U.S. Foreign Securities Holdings Reach $15.8 Trillion by 2024

The U.S. Department of the Treasury has reported that U.S. portfolio holdings of foreign securities have risen to $15.8 trillion at the close of 2024. This figure marks a modest increase from the previous year, driven by shifting dynamics in global markets. The preliminary findings stem from an annual survey conducted in collaboration with the Federal Reserve Bank of New York and the Board of Governors of the Federal Reserve System. A comprehensive report, which may include revisions, is set for release on October 31, 2025.

Insights into Portfolio Growth and Composition

According to the preliminary data, U.S. investors held approximately $12.1 trillion in foreign equities, $3.3 trillion in foreign long-term debt securities, and $393 billion in foreign short-term debt securities. Overall holdings increased from $15.3 trillion at the end of 2023, representing a gain of around $491 billion. Most of this growth can be attributed to equities, which alone rose by about $606 billion. In contrast, holdings in long-term debt showed a slight decline of approximately $86 billion, while short-term debt holdings also experienced a modest decrease.

Major Destinations for U.S. Investment

The Cayman Islands continued to be the leading destination for U.S. portfolio investment, with total holdings of around $2.76 trillion. This amount was largely influenced by equity investments exceeding $2.1 trillion. Other significant destinations included:

– United Kingdom — $1.63 trillion
– Canada — $1.47 trillion
– Japan — $1.20 trillion
– Ireland — $1.06 trillion

The data reveals a substantial U.S. exposure to offshore financial centers, along with strong positions in developed markets such as France, The Netherlands, and Switzerland. Emerging markets, including India and Brazil, also attracted notable U.S. investment, albeit at lower levels compared to the leading destinations.

The Treasury’s preliminary report underscores the ongoing diversification of U.S. investment portfolios amidst changing global financial conditions. The detailed breakdown of holdings by country and asset type offers valuable insights into capital flows and exposure trends, aiding policymakers and analysts in assessing systemic risks.

In addition to this survey, the Treasury and its partners conduct a supplementary annual study that measures foreign holdings of U.S. securities. Preliminary results from the most recent assessment, which covers positions as of June 30, 2025, are expected to be released by February 27, 2026. The finalized report for 2024, containing further analysis and possible revisions, is anticipated later this year.