Who Holds the Most U.S. Debt?
Key Takeaways:
- Japan was the largest foreign holder of U.S. Treasuries in June 2026, with $1.12 trillion.
- Total foreign holdings reached $9.30 trillion, up 2.3% year-over-year.
- China’s holdings fell 13.4% annually to $633.4 billion, while Brazil’s dropped 21.8%.
This visualization, created by Aneesh Anand, ranks the 20 largest foreign holders of U.S. Treasury securities as of June 2026.
The figures come from the U.S. Department of the Treasury’s Treasury International Capital (TIC) System.
The Countries With the Most Foreign Holdings
The table below shows Treasury holdings and their annual change for the 20 leading foreign holders.
| Rank | Country | Treasury Holdings ($B) (as of June 2026) |
YoY Change % |
|---|---|---|---|
| 1 | Japan | 1,116.7 | -3.30% |
| 2 | UK | 939.9 | 9.85% |
| 3 | China | 633.4 | -13.40% |
| 4 | Belgium | 482.5 | 12.13% |
| 5 | Canada | 459.6 | 4.72% |
| 6 | Cayman Islands | 453.1 | 2.77% |
| 7 | Luxembourg | 434.2 | 7.69% |
| 8 | France | 389.9 | 4.31% |
| 9 | Ireland | 353.5 | 13.96% |
| 10 | Taiwan | 302.5 | -1.53% |
| 11 | Switzerland | 284.9 | -5.22% |
| 12 | Singapore | 284.4 | 12.19% |
| 13 | Hong Kong | 255.8 | 5.79% |
| 14 | Norway | 203.2 | 4.15% |
| 15 | India | 186.4 | -18.03% |
| 16 | Brazil | 168.4 | -21.82% |
| 17 | Saudi Arabia | 142.5 | 9.20% |
| 18 | South Korea | 134.7 | 6.48% |
| 19 | UAE | 114.8 | 19.09% |
| 20 | Israel | 110.9 | 8.94% |
| -- | Total Foreign Holdings | 9,299.0 | 2.27% |
Among the top 20 holders, the largest year-over-year increases came from the UAE (+19.1%), Ireland (+14.0%), Singapore (+12.2%), and Belgium (+12.1%).
At the other end, Brazil (-21.8%), India (-18.0%), and China (-13.4%) recorded the steepest declines.
Why Does Japan Own So Many Treasuries?
U.S. Treasury bills, notes, and bonds are issued to finance federal borrowing. They also provide central banks, financial institutions, and other investors with access to one of the world’s largest and most liquid markets for dollar-denominated assets. Treasuries form a major part of the global debt securities market.
Japan’s large Treasury position reflects its deep financial ties with the U.S. and its substantial pool of dollar assets. Importantly, TIC data measures securities attributed to investors and custodians in each economy, so the totals do not represent government holdings alone.
In 2025, Japanese officials also discussed the country’s roughly $1.1 trillion Treasury position as a potential negotiating lever in trade talks.
China, India, and Brazil Cut Their Holdings
Several major economies reduced their Treasury holdings over the past year. China held $633.4 billion in June 2026, down 13.4% year-over-year, while India’s holdings fell 18.0% to $186.4 billion and Brazil’s dropped 21.8% to $168.4 billion.
China remains the third-largest foreign holder, but its Treasury portfolio is now well below Japan’s $1.12 trillion and the UK’s $939.9 billion.
America’s $40 Trillion Debt Question
Foreign demand helps finance U.S. deficits, but it represents only one part of the broader market for U.S. government debt. Persistent deficits require additional borrowing, while higher interest rates can increase debt-servicing costs.
In August 2026, U.S. national debt crossed $40 trillion. Against that backdrop, the $9.30 trillion in Treasuries held by foreign investors illustrates the global reach of the market for U.S. government debt. Changes among major foreign holders provide a useful window into international demand for Treasuries.
Learn More on the Voronoi App
To see how sovereign borrowing compares with the size of national economies, check out Economies with the Highest Debt-to-GDP Ratios on the Voronoi app.