Amid the increase in US national debt, foreign investors continue to hold trillions of dollars in American government securities. Several countries stand out among the largest foreign owners of US Treasury bonds.
Japan holds the leading position since 2019, surpassing China. By June 2026, Japanese investments in US government debt have decreased by about half; previously, during 2013–2014, Japan's portfolio exceeded $1.3 trillion. Currently, Japan owns US bonds worth $1.1 trillion.
The United Kingdom is in second place with $940 billion in bonds. China ranks third with an amount of $633 billion. In addition to major powers, small financial centers rank highly in the list.
Belgium holds US Treasury bonds worth $483 billion, the Cayman Islands hold $453 billion, and Luxembourg holds $434 billion. Other countries in the top 20 include Switzerland, Singapore, Hong Kong, Norway, India, Brazil, Saudi Arabia, South Korea, the UAE, and Israel.
Holding significant reserves of American Treasury securities is often linked to these bonds being viewed as a liquid instrument for placing a country's accumulated currency reserves. It is also noted that Uzbekistan's national debt reached $48.3 billion at the end of the second quarter of 2026, which is $1.3 billion more than the previous quarter. Moreover, the majority of these obligations, specifically $40.7 billion, constitutes external debt, or 84% of the total amount.