Who does the US owe the largest debt to? (2024)

Who does the US owe the largest debt to?

In total, other territories hold about $7.4 trillion in U.S. debt

U.S. debt
As of December 2023, total federal debt was $33.1 trillion; $26.5 trillion held by the public and $12.1 trillion in intragovernmental debt.
https://en.wikipedia.org › National_debt_of_the_United_States
. Japan owns the most at $1.1 trillion, followed by China, with $859 billion, and the United Kingdom at $668 billion. In isolation, this $7.4 trillion amount is a lot, said Scott Morris, a senior fellow at the Center for Global Development.

(Video) Who does the US Owe its $31 Trillion debt? (National Debt Explained)
(Concerning Reality)
Who does the US owe the most money to?

Nearly half of all US foreign-owned debt comes from five countries.
Country/territoryUS foreign-owned debt (January 2023)
Japan$1,104,400,000,000
China$859,400,000,000
United Kingdom$668,300,000,000
Belgium$331,100,000,000
6 more rows

(Video) Who Is the US In Debt to?
(Weird History)
Who are the largest holders of U.S. debt?

  1. Japan. Japan held $1.1 trillion in Treasury securities as of October 2023, beating out China as the largest foreign holder of U.S. debt. ...
  2. China. China gets a lot of attention for holding a big chunk of the U.S. government's debt. ...
  3. The United Kingdom. ...
  4. Luxembourg. ...
  5. Cayman Islands.

(Video) How the U.S. national debt reached $31.4 trillion
(PBS NewsHour)
Why does the US owe so much money?

One of the main culprits is consistently overspending. When the federal government spends more than its budget, it creates a deficit. In the fiscal year of 2023, it spent about $381 billion more than it collected in revenues. To pay that deficit, the government borrows money.

(Video) Why The U.S. Won’t Pay Down Its Debt
(CNBC)
What 3 countries does the US owe the most money to?

Top Foreign Holders of U.S. Debt
RankCountryU.S. Treasury Holdings
1🇯🇵 Japan$1,076B
2🇨🇳 China$867B
3🇬🇧 United Kingdom$655B
4🇧🇪 Belgium$354B
35 more rows
Mar 24, 2023

(Video) How the U.S. Spent $1.4 Trillion in Debt Last Year | WSJ
(The Wall Street Journal)
Which country has no debt?

1) Switzerland

It is no surprise to see Switzerland on this list. Switzerland is a country that, in practically all economic and social metrics, is an example to follow. With a population of almost 9 million people, Switzerland has no natural resources of its own, no access to the sea, and virtually no public debt.

(Video) Here are the countries holding the most U.S. debt
(Bloomberg Quicktake)
Who does us owe 31 trillion to?

The public owes 74 percent of the current federal debt. Intragovernmental debt accounts for 26 percent or $5.9 trillion. The public includes foreign investors and foreign governments. These two groups account for 30 percent of the debt.

(Video) $277,000,000,000,000 of Global Debt: Who Owes it & To Whom? - TLDR News
(TLDR News Global)
How can the US get out of debt?

Key Takeaways
  1. Tax hikes alone are rarely enough to stimulate the economy and pay down debt.
  2. Governments often issue debt in the form of bonds to raise money.
  3. Spending cuts and tax hikes combined have helped lower the deficit.
  4. Bailouts and debt defaults have disadvantages but can help a government solve a debt problem.

(Video) The US Debt Situation Explained
(The Plain Bagel)
Is China in more debt than the US?

Debt as a share of GDP has risen to about the same level as in the United States, while in dollar terms China's total debt ($47.5 trillion) is still markedly below that of the United States (close to $70 trillion). As for non-financial corporate debt, China's 28 percent share is the largest in the world.

(Video) Does U.S. debt matter? | CNBC Explains
(CNBC International)
Will the US ever get out of debt?

Under current policy, the United States has about 20 years for corrective action after which no amount of future tax increases or spending cuts could avoid the government defaulting on its debt whether explicitly or implicitly (i.e., debt monetization producing significant inflation).

(Video) The US is $19.9 trillion in debt — here's who we owe the most
(Business Insider)

What is the most indebted country in the world?

