassed around $104.4 billion in U.S. debt holdings, a reflection of its diversified economy and investments aimed at securing financial stability for its rapid development ambitions.
The data, provided by the U.S. Department of the Treasury, reveals enduring international confidence in U.S. Treasury securities as a global safe haven. These debt holdings shape economic strategies and influence geopolitical relations, illustrating the interconnectedness of our modern financial world.
Source: U.S. Department of the Treasury, March 2025
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