Sovereign wealth funds around the world holding US bonds

 

While there is no definitive public count of every individual sovereign wealth fund (SWF) holding U.S. bonds, governmental sources (which include SWFs, central banks, and other official institutions) collectively held approximately $3.8 trillion in U.S. federal debt as of May 2025. This represents about 44.2% of all foreign-owned U.S. debt. 

The United States remains a primary destination for state-owned capital, drawing 48% ($132 billion) of all global state-owned investments from SWFs and public pension funds in 2025. 

Major SWF Holders of U.S. Bonds

As of early 2026, several of the world's largest sovereign wealth funds have confirmed significant holdings in U.S. Treasury securities: 

• Norway (Government Pension Fund Global): The world's largest SWF held $199 billion in U.S. Treasuries as of December 31, 2025, an increase from $181 billion in mid-2025.
• China (China Investment Corporation): While China has been gradually reducing its overall debt holdings, it remains the third-largest foreign owner of U.S. debt with $682.6 billion in total Treasury holdings as of November 2025.
• Gulf Region (Saudi Arabia, UAE, Qatar, Kuwait): These countries have pledged billions in U.S. investments through their powerful funds, such as the Abu Dhabi Investment Authority (ADIA) and Saudi Arabia's Public Investment Fund (PIF).
• Asia-Pacific: Major institutional investors from Japan, Singapore (GIC), and South Korea (KIC) continue to be anchor participants in the U.S. bond market. 

Top Foreign Holders of U.S. Treasury Securities (Nov 2025) 

Total foreign holdings reached an all-time peak of $9.355 trillion in November 2025. Note that these figures include both official (SWF/Central Bank) and private holdings. 

Rank	Country	Amount Held (Billions USD)
1	Japan	$1,202.6
2	United Kingdom	$888.5
3	China	$682.6
4	Belgium	$481.0
5	Canada	$472.2
6	Cayman Islands	$427.4
7	Luxembourg	$425.6

 

Key Trends for 2026

• Diversification vs. Stability: While some European investors, such as funds in 
  Sweden
   and 
  Denmark
  , have reportedly sold or trimmed U.S. Treasuries due to geopolitical concerns, the largest funds (like Norway's) have increased their positions to reflect the size and liquidity of the U.S. market.
• Rising State-Owned Assets: Global SWF assets crossed $15 trillion in December 2025, with state-owned investors now managing a total of $60 trillion across reserves and funds.
• New Funds: 11 new sovereign wealth funds were launched in 2025, all originating in emerging markets, potentially adding new institutional buyers to the global bond market in 2026.