The US national debt has reached a historic high: from $34.4 trillion to a complex creditor structure

As of the end of 2024, the US national debt has exceeded the record high of $34.4 trillion. This astronomical figure is divided between domestic and foreign creditors, creating a complex picture of financial dependence for the world’s largest economy.

Domestic Creditors: The Main Burden of Debt

Over 77% of the US government debt is held by domestic creditors, amounting to $26.4 trillion. This distribution shows a deep interdependence of the American economy with its own financial institutions.

The largest participant in this structure is the US government agencies, with an internal debt of $7.0 trillion (20% of total debt). The Federal Reserve System holds $5.2 trillion (15%), making it one of the key players in holding the US national debt.

Private creditors also play a significant role. US citizens holding savings bonds have invested $5.7 trillion (17%), while investment funds control $3.7 trillion (11%). Pension funds and insurance companies, traditionally considered conservative investors, hold $1.0 trillion (3%) and $480 billion (1%), respectively.

Structure of the National Debt: The Role of the Federal Reserve System and Local Authorities

The Federal Reserve System of the US occupies a strategic position in the American economy, holding over $5 trillion in debt. Additionally, credit organizations account for $1.6 trillion (5%), and state and local government agencies have contributed with $1.7 trillion (5%).

This diversity of domestic creditors reflects the depth of the American financial system, where debt is distributed among the central bank, commercial credit institutions, pension funds, and private investors.

Foreign Creditors: 23% of American Debt

The US national debt also depends on foreign governments and investors, who hold $7.9 trillion (23% of the total debt). This segment demonstrates the global dependence of the American economy on international capital.

Japan leads among foreign creditors with $1.1 trillion (3%), followed by China with $820 billion (2%) and the United Kingdom with $680 billion (2%). The remaining $5.3 trillion (15%) is distributed among other countries worldwide.

This distribution of foreign creditors underscores the geopolitical importance of American debt and its influence on international economic relations. The US national debt remains one of the most attractive investment instruments on the global market, attracting capital from all corners of the Earth.