Given the recent sell-off in Treasuries, who effectively owns US public debt? The largest holders of Treasuries are foreigners who own 8.5 trillion, or 33% of the total. Japan is the top foreign owner of 1.08 trillion of US government bonds. China is the second-largest holder and owns ~760 billion. 31%, or 8.0 trillion is held by the financial sector including banks, mutual funds, and hedge funds. The government and households own 24% and 11% of the Treasury market, respectively. Foreign holdings of US Treasuries are huge.