Despite being the world's largest economy, America's national debt soared to historic levels following the COVID-19 pandemic and now exceeds a staggering $36 trillion ($29tn). As a percentage of gross domestic product (GDP), the nation's debt is the highest it's been since World War II. But who owns it? 

American debt can be bought by anyone through US Treasury securities (bills, notes or bonds), which represent an IOU from the government to the investor. While most of the debt is owed domestically, foreign investors currently hold more than $8 trillion (£6.4tn), both through central banks and private funds. For many years, China, the world's second-largest economy, was America's biggest creditor, but frosty relations between the two superpowers have sparked some significant changes.

From the lowest to the highest, read on as we reveal the top 20 countries that hold the bulk of America's debt today, and find out where China figures in the rankings. 

Based on the US Treasury’s most recent data from November 2024. All dollar amounts in US dollars.

Germany holds just shy of £100 billion (£80bn) of America's national debt. When US lawmakers struggled to come to an agreement about the nation's debt limit in early 2023, with the threat of default looming on 1 June, Germany's finance minister Christian Lindner spoke out about the risks and impacts to the global economy, saying: "Nobody would understand if domestic U.S. politics would cause further trouble for the global economy."

 Germany saw its own national debt rise in 2023 due to the energy crisis, inflation, and high costs of borrowing and has tried to slow this down over the last 12 months.

Mexico has historically been among the top 15 holders of US debt, but after reaching a peak of nearly $85 billion (£68bn) in early 2015, it's since reduced its holdings. The figure of $100.8 billion (£81bn) recorded in November 2024 marked the highest amount seen in nearly a decade. 

Last year Mexico maintained its status as the top US trading partner (it over took China in 2023), with trade between the two neighbouring countries totalling $467 billion (£376bn) in 2024.

South Korea held $127.8 billion (£103bn) of America's national debt as of November 2024. At the start of the year Korean investors went on something of a buying spree, anticipating a future US Federal Reserve interest rate cut.

A single brokerage firm announced it had purchased as much as KRW 400 billion ($305m/£239) worth of US Treasury securities in the first 45 days of 2024, more than half of what it sold in 2023. Spending continued to increase steadily through the end of the year.

Among the Middle East countries, Saudi Arabia has long been the largest holder of US debt. 

However, the kingdom has been selling off its shares, reducing its holdings to $109.2 billion (£88bn) in summer 2023, the lowest amount it’s held since 2016. While some speculated this was a move to diversify away from the US dollar, that figure has actually slowly increased to $135.6 billion (£109bn). 

Norway has the world's largest sovereign wealth fund, valued at more than $1.75 trillion (£1.4tn) in late 2024. The fund posted record profits of $222 billion (£178bn) last year, and these healthy returns have been attributed to tech stock growth. 

Along with stakes in companies such as Microsoft and Apple, the fund has investments in 63 different countries, including $159 billion (£128bn) of America's national debt. 

For more than a decade, Brazil had been one of the top five investors when it came to US Treasuries. However, the South American nation sold off $21.5 billion (£17bn) of its shares in 2021 to help cover economic losses due to its currency losing value, as well as a wider economic downturn. 

From a peak in 2018, when Brazil was the third largest holder of America’s public debt with nearly $314 billion (£252bn), its holdings have been reduced to $229 billion (£184bn) as of November 2024.

India, on the other hand, had been bolstering its share of America's national debt over the last year. As of November 2024, it held $234 billion (£188bn) of US bonds, bills, and notes. 

It's a substantial increase from the $80.5 billion (£65bn) it held just 10 years ago in November 2014. 

The US Treasury separately tracks Hong Kong, Taiwan and mainland China, which was the biggest holder of America's national debt for many years until it began selling off its share and this trend continued in 2024.

Conversely, Hong Kong has steadily increased its holdings from $185 billion (£148bn) in October 2018 to $255.7 billion (£205bn) in November 2024.

Singapore has consistently been among the top 15 holders of America's national debt over the last two decades, with securities worth $257.7 billion (£204.36bn) by the end of 2024. 

Moving away from Chinese investments, the sovereign wealth fund for the government of Singapore, had more than a third of its portfolio in the US in March 2022, including treasuries as well as venture capital.  

