谁持大美债

The majority of U.S. debt is owed to American citizens, institutions, and the government itself. 

• Intragovernmental Holdings: About 20% ($7.4 trillion) is "debt the government owes itself". This consists of surplus revenue invested by federal agencies, such as:
  • Social Security Trust Funds: The largest single holder.
  • Medicare Trust Funds.
  • Federal Employee Retirement Funds.
• The Federal Reserve: Owns approximately 13%–19% ($4.6 trillion) as part of its role in managing interest rates and the money supply.
• Private Domestic Investors: Own roughly 42% of the debt. This includes individual American citizens, banks, insurance companies, mutual funds, and pension funds. 

 

2. Foreign Holders (Approx. 25–30%) 

Foreign entities hold about $8.8 to $9.1 trillion in Treasury securities. As of early 2026, the top foreign creditors are: 

• Japan
  : The largest foreign holder, with roughly $1.13 trillion.
• United Kingdom
  : The second-largest holder, with approximately $807 billion.
• China
  : Once the top holder, China now ranks third with roughly $750–765 billion as it has been steadily reducing its holdings.
• Cayman Islands
  : A major holder (approx. $455 billion) largely due to being a primary location for hedge funds.
• Other Notable Holders: 
  Canada
  , 
  Luxembourg
  , 
  Belgium
  , 
  France
  , and 
  Ireland
  .