Foreign Investors Pour $9.37T Into US Treasuries as America’s Richest Reach Record Wealth

• Foreign holdings of US Treasuries climbed to $9.37 trillion in May, the second-highest level on record, highlighting continued global demand for US government debt
• Japan reduced its Treasury holdings while the UK and China increased theirs, signaling a shift in where foreign capital is coming from, rather than weakening demand
• The rise in overseas investment comes as America’s richest 0.00001% now capture a record 12% of US national income, which shows the growing concentration of wealth

Foreign appetite for US Treasuries isn’t fading, even as conversations around America’s growing wealth gap grow louder. Fresh government data shows overseas investors are still piling into US debt, pushing holdings close to record highs. At the same time, a separate study suggests the country’s wealthiest households now command an unprecedented share of national income. These developments paint a notable picture of where global capital continues to flow and who is benefiting most.

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Foreign Demand for US Treasuries Climbs Despite Shifting Global Holdings

Foreign holdings of US Treasuries climbed by $18 billion in May to $9.37 trillion, the second-highest level ever recorded, according to the U.S. Treasury’s latest Treasury International Capital (TIC) report. Over the past year alone, foreign investors have added roughly $549 billion in US Treasury securities, underscoring continued demand for what remains the world’s benchmark safe-haven asset.

The regional picture, however, is shifting. Japan’s US Treasury holdings fell by $67 billion to around $1.14 trillion, their lowest level since May 2025. Meanwhile, the UK-US Treasuries position climbed to a record $949 billion after another $11 billion increase. China’s US Treasury holdings rose to approximately $659 billion, their highest level since February.

The figures arrive as investors continue to weigh rising US interest rates and persistent geopolitical uncertainty. Higher Treasury yields have made government debt increasingly attractive to overseas buyers despite growing concerns over Washington’s fiscal outlook.

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America’s Richest Are Taking a Bigger Slice of National Income

While foreign capital keeps flowing into US government debt, wealth inside the country is becoming increasingly concentrated. According to research by Financial Times, America’s richest 0.00001% now account for roughly 12% of US national income. This is the highest share ever recorded. The metric, which includes wages, business profits, and investment income, has more than quadrupled since the 2008 financial crisis. For much of the second half of the 20th century, it rarely exceeded 1%.

The surge has been fueled by years of rising equity markets and appreciating real estate values, trends that have disproportionately benefited asset owners and widened wealth inequality.

Both these updates tell the same story. International investors continue to treat US Treasuries as one of the world’s safest destinations for capital. Meanwhile, within the US, a growing share of the wealth generated by that economy is accumulating among a remarkably small group at the very top.

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