Who dominates US bonds? Ranking of the top 15 holders in 2025

As the U.S. national debt continues to hover around $36 trillion, U.S. bonds have become key assets for governments and investors worldwide. The sustained demand for these securities reveals not only global confidence in the American economy but also divergent financial strategies among world powers, financial centers, and emerging economies.

The 2025 landscape shows significant changes compared to the previous year. While some countries strengthen their positions, others adjust their U.S. Treasury holdings. The top 15 holders collectively hold approximately $6 trillion in U.S. securities, reflecting an unprecedented global bet on American stability.

Japan’s Undisputed Leadership in U.S. Bond Holdings

Japan remains the largest U.S. creditor, with $1.13 trillion in U.S. bonds, a modest increase of 0.75% from $1.12 trillion a year earlier. This holding accounts for more than 18% of the total among the top 15 holders.

The Bank of Japan and major institutional investment funds continuously acquire these securities as part of their strategy to manage exchange rates and maintain foreign currency reserves. The relative stability of these holdings reflects Japan’s structural commitment to the U.S. bond market, regardless of global economic fluctuations.

United Kingdom and China: Divergent Strategies in U.S. Treasury Bonds

The United Kingdom has emerged as the second-largest creditor, with $808 billion in U.S. bonds, a significant 13% increase from $714 billion recorded a year ago. This acceleration in purchases indicates British confidence in the robustness of the U.S. financial system.

In contrast, China ranks third with $757 billion, experiencing a 1.6% decrease from the previous $770 billion. China’s gradual reduction of U.S. bond holdings is part of a long-term trend: from a peak of $1.3 trillion in 2013, Beijing has been decreasing its holdings. This move coincides with rising trade tensions, including U.S. tariffs reaching 145% on Chinese imports, provoking retaliations of up to 125% on U.S. products. These frictions may continue to influence China’s future investment decisions in U.S. bonds.

The top five holders combined possess $3.53 trillion, with Japan, the UK, and Canada increasing their stakes, while China reduces its exposure.

Offshore Financial Centers and Their Role in U.S. Bonds

Cayman Islands rank as the fourth-largest holder with $448 billion, showing spectacular growth from $327 billion at the start of 2024. This increase reflects massive capital flows from hedge funds and private financial institutions operating under offshore jurisdiction structures.

Belgium and Luxembourg, each with $411 billion, exemplify the role of European financial centers. Belgium experienced an extraordinary 31.73% increase from $312 billion just a year ago, indicating a reconfiguration of investment portfolios. Luxembourg, with over 25% of its economy dependent on the financial sector and hosting more than 120 international banks, maintains its role as a global capital intermediary in U.S. Treasury bonds.

Other Major Global Powers with Significant Holdings

Canada holds $368 billion, reflecting its deep economic ties with the United States. France maintains $361 billion, consolidating Europe’s role in U.S. bonds. Ireland, with $340 billion, benefits from its position as a Eurozone financial hub.

Taiwan and Switzerland, each with around $300 billion, represent portfolio diversification among geopolitically relevant actors. Hong Kong and Singapore, with $247 billion and $248 billion respectively, highlight Asia’s growing importance in U.S. financing.

Emerging economies like India and Brazil also hold substantial amounts, with $233 billion and $212 billion respectively, indicating that U.S. bonds remain a key tool for diversifying macroeconomic risks in emerging markets.

A Window into Global Investment Priorities

The $6 trillion held by 15 countries demonstrates how U.S. Treasury bonds serve as a global trust currency. For Washington, selling these securities is the primary source of financing its budget deficit, enabling funding for public spending and investment policies.

The 2025 analysis shows that U.S. bond holdings are not static: they reflect geopolitical calculations, exchange rate strategies, and assessments of U.S. macroeconomic strength. While Japan and the UK are increasing their stakes and China is making gradual adjustments, the entire system remains a pillar of the international financial order.