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Report on U.S. Portfolio Holdings of Foreign Securities at End-Year 2022

WASHINGTON The findings from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2022 were released today and posted on the Treasury web site here.

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 2023, are being processed.  Preliminary results are expected to be reported on February 29, 2024.

Overall Results

This survey measured the value of U.S. portfolio holdings of foreign securities at year-end 2022 as approximately $14.0 trillion, with $10.3 trillion held in foreign equity, $3.3 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 2021, measured U.S. holdings of approximately $16.3 trillion, with $12.1 trillion held in foreign equity, $3.7 trillion held in foreign long-term debt securities, and $0.6 trillion held in foreign short-term debt securities.  The decrease in U.S. holdings in 2022 was mainly in equity (see Table 1).

U.S. portfolio holdings of foreign securities by country at the end of 2022 were the largest for the Cayman Islands ($2.7 trillion), followed by the United Kingdom ($1.4 trillion), Canada ($1.2 trillion), and Japan ($1.1 trillion) (see Table 2).  These four countries accounted for 46 percent of total U.S. portfolio investment, versus 44 percent the previous year.

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The full annual report.

The surveys are part of the International Monetary Fund’s Coordinated Portfolio Investment Survey (IMF CPIS), 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, 2021

December 31, 2022

 

 

 

Long-term securities

15,757

13,567

            Equity

12,061

10,283

            Long-term debt

3,696

3,284

Short-term debt securities

562

447

Total

16,319

14,013

 

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, 2022 [1]

(Billions of dollars)

Country or category

Total

Equity

Debt

Total

Long-term

Short-term

Cayman Islands

2,658

1,925

732

724

8

United Kingdom

1,398

976

422

390

32

Canada

1,244

734

510

396

114

Japan

1,090

845

245

186

60

Ireland

777

678

98

79

20

France

696

506

190

157

32

Switzerland

591

549

42

41

1

Netherlands

582

415

168

154

13

Germany

454

358

96

82

14

Australia

424

254

170

122

48

India

287

278

9

9

0

Bermuda

249

203

47

47

0

China, mainland [2]

243

226

17

15

1

Taiwan

232

231

1

1

0

Korea, South

205

180

24

23

2

Luxembourg

201

144

56

53

4

Sweden

180

131

49

22

27

Denmark

173

160

13

13

0

Jersey

162

135

27

27

0

Brazil

157

135

22

21

1

Rest of the world

2,012

1,220

793

723

70

Total

14,013

10,283

3,731

3,284

447

*     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, 2022, reported in this survey may not, for a number of reasons, correspond to the stock of foreign securities on December 31, 2021, 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 3 and the associated text of “U.S. Portfolio Holdings of Foreign Securities as of End-December 2022.”

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

Official news published at https://home.treasury.gov/news/press-releases/jy1857

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