The U.S. Treasury’s TIC system published foreign holdings of U.S. Treasury securities for end-May 2026. Total foreign holdings stood at $9.371 trillion, equivalent to roughly 32.2% of all marketable U.S. Treasury debt.
Top 20 Foreign Holders (USD billions / share of total foreign holdings):
- Japan: $1,143.1 / 12.20%
- United Kingdom: $948.6 / 10.12%
- China (Mainland): $659.3 / 7.04%
- Belgium: $472.0 / 5.04%
- Cayman Islands: $471.3 / 5.03%
- Luxembourg: $436.0 / 4.65%
- Canada: $435.8 / 4.65%
- France: $393.1 / 4.19%
- Ireland: $357.2 / 3.81%
- Taiwan: $306.0 / 3.27%
- Switzerland: $281.1 / 3.00%
- Singapore: $278.0 / 2.97%
- Hong Kong: $271.9 / 2.90%
- Norway: $207.3 / 2.21%
- India: $181.3 / 1.93%
- Brazil: $168.9 / 1.80%
- Saudi Arabia: $140.3 / 1.50%
- South Korea: $132.3 / 1.41%
- United Arab Emirates: $118.6 / 1.27%
- Israel: $117.6 / 1.25%
Critical notes for readers:
TIC data records securities by custody location, not ultimate beneficial ownership. Large positions in the UK, Cayman, Belgium, Luxembourg and Ireland mostly reflect global fund custody, not official government reserve holdings.
The percentage figures above represent each jurisdiction’s share of the total foreign-held pool, not the overall U.S. national debt. Foreign investors own only around one-third of marketable Treasuries; the Federal Reserve, U.S. pension funds, mutual funds and banks hold the larger domestic portion.
Monthly changes reflect both net buying/selling and bond price fluctuations, so headline shifts do not always signal deliberate reserve diversification. Japan reduced holdings sharply in May amid yen-support intervention, while the UK and Canada added exposure.
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