WASHINGTON, D.C. — The U.S. Department of the Treasury has released preliminary data showing that U.S. portfolio holdings of foreign securities climbed to $15.8 trillion by the end of 2024, reflecting a modest increase from the previous year despite shifting global market dynamics.
The findings come from an annual survey conducted jointly by the Treasury Department, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System. A final report, which may include revisions and additional detail, is scheduled for release on October 31, 2025.
Overall Growth and Shifts in Composition
According to the preliminary results, U.S. investors held:
- $12.1 trillion in foreign equities
- $3.3 trillion in foreign long-term debt securities
- $393 billion in foreign short-term debt securities
Compared to year-end 2023, overall U.S. holdings increased from $15.3 trillion to $15.8 trillion, a gain of roughly $491 billion. While equities drove most of the growth, rising by about $606 billion, holdings in long-term debt declined slightly by approximately $86 billion. Short-term debt holdings also saw a modest reduction.
Top Destinations for U.S. Investment
The Cayman Islands remained the leading destination for U.S. portfolio investment, accounting for approximately $2.76 trillion in total holdings, largely driven by equity investments of over $2.1 trillion. Other major destinations included:
- United Kingdom — $1.63 trillion
- Canada — $1.47 trillion
- Japan — $1.20 trillion
- Ireland — $1.06 trillion
Notably, the data show substantial U.S. exposure to offshore financial centers, as well as continued strong positions in developed markets such as France, the Netherlands, and Switzerland. Emerging markets, including India and Brazil, also drew significant U.S. investment, though at lower levels compared to top-ranked destinations.
Context and Next Steps
The Treasury’s preliminary report highlights the continued diversification of U.S. investment portfolios amid evolving global financial conditions. The detailed breakdown of holdings by country and asset type provides policymakers and analysts with insights into capital flows, systemic risks, and exposure trends.
In addition to this survey, the Treasury and its partners conduct a complementary annual study measuring foreign holdings of U.S. securities. Data from the most recent assessment, covering positions as of June 30, 2025, are currently being processed, with preliminary results expected by February 27, 2026.
The finalized 2024 holdings report, which will include further analysis and potential revisions, is slated for publication later this year.
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