debt

Public Debt → about $31.5 trillion
Intragovernmental Debt → about $7.5 trillion
Public debt is the portion borrowed from investors outside the federal government.
Intragovernmental debt is money the government owes to its own programs.
Public Debt ($31.5T)
Public debt makes up the majority of total U.S. debt, which is equal to approximately $31.5 trillion. This is the money the government borrows from investors, both within the country and outside the country, to fund its spending.
Domestic Investors
The biggest share of public debt is held by domestic investors. This includes:
Mutual funds and pension fundsBanks and financial institutionsIndividual investorsInsurance companies and other institutions
Pension and mutual funds alone hold a large portion of total public debt. These funds manage retirement savings, which means a major part of U.S. debt is connected to the financial future of everyday Americans.
Banks and institutions also invest in U.S. Treasury bonds due to their safe and reliable nature. This shows that the U.S. is largely borrowing money from within its own economy.
Foreign Investors
Foreign countries also hold a large share of public debt, around $9 trillion. Japan is the biggest holder of U.S. debt, with about $1.2 trillion. The United Kingdom is next, holding around $897 billion. China comes after that, with about $697 billion.
In recent years, there has been a shift between the two biggest economies, such as China and japan in holding US treasury securities.
China has been gradually reducing its holdings of U.S. debt. In February 2025, China held about $784 billion of U.S. Treasury securities, but now its holdings have declined to around $693 billion.
The reason for this decrease can be attributed to political and economic tensions that have been growing between the two largest economies. Moreover, China is looking to diversify its foreign exchange holdings; therefore, it is gradually reducing its U.S. Treasury holdings.
This decline is linked to rising political and economic tensions between the two largest economies in the world. Additionally, China is diversifying its foreign reserves into other assets. It is also part of the de-dollarization trend, where countries try to reduce their reliance on the U.S. dollar and the financial system.
On the other hand, Japan has moved in the opposite direction. In February 2025, Japan held around $1.12 trillion of U.S. treasury securities, and its holdings have now increased to approximately $1.23 trillion. This shows that Japan continues to be a consistent buyer of U.S. debt.
Federal Reserve
The Federal Reserve also holds a large portion of public debt, about $4.4 trillion. It buys government bonds as part of its monetary policy. This helps the Fed to manage interest rates and support the economy during times of crisis or slowdown.
Intragovernmental Debt
The second major part of U.S. debt is intragovernmental debt, which is around $7.5 trillion. This is money that one part of the government owes to another.
The biggest example of Intragovernmental Debt is the Social Security Trust Fund. When Social Security collects more money than it needs, it invests the surplus in U.S. Treasury bonds. In this way, the government borrows from its own program. Other government trust funds work in a similar way.
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Hồng Kông xếp thứ nhất với tổng nợ bằng 380% GDP, tiếp theo là Nhật Bản với 372%
Mỹ xếp thứ bảy với 264%, dẫn đầu bởi nợ chính phủ (123%) và nợ doanh nghiệp (73%
Hồng Kông dẫn đầu bảng xếp hạng
Với tổng nợ 380%, Hồng Kông có tổng nợ cao nhất thế giới. Khu vực hành chính đặc biệt nhỏ bé này của Trung Quốc đã phát triển cao và đô thị hóa, có khoảng 7,5 triệu cư dân
Trong khi nợ chính phủ của nó tương đối mỏng manh 67% và tổng nợ hộ gia đình là 86% dao động xung quanh các tiêu chuẩn của các nước phát triển toàn cầu, nợ doanh nghiệp của Hồng Kông là 227% GDP, chiếm gần như toàn bộ gánh nặng nợ tổng thể của nó.