U.S. Treasury releases final survey showing rise in U.S. foreign securities holdings

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U.S. foreign securities holdings rise

Highlights

U.S. portfolio holdings of foreign securities rose from $15.8 trillion in 2024 to $19.3 trillion at year-end 2025, driven mainly by equities.
The largest U.S. foreign holdings at end-2025 were in the Cayman Islands ($3.1 trillion), UK ($2.0 trillion), Canada ($1.9 trillion), and Japan ($1.5 trillion).
Preliminary results for the survey of foreign portfolio holdings of U.S. securities as of June 2026 are expected to be released on February 26, 2027.

Year-end 2025 survey results

As reported by the U.S. Department of the Treasury, final data from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2025 are released today on the agency's website. The survey is undertaken jointly with the Federal Reserve Bank of New York and the Board of Governors of the Federal Reserve System.

The survey measures $15.2 trillion in foreign equity holdings, $3.6 trillion in foreign long-term debt securities, and $0.4 trillion in foreign short-term debt securities. Compared with the previous survey for year-end 2024, the total rises from about $15.8 trillion to $19.3 trillion, with the main increase coming from equity.

By country, the largest U.S. portfolio holdings at the end of 2025 are in the Cayman Islands at $3.1 trillion, followed by the UK at $2.0 trillion, Canada at $1.9 trillion, and Japan at $1.5 trillion. Other major destinations for U.S. investment include Ireland, France, Switzerland, the Netherlands and Germany.

Implications for capital flows and next data release

The figures provide a snapshot of how U.S. capital is allocated across overseas equity and debt markets, with equity continuing to account for the clear majority of holdings. The concentration in a small group of financial centers and large developed markets underscores their role in absorbing cross-border portfolio investment from U.S. investors.

The Treasury says a complementary survey measuring foreign portfolio holdings of U.S. securities also takes place annually. Data from the most recent survey, covering securities held at end-June 2026, are currently being processed, and preliminary results are expected on February 26, 2027.

Sovereign borrowing risks in a higher-rate environment are rising as geopolitical tensions and sustained fiscal spending keep global funding costs elevated, our earlier coverage noted. The pressure is most pronounced in emerging and frontier markets, where debt-service burdens are high relative to government revenues, while energy and food price shocks linked to ongoing conflicts add to inflation and strain public finances.

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