Foreign Private Investors Hold $5.4 Trillion in U.S. Treasury Bonds

As of September 2025, foreign private investors hold $5.4 trillion in U.S. Treasury bonds, surpassing the $3.9 trillion held by foreign public institutions. The U.S. Government Accountability Office (GAO) reported that foreign investors' holdings of U.S. Treasury bonds amount to $9.3 trillion, accounting for approximately 33% of the total. The point at which foreign private investors' holdings exceeded those of public institutions was recorded in 2023. In the 2024 survey of foreign securities holdings, foreign holdings of U.S. Treasury bonds were $8.2 trillion, with foreign private investors holding $4.4 trillion, exceeding the $3.8 trillion held by foreign public institutions. The share of foreign public institutions decreased from 59% in 2020 to 47% in 2024. This is interpreted as a result of increased holdings by private investors rather than foreign governments selling U.S. Treasury bonds. The Federal Reserve reduced its Treasury bond holdings by approximately $1.6 trillion from 2022 to 2025 and began repurchasing short-term Treasury bonds in January 2026. The GAO analyzed that the increase in the share of private investors could heighten sensitivity to Treasury bond rates and yield demands. In the September 2025 Treasury auction, investment funds emerged as the main buyers, making purchase decisions based on comparisons of yields and risks. The Brookings Institution analyzed that foreign private investors tend to increase their holdings of U.S. Treasury bonds even in times of financial market stress.

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