The U.S. debt ownership is divided mainly among the U.S. government itself, domestic investors, and foreign investors. As of early 2025, total federal debt stood at about $36 trillion. Key ownership groups include:
- The U.S. government holds about one-third of the total debt, mainly through intragovernmental holdings like Social Security and other federal trust funds, plus the Federal Reserve. The Federal Reserve alone holds around $4.7 trillion.
- Domestic investors collectively own over 40% of outstanding debt. This group includes mutual funds, banks, state and local governments, pension funds, insurance companies, and individual U.S. citizens. Domestic private investors own about 15% of the national debt specifically.
- Foreign investors hold roughly 24–28% of the debt. The largest foreign holders as of 2024-2025 were:
- Japan ($1.06 - 1.1 trillion)
- China ($759 - 768 billion)
- United Kingdom (~$690 - $765 billion)
- Luxembourg (~$424 billion)
- Cayman Islands (~$397 billion) Together, the top 10 foreign holders account for about 59% of all foreign- owned U.S. debt, totaling approximately $8.7 to $8.8 trillion.
In summary, the largest single owner is the U.S. government itself (largely intragovernmental holdings and Federal Reserve), followed by a broad array of domestic investors and foreign countries, with Japan and China leading foreign ownership.
