What 3 countries does the US owe the most money to? (2024)

What 3 countries does the US owe the most money to?

Foreign holders of United States treasury debt

Of the total 7.6 trillion held by foreign countries, Japan and Mainland China held the greatest portions, with China holding 868.9 billion U.S. dollars in U.S. securities. Other foreign holders included oil exporting countries and Caribbean banking centers.

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Who are the largest holders of U.S. debt?

Foreign holders of United States treasury debt

Of the total 7.6 trillion held by foreign countries, Japan and Mainland China held the greatest portions, with China holding 868.9 billion U.S. dollars in U.S. securities. Other foreign holders included oil exporting countries and Caribbean banking centers.

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Does the US owe China money?

China is one of the United States's largest creditors, owning about $859.4 billion in U.S. debt. 1 However, it does not own the most U.S. debt of any foreign country. Nations borrowing from each other may be as old as the concept of money.

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Who does US borrow money from?

The federal government borrows money from the public by issuing securities—bills, notes, and bonds—through the Treasury. Treasury securities are attractive to investors because they are: Backed by the full faith and credit of the United States government. Offered in a wide range of maturities.

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Why does the US owe so much money?

One of the main culprits is consistently overspending. When the federal government spends more than its budget, it creates a deficit. In the fiscal year of 2023, it spent about $381 billion more than it collected in revenues. To pay that deficit, the government borrows money.

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Who are the top 3 foreign holders of U.S. debt?

As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).

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What country does the US owe the most money to?

Who does the United States owe the most debt to? As of July 2020, Japan overtook China and became the largest foreign debt collector for the U.S. The United States currently owes Japan about $1.2 trillion according to the U.S. Treasury report.

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What would happen if China called in all U.S. debt?

Holders of U.S. Debt

Were China to suddenly unload its reserve holdings, its currency's exchange rate would rise, making Chinese exports more expensive in foreign markets. As such, China's holdings of American debt do not provide China with undue economic influence over the United States.

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Which country has no debt?

1) Switzerland

It is no surprise to see Switzerland on this list. Switzerland is a country that, in practically all economic and social metrics, is an example to follow. With a population of almost 9 million people, Switzerland has no natural resources of its own, no access to the sea, and virtually no public debt.

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What happens if China stops buying U.S. debt?

If China (or any other nation having a trade surplus with the U.S.) stops buying U.S. Treasuries or even starts dumping its U.S. forex reserves, its trade surplus would become a trade deficit—something which no export-oriented economy would want, as they would be worse off as a result.

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How can the US get out of debt?

Key Takeaways
  1. Tax hikes alone are rarely enough to stimulate the economy and pay down debt.
  2. Governments often issue debt in the form of bonds to raise money.
  3. Spending cuts and tax hikes combined have helped lower the deficit.
  4. Bailouts and debt defaults have disadvantages but can help a government solve a debt problem.

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What is the most indebted country in the world?

Profiles of Select Countries by National Debt
  • Japan. Japan has the highest percentage of national debt in the world at 259.43% of its annual GDP. ...
  • United States. ...
  • China. ...
  • Russia.

What 3 countries does the US owe the most money to? (2024)
Is the U.S. debt a problem?

Extraordinarily low interest rates allow the U.S. to shoulder a heavier debt burden, but the debt is on an unsustainable course and its size may limit the government's ability or willingness to continue to fight the economic ill effects of the pandemic or future economic downturns.

Can America pay off its debt?

Under current policy, the United States has about 20 years for corrective action after which no amount of future tax increases or spending cuts could avoid the government defaulting on its debt whether explicitly or implicitly (i.e., debt monetization producing significant inflation).

How much is America worth?

The financial position of the United States includes assets of at least $269 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP).

Does any country owe the US money?

China owes the United States $1.3 trillion, which is the most debt out of all the countries that are its debtors. Japan was the primary debt holder until 2008, but now comes in second place, with $1.2 trillion. Other countries with outstanding U.S. debt include Russia, India and South Korea.

Why is China selling US Treasuries?

Selling Treasurys is a fast way to whip up U.S. dollars, and China will sometimes use extra dollars to go out on the global market and buy up their own currency. That artificially pumps up its value. It's like planting someone at an auction to drive up your prices.

Who does U.S. owe 31 trillion to?

The public owes 74 percent of the current federal debt. Intragovernmental debt accounts for 26 percent or $5.9 trillion. The public includes foreign investors and foreign governments. These two groups account for 30 percent of the debt.

Does Russia own U.S. debt?

Russia owns less than 2.5 $Billion in US Treasury notes, a trifling amount. Russia does not “own” US debt. It just owns bonds that are not callable and it takes its interest payments as agreed. Russia has sold almost 100 $Billion in US bonds to reduce its vulnerability to US sanctions.

What countries owe the United States?

China owes the United States $1.3 trillion, which is the most debt out of all the countries that are its debtors. Japan was the primary debt holder until 2008, but now comes in second place, with $1.2 trillion. Other countries with outstanding U.S. debt include Russia, India and South Korea.

Who does the US owe all its debt to?

Many people believe that much of the U.S. national debt is owed to foreign countries like China and Japan, but the truth is that most of it is owed to Social Security and pension funds right here in the U.S. This means that U.S. citizens own most of the national debt.

Who much does the US owe?

The $34 trillion gross federal debt includes debt held by the public as well as debt held by federal trust funds and other government accounts. In very basic terms, this can be thought of as debt that the government owes to others plus debt that it owes to itself.

Is China's debt worse than us?

Debt as a share of GDP has risen to about the same level as in the United States, while in dollar terms China's total debt ($47.5 trillion) is still markedly below that of the United States (close to $70 trillion). As for non-financial corporate debt, China's 28 percent share is the largest in the world.

Who owns most of China's debt?

[2] A report by the credit rating agency S&P Global in 2022 estimated that 79 per cent of corporate debt in China was owed by SOEs (the IMF does not break down the proportion of debt owed by SOEs).

Is China in debt to any other country?

China's outstanding foreign debt, including US dollar debt, reached US$2.29 trillion at the end of September in 2020, up from US$2.13 trillion at the end of June, according to China's State Administration of Foreign Exchange.

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