Top Foreign Holders of U.S. Debt

The U.S. national debt has surpassed $40 trillion, reaching a record level in August 2026. Against this backdrop, foreign holdings of U.S. Treasury securities stood at $9.29 trillion as of June 2026, with Japan, the UK, and China remaining the largest foreign holders even as exposure across major holders shifted significantly.

The U.S. gross national debt crossed the $40 trillion mark on August 18, 2026. The U.S. equity market continues to attract foreign capital.

The latest data from the U.S. Department of the Treasury’s Treasury International Capital (TIC) System put foreign holdings of U.S. Treasuries at $9.29 trillion as of June 2026, up 2.3% year on year. Even as the overall stock of foreign-held Treasuries increased, changes across individual holders varied sharply, signalling shifts in demand for U.S. government debt.

Japan remained the largest foreign holder despite a 3.3% annual decline in its Treasury holdings, while the UK recorded a 9.8% increase to become the second-largest holder. China’s holdings fell 13.4% year on year, while India and Brazil recorded even sharper declines of 18.0% and 21.8%, respectively.

This chart ranks the top 20 foreign holders of U.S. Treasury securities as of June 2026, showing their holdings alongside annual changes.

Key Takeaways:

• Japan remained the largest foreign holder of U.S. Treasuries, with holdings of $1.12 trillion, despite a 3.3% year-on-year decline. The UK followed with $939.9 billion, after increasing its holdings by 9.8% annually.
• China remained the third-largest holder, with $633.4 billion in U.S. Treasuries, despite a 13.4% annual decline. Some Chinese exposure may be held through financial centres such as the UK, Belgium, Luxembourg and the Cayman Islands.
• Belgium and the Cayman Islands ranked fourth and sixth, with holdings of $482.5 billion and $453.1 billion, respectively. Their large positions also highlight the role of financial and custodial centres in Treasury ownership data.
• The UAE recorded the largest annual increase among the 20 holders shown, with Treasury holdings rising 19%. Its holdings stood at $114.8 billion in June 2026.
• India and Brazil recorded the sharpest declines in the ranking, with Treasury holdings falling 18.0% and 21.8%, respectively, year on year. Their holdings stood at $186.4 billion and $168.4 billion.
• Switzerland and Japan also reduced their Treasury exposure, with holdings declining 5.2% and 3.3%, respectively. Taiwan recorded a more modest 1.5% decline.
• Despite divergent movements across individual countries, total foreign holdings of U.S. Treasuries increased 2.3% year on year to $9.29 trillion, underscoring the continued importance of foreign investors to the U.S. government debt market.

Note: Figures represent foreign holdings of U.S. Treasury securities as of June 2026.

Source: U.S. Department of the Treasury, Treasury International Capital (TIC) System.

Access Here: https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/slt_table5.html