$19.3 Trillion: U.S. Holdings of Foreign Securities Jump $3.5 Trillion in a Year, Led by $15.2 Trillion in Foreign Stocks
WASHINGTON — The U.S. Department of the Treasury on October 30 released final data from its annual survey of U.S. portfolio holdings of foreign securities: as of December 31, 2025, U.S. holdings totaled about $19.3 trillion ($19,258 billion), up about $3.5 trillion from about $15.8 trillion ($15,823 billion) at year-end 2024, with the increase mainly in equities.
By type of security, foreign equities accounted for $15,232 billion, nearly four-fifths of all holdings; foreign long-term debt securities, with an original term to maturity of more than one year, totaled $3,607 billion, and short-term debt securities $418 billion. At year-end 2024 the comparable figures were $12,095 billion in equities, $3,348 billion in long-term debt and $380 billion in short-term debt — equity holdings rose by more than $3.1 trillion over the year, while debt holdings grew more modestly.
By country, the largest destination for U.S. portfolio investment was the Cayman Islands at $3,072 billion, followed by the United Kingdom at $2,007 billion, Canada at $1,884 billion, Japan at $1,483 billion, Ireland at $1,182 billion, France at $910 billion, Switzerland at $803 billion and the Netherlands at $748 billion.
For markets of particular interest to Chinese-American investors, U.S. holdings of mainland Chinese securities were $318 billion, comprising $300 billion in equities and $18 billion in debt, with Hong Kong and Macau reported separately; holdings in Hong Kong were $119 billion, including $114 billion in equities; and holdings in Taiwan were $668 billion, entirely in equities. South Korea stood at $384 billion, India at $390 billion and Singapore at $197 billion.
The annual survey was undertaken jointly by the Treasury Department, the Federal Reserve Bank of New York and the Board of Governors of the Federal Reserve System; preliminary data were released on August 31, 2025. The Treasury added that the complementary survey measuring foreign portfolio holdings of U.S. securities, for securities held at end-June 2026, is being processed, with preliminary results expected on February 26, 2027.
Source: GSM · USA (original Chinese edition)
Photo: 图：美国财政部大楼（资料图）。Wikimedia Commons，CC BY-SA 4.0。 / The U.S. Treasury Building (file photo). Via Wikimedia Commons, CC BY-SA 4.0.
