The charts here show that in addition to the tremendous trade deficits, the U.S. faces increasing budget deficits and foreign wealth deficits.
Net international investment position (NIIP) for the United States measures how many foreign assets are owned by the U.S. and its citizens less how many U.S. assets are owned by foreigners. A negative number indicates that the world owns more assets in the U.S. than the U.S. owns in the rest of the world. Our NIIP is roughly -$70,000 per U.S. citizen (yes, that’s a “minus”). That ranks the U.S. with some of the most financially distressed countries in Europe after the Financial Crisis.
In a sense, that makes the U.S. a net debtor to the rest of the world.
Add to this the significant National Debt, and it paints a picture of the U.S. as a debtor nation that depends on others to produce many critical goods that we import. Meanwhile, we sell our valuable assets to those nations to fund our purchase of those goods.
NIIP by Country (Billions of USD)
| Nation | 2005 | 2010 | 2015 | 2020 | 2025 Q1 |
|---|---|---|---|---|---|
| Germany | $356.52 | $720.53 | $1,150.43 | $2,671.00 | $3,716.72 |
| Japan | $1,531.75 | $3,150.37 | $2,715.21 | $3,470.00 | $3,493.90 |
| China, P.R.: Mainland | $356.83 | $1,478.29 | $1,698.87 | $2,286.80 | $3,612.42 |
| Canada | -$154.60 | -$302.96 | $323.21 | $884.41 | $1,261.04 |
| Korea, Rep. of | -$143.87 | -$132.65 | $204.45 | $487.20 | $1,083.99 |
| Greece | -$177.87 | -$298.77 | -$261.30 | -$352.80 | -$341.74 |
| United States | -$1,857.87 | -$2,511.07 | -$7,590.47 | -$14,721.00 | -$24,614.60 |
- Source: IMF
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Major Foreign Holders of US Treasury Securities (June 2025)
| Country | Amount |
|---|---|
| Tax Haven Countries | $1,466 |
| Japan | $1,148 |
| United Kingdom | $858 |
| China, Mainland | $756 |
| Canada | $438 |
| Belgium | $433 |
| France | $375 |
| Taiwan | $298 |
| Singapore | $254 |
| Hong Kong | $243 |
| India | $227 |
| Total