Ranked: USA Treasury Holdings by Country

Which countries have been buying and selling the most U.S. Treasury bills?

U.S. Treasury bills are considered to be one of the world’s most popular risk-free investments.

However, rising debt obligations and geopolitics have increased their scrutiny but they’re still considered to be virtually “risk-free”.

In the past one year, the world has seen rise in geopolitical tensions, conflicts and a shift to gold reserves as a safe haven. A few countries have increased their holdings significantly in USA Treasuries, going bullish on these T-bills, while a few have sold and decreased their holdings. Can you spot the trend?

Largest increase:

1. United Kingdom (UK): $130 billion

2. Japan: $75 billion

3. Belgium: $49 billion

4. France: $33 billion

5. Singapore: $30 billion

Largest decrease:

1. China: $93 billion

2. India: $52 billion

3. Brazil: $43 billion

4. Switzerland: $22 billion

5. Taiwan: $11 billion

A few major changes from comparison in February 2026:

Belgium, Japan, Canada and Norway have decreased their holdings significantly.

While Taiwan was initially a big buyer, the country is now a net seller.

On the other hand, Hong Kong, a big seller is now a net buyer.

China, India and Brazil continue to reduce holdings significantly.

Swiss enters the net sellers list. Is this money going to the AI stocks?

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