U.S. Department of the Treasury

10/31/2024 | News release | Distributed by Public on 10/31/2024 14:15

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington - The findings from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2023 were released today and posted on the Treasury web site at https://home.treasury.gov/data/treasury-international-capital-tic-system/tic-forms-instructions/us-claims-on-foreigners-from-holdings-of-foreign-securities

The survey was undertaken jointly by the U.S. Department of the Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System.

A complementary survey measuring foreign portfolio holdings of U.S. securities also occurs annually. Data from the most recent such survey, which reports on securities held at end-June 2024, are being processed. Preliminary results are expected to be reported on February 28, 2025.

Overall Results

This survey measured the value of U.S. portfolio holdings of foreign securities at year-end 2023 as approximately $15.3 trillion, with $11.5 trillion held in foreign equity, $3.4 trillion held in foreign long-term debt securities (original term-to-maturity in excess of one year), and $0.4 trillion held in foreign short-term debt securities. The previous such survey, conducted as of year-end 2022, measured U.S. holdings of approximately $14.0 trillion, with $10.3 trillion held in foreign equity, $3.3 trillion held in foreign long-term debt securities, and $0.4 trillion held in foreign short-term debt securities. The increase in U.S. holdings in 2023 was mainly in equity (see Table 1).

U.S. portfolio holdings of foreign securities by country at the end of 2023 were the largest for the Cayman Islands ($2.7 trillion), followed by the United Kingdom ($1.5 trillion), Canada ($1.4 trillion), and Japan ($1.2 trillion) (see Table 2). These four countries attracted 44 percent of total U.S. portfolio investment, the same as the previous year.
This survey is part of the International Monetary Fund's Coordinated Portfolio Investment Survey, an effort to improve the measurement of portfolio asset holdings.

Table 1. U.S. holdings of foreign securities, by type of security, as of survey dates [1]

(Billions of dollars)

Type of Security

December 31, 2022

December 31, 2023

Long-term Securities

13,563

14,921

Equity

10,280

11,492

Long-term debt

3,283

3,429

Short-term debt securities

447

422

Total

14,009

15,343

Table 2. Market value of U.S. portfolio holdings of foreign securities, by country and type of security, for countries attracting the most U.S. investment, as of December 31, 2023 [2]

(Billions of dollars)

Country or category

Total

Equity

Debt

Total

Long-term

Short-term

Cayman Islands

2,663

1,935

729

719

9

United Kingdom

1,490

1,061

429

382

47

Canada

1,390

839

550

451

100

Japan

1,218

991

227

184

43

Ireland

924

823

101

79

23

France

816

597

219

173

46

Netherlands

668

508

159

151

8

Switzerland

655

607

47

46

1

Germany

514

418

97

79

17

Australia

442

269

172

132

41

India

352

342

10

10

0

Taiwan

316

316

0

0

0

Bermuda

267

215

52

52

0

Korea, South

253

227

25

25

0

Luxembourg

238

172

65

61

4

Denmark

219

206

13

12

0

China, mainland [2]

217

202

15

15

0

Sweden

197

156

40

19

21

Jersey

192

145

47

47

0

Brazil

181

157

24

23

1

Rest of the world

2,133

1,304

829

768

61

Total

15,343

11,492

3,851

3,429

422

* Greater than zero but less than $500 million. Items may not sum to totals due to rounding.

[1] The stock of foreign securities for December 31, 2023, reported in this survey may not, for a number of reasons, correspond to the stock of foreign securities on December 31, 2022, plus cumulative flows reported in Treasury's transactions reporting system. An analysis of the relationship between the stock and flow data is available in "U.S. Portfolio Holdings of Foreign Securities as of End-December 2023," Table 2.

[2] China, Hong Kong, and Macau are all reported separately.