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U.S. DEPARTMENT OF THE TREASURY Report on U.S. Portfolio Holdings of Foreign Securities at EndYear 2021 October 31, 2022 Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2021 were released today and posted on the Treasury web site at https://home.treasury.gov/data/treasury-international-capital-tic-system/tic-formsinstructions/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 2022, are being processed. Preliminary results are expected to be reported on February 28, 2023. OVERALL RESULTS This survey measured the value of U.S. portfolio holdings of foreign securities at year-end 2021 as approximately $16.3 trillion, with $12.1 trillion held in foreign equity, $3.7 trillion held in foreign long-term debt securities (original term-to-maturity in excess of one year), and $0.6 trillion held in foreign short-term debt securities. The previous such survey, conducted as of year-end 2020, measured U.S. holdings of approximately $14.4 trillion, with $10.6 trillion held in foreign equity, $3.4 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 2021 was mainly in equity (see Table 1). U.S. portfolio holdings of foreign securities by country at the end of 2021 were the largest for the Cayman Islands ($2.8 trillion), followed by the United Kingdom ($1.6 trillion), Canada ($1.5 trillion), and Japan ($1.3 trillion) (see Table 2). These four countries attracted 44 percent of total U.S. portfolio investment, versus 45 percent the previous year. The surveys are part of an internationally coordinated effort under the auspices of the International Monetary Fund (IMF) 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, 2020 December 31, 2021 Long-term Securities 13,988 15,757 Equity 10,615 12,061 3,373 3,696 399 562 14,387 16,319 Long-term debt Short-term debt securities Total U.S. PORTFOLIO INVESTMENT BY COUNTRY 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, 2021 [1] (Billions of dollars) Debt Country or category Total Equity Total Cayman Islands 2,804 2,085 719 Long-term 709 Short-term 10 United Kingdom 1,615 1,089 527 456 71 Canada 1,472 883 589 446 143 Japan 1,283 1,031 253 206 47 Ireland 926 805 121 102 19 France 801 577 224 179 45 Netherlands 752 562 190 184 5 Switzerland 742 697 46 43 2 Germany 564 458 106 84 22 Australia 460 259 200 135 65 Taiwan 371 371 * * 0 India 306 293 12 12 * China, mainland [2] 303 268 35 33 2 Bermuda 299 248 50 50 * Korea, South 282 253 29 27 2 Sweden 264 208 56 25 31 Luxembourg 222 152 71 65 6 Denmark 181 161 20 19 1 Spain 172 119 53 50 3 Jersey 170 154 16 15 1 2,331 1,388 943 855 87 16,319 12,061 4,258 3,696 562 Rest of the world Total * 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, 2021, reported in this survey may not, for a number of reasons, correspond to the stock of foreign securities on December 31, 2020, plus cumulative flows reported in Treasury’s transactions reporting system. An analysis of the relationship between the stock and flow data is available in Exhibit 2 and the associated text of “U.S. Portfolio Holdings of Foreign Securities as of End-December 2021.” [2] China, Hong Kong, and Macau are all reported separately.
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