February 1, 2026 | 06:33 pm
TEMPO.CO, Jakarta - The list of countries with the most US debt has pushed total foreign ownership to a staggering $9.4 trillion this year, marking an all-time high. This surge is driven by the US government’s continued need to issue more Treasuries annually to finance its expanding budget deficit.
According to the latest US Treasury data, Japan is the largest foreign holder of US debt, with holdings totaling $1.2026 trillion. Japan’s position has risen modestly in recent years, standing in sharp contrast to China, which has steadily reduced its Treasury holdings. As of November 2025, China’s holdings stood at $682.6 billion, placing it just below the United Kingdom in the rankings.
Of all US debt held by foreign countries, nearly 40% is owned by European nations. Major holders include Ireland with $340.3 billion, France with $376.1 billion, Belgium with $481 billion, and Luxembourg, the richest country in the world, with $425.6 billion.
However, investment research company Morningstar noted that rising tensions over the US plan to expand its access to Greenland and the mounting concerns over the nation’s swelling debt burden have made investors increasingly cautious about the US Treasuries. Even so, a complete pullback from US debt remains highly unlikely, as the United States continues to offer the world’s largest and most liquid government bond market.
Here are the 10 countries with the most US debt, according to the US Treasury’s latest data from November 2025.
List of Countries with the Most US Debt
Japan - $1,202.6 billion
United Kingdom - $888.5 billion
China, Mainland - $682.6 billion
Belgium - $481 billion
Canada - $472.2 billion
Cayman Islands - $427.4 billion
Luxembourg - $425.6 billion
France - $376.1 billion
Ireland - $340.3 billion
Taiwan - $312.5 billion
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