The U.S. national debt has reached over $36 trillion and grows larger every day. Thirty-six trillion dollars is a hard number to wrap your mind around. Imagine this, if we were to take $36 trillion and divide it equally among every citizen in the United States, each person would have over $100,000. Or, another way to picture it, a stack of 36 trillion dollar bills would reach higher than 10 times the distance of the Earth to the moon. 

On average, the U.S. government takes in about $4.4 trillion in revenues every year but spends $6.1 trillion. The government issues Treasury securities that are known around the world as stable investments for individuals, corporations, banks, and national treasuries. These are paid back with interest according to their maturity dates. The United States has maintained a high credit rating by paying its debts on time, making creditors willing to keep lending even as the country’s debt increases. Following are the 20 countries that hold the most U.S. Treasury securities. This data is from the U.S. Department of the Treasury and was current as of August 2024.

Why This Matters

In 1970, foreign investors held only 5% of the US national debt. Today, that number has risen to 29%. Foreign ownership of debt can affect the financial markets and the US economy. 

Following are the 20 countries that hold the most U.S. Treasury securities:

20. Mexico

Historically, relations have not always been good between the United States and Mexico, but in recent decades the countries have integrated their economies with each other and with Canada in a free trade agreement that has benefited all three countries. Mexico has loaned the United States $95.7 billion.

19. Germany

Germany has loaned the U.S. $96.1 billion. Although they were enemies in the world wars, the two countries are close allies today, and are joined in a mutual defense agreement through NATO. 

18. South Korea

South Korea holds $122.9 billion in U.S. debt. The United States and other allies saved South Korea from an invasion by North Korea from 1950-53. Today, tens of thousands of U.S. troops are permanently stationed there to deter another attack by the heavily armed and eccentric North.

17. Saudi Arabia

Saudi Arabia is a partner with the United States in the Middle East based on shared interests in the oil industry and in deterring aggression from Iran. When the U.S. went to war to expel invading Iraqis from Kuwait, it was not only to save Kuwait, but to protect the nearby oil fields of Saudi Arabia. The Saudis have loaned the United States a total of $142.8 billion.

16. Norway

Norway, a NATO ally, has loaned the U.S. $164.4 billion. Norway is in a strategic location to monitor Russian activities in the Arctic and North Atlantic Oceans. It is also a major petroleum producer from wells in the North Sea. 

15. Brazil

Brazil, the largest country in South America, is considered along with India, South Africa, and a select few others, to be a future great power in the world economically and militarily. Brazil has loaned the U.S. $233.3 billion. 

14. Hong Kong

Hong Kong is a city-state that was previously a British colony but was returned to China when its lease expired. Today it is partially self-governing, though ultimately under the thumb of the PRC. The U.S. currently owes Hong Kong $235.8 billion.

13. Singapore

Singapore is a prosperous city-state at the tip of the Malay Peninsula. Its location is next to one of the world’s busiest shipping lanes, with traffic flowing between Japan, China, and other parts of East Asia to and from Europe, the Middle East, and India. The portion of the National debt we owe to Singapore is $239 billion.

12. India

India is the world’s most heavily populated country, with 1.45 billion people. Since we owe India $245.9 billion, it’s the equivalent of owing each Indian citizen about $169.

11. Taiwan

Taiwan is officially a part of China, but it functions like an independent country. When the communists took over the mainland, the Chinese government moved to the large offshore island of Taiwan but never formally declared independence. The United States helps arm and defend Taiwan, as mainland China continues to build up for a possible invasion of the island. The U.S. owes Taiwan $284.4 billion.

10. Switzerland

Switzerland is a small country in the Alps of southwestern Europe, but it plays an outsized role in world affairs. Famed for its strict neutrality, Switzerland has become a prosperous, secure safe haven for wealthy individuals, companies, and countries. Switzerland has invested $296.3 billion in U.S. Treasury securities.

9. France

France helped the United States win independence from Britain, doubled the size of the country by selling the Louisiana Territory, and gifted us the Statue of Liberty. In turn, the U.S. defended and liberated France in both world wars and has been allied with it throughout the Cold War. Our good friends the French have loaned the United States $312.2 billion. 

8. Ireland

31.5 million Americans, about 9% of the U.S. population, have Irish ancestors. Ireland has loaned the United States $321.8 billion. 

7. Belgium

Belgium, a NATO ally and the headquarters of the European Union, holds $325 billion of the American debt. 

6. Canada

Canada is one of the U.S.’ closest allies, literally and metaphorically. The two share thousands of miles of peaceful, undefended border, thoroughly integrated economies, and a combined defense infrastructure as part of NATO. Canada has loaned the United States $365.4 billion. 

5. Luxembourg

A small country between France, Belgium, and Germany, Luxembourg is one of America’s NATO allies and holds $402 billion in U.S. Treasury notes.

4. Cayman Islands

The Cayman Islands are not an entirely independent country but are a self-governing Overseas Territory of the United Kingdom located in the Caribbean. The islands are a popular location for offshore bank accounts for wealthy people and corporations seeking a tax shelter. The Islands invest a good chunk of their profits in the U.S. national debt: $419.5 billion to date. 

3. United Kingdom

The U.K. is arguably the closest ally of the U.S. It holds $743.9 billion of the U.S. national debt. The two countries are linked in the NATO alliance, but their so-called “Special Relationship” makes them even closer allies than they are with other NATO countries.

2. China

With $774.6 billion in U.S. Treasury securities, the People’s Republic of China is the second largest foreign holder of U.S. debt. Relations between the two countries are strained over issues of trade, territorial disputes in the South China Sea, and China’s support for Russia in the war in Ukraine.

1. Japan

Japan holds the most U.S. Treasury securities of any country: $1.13 trillion. The two economies are deeply intertwined and have a mutual defense pact. 

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