Mirroring the situation in South Korea, Taiwanese investors rushed to purchase US Treasury securities in 2024, hoping to secure higher yields before any potential cuts to interest rates.

As of November 2024, government and private investors based in Taiwan held $286.9 billion (£227.5bn) of America's public debt. Reports from Bloomberg claim retail investors purchased record levels of US stocks and bonds in 2024.

When it comes to buying up America's debt, Switzerland too has long been among the top holders of US Treasury securities, with $300.6 billion (£238.38bn) at the end of 2024, an increase of nearly $25 billion from a year ago.

Throughout 2024, US Treasuries offered a higher yield compared to that of Swiss bonds and increased their holdings accordingly.

French investors have also been keen to scoop up shares of America's debt. Toward the end of 2023, France held just under $245.7 billon (£194.9bn), which grew to $332.5 billion (£263.7bn) by the end of 2024.

France itself has one of the world's largest bond markets – with public debt exceeding €3.3 trillion ($3.5tn/£2.7tn) in late 2024. 

Ireland is home to the European operations of a number of US and other multinational companies such as Facebook, Alphabet (Google's parent company), and Apple. These businesses can take advantage of the country's low corporate tax rates and, therefore, have sizeable overseas profits. Many choose to redeem their offshore profits in US Treasury securities as a means of avoiding repatriation tax. 

These investments have often put Ireland among the top three to five largest holders of US debt. However, after President Trump enacted new tax reforms in 2017, which reduced the rates at which US companies are taxed on foreign profits, shares of US Treasury securities in Ireland began to drop. It was the eighth largest holder of US debt in November 2024. 

Little more than 10 years ago China and Japan both held more than a trillion dollars of US debt – four times as much as Belgium, which was then the third-largest holder of US debt with $335.4 billion (£266bn).

By the end of 2015, the European country’s holdings amounted to less than half of that. Analysts speculated the selloff was actually down to Chinese investors, who started keeping US Treasuries in Belgian accounts around 2011.

As of November 2024, Belgium held $361.3 billion (£286.5bn) of America's public debt, though it's uncertain how much of this is actually Chinese-owned.

In June 2022, Canada held just under $200 billion (£158.6bn) worth of US Treasury securities. This figure rocketed to $374.4 billion (£296.9bn) by the end of last year.

Canadian investors, however, have slowed their spending on international securities in general at the start of 2025, while the US' northern neighbour saw increases in its own bond market. Canada's public debt is around C1.25 trillion ($880 billion/£700bn).

It may seem surprising that a country with a population of around 75,000 people is so high up on the list of US debt holders. However, the Cayman Islands is one of the biggest financial centres in Latin America and a global leader for off-shore investments due to its reputation as a tax haven. 

The large majority of Cayman Island debt holders aren't residents, but rather investors from all over the world. Along with Luxembourg, it's one of the most popular places for domicile hedge funds.  

Another country favoured by US companies with European subsidiaries for its tax benefits – especially asset managers –  Luxembourg is in possession of $424.5 billion (£337bn) of US debt.

However, as with the Cayman Islands and Belgium, many of the US treasury securities purchased through Luxembourg are actually owned by foreign investors. 

Coming in at number three since 2019, the UK's share of American national debt stands at $765.6 billion (£607.8bn). 

The City of London is one of the biggest hubs worldwide for the financial services industry. Some of the largest insurers and institutional investors are based in London, as well as asset managers, hedge funds, and other wealth managers. Post Brexit, the financial district is eager to make connections with the US, with the City of London Corporation governing body planning to open offices in the US. 

For more than a decade, China held the top spot as America's largest creditor. A decade ago it held as much as $1.3 trillion (£1tn) of US Treasuries. However, in recent years this figure has substantially dropped. 

There are various reasons why China has downsized its holdings of American debt, from retaliating against US-imposed tariffs on Chinese goods to the country's poor economic growth and its own debt woes. 

It's worth noting that it's difficult to know exactly how much the country owns, as many of these shares are held abroad via custodians.

Since 2019, Japan has owned more US debt than any other country in the world. When China started selling off its holdings, Japan had already been steadily adding to its share since October 2018. Combined, the two countries own a quarter of America's foreign-held debt.

Japan's holdings of US debt continue to exceed £1 trillion (£790bn) in November 2024.

Now discover the countries most in debt to China, and find out why some are struggling to pay back their loans