List of countries by debt
Country/RegionPer capita US dollarsExternal debt USD Million
United States98,09432.9 trillion
United Kingdom46,7543.24 trillion
Japan34,8324.34 trillion
Netherlands215,5693.79 trillion
77 more rows

(Video) United States Debt Limit - Explained
(The Infographics Show)
How much is America worth?

The financial position of the United States includes assets of at least $269 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP).

Who does the US owe the largest debt to? (2024)
How long would it take to pay off the national debt?

The current debt is $31 trillion, and the government collects $3 trillion in tax revenue each year. Allowing for a little interest, and offsetting for inflation, they could do that in a decade (again, imagining that magically the country is able to carry on normally despite zero Federal government spending).

How much debt can the US handle?

Economists measure the severity of a nation's debt based on its debt-to-GDP ratio. The U.S. debt held by the public is nearly at 100%. The Committee for Economic Develop of the Conference Board says a responsible debt-to-GDP ratio for a country the size of the U.S. would be 70%.

What happens if China dumps US bonds?

If China “dumped” USA treasuries, they would take a serious monetary loss. The price of the treasuries would drop, effective raising the return for those who bought the bonds.

What is one real concern about a large national debt?

Rising debt reduces business investment and slows economic growth. It also increases expectations of higher rates of inflation and erosion of confidence in the U.S. dollar. The federal government should not allow budget imbalances to harm the economy and families across the country.

Does any country have more debt than the US?

Among the most populated countries, the United States ranks second behind Japan in terms of debt as a percentage of GDP. Japan has the world's largest debt-to-GDP ratio, with government debt more than twice the size of its GDP—it's also the least populous nation in this chart.

Does Russia have debt?

Public debt in Russia averaged 15.4% of GDP in the decade to 2022, below the average of 32.5% of GDP for Eastern Europe. Public debt in Russia was 18.9% of GDP in 2022.

What happens if the US defaults?

The dollar is a global reserve currency and U.S. bonds are seen as one of the most stable investments on the planet. So if the U.S. cannot pay its creditors, interest rates on U.S. debt would go up, creating a cascade of higher interest rates. So mortgage rates, credit card rates, car loan rates.

Which country has the most money?

Luxembourg, whose financial sector makes up 25% of its GDP, is the world's richest country by GDP per capita. With a population of just 660,000, the country is also considered a tax haven, incentivizing foreign investment due to its favorable tax policies.

How much is Russia in debt?

Related information about Russia Government Debt: % of GDP

In the latest reports, Russia National Government Debt reached 285.4 USD bn in Dec 2023. The country's Nominal GDP reached 494.7 USD bn in Mar 2023.

Who brought the U.S. debt to 0?

On January 8, 1835, President Andrew Jackson achieves his goal of entirely paying off the United States' national debt. It was the only time in U.S. history that the national debt stood at zero, and it precipitated one of the worst financial crises in American history.

Why is China selling US Treasuries?

Selling Treasurys is a fast way to whip up U.S. dollars, and China will sometimes use extra dollars to go out on the global market and buy up their own currency. That artificially pumps up its value. It's like planting someone at an auction to drive up your prices.

What would happen if the US printed enough money to cover all the debts?

The money for the debts we are talking about has already been appropriated by Congress meaning approved by Congress. Yes the US can print its own currency. It always does. But printing too much leads to inflation and a weakening of the dollar.

What does the US spend the most money on?

About 45 percent of FY 2022 discretionary spending went towards national defense, and most of the rest went for domestic programs, including transportation, education and training, veterans' benefits, income security, and health care (figure 4).

References

You might also like
Popular posts
Latest Posts
Article information

Author: Manual Maggio

Last Updated: 23/01/2024

Views: 6024

Rating: 4.9 / 5 (69 voted)

Reviews: 84% of readers found this page helpful

Author information

Name: Manual Maggio

Birthday: 1998-01-20

Address: 359 Kelvin Stream, Lake Eldonview, MT 33517-1242

Phone: +577037762465

Job: Product Hospitality Supervisor

Hobby: Gardening, Web surfing, Video gaming, Amateur radio, Flag Football, Reading, Table tennis

Introduction: My name is Manual Maggio, I am a thankful, tender, adventurous, delightful, fantastic, proud, graceful person who loves writing and wants to share my knowledge and understanding with you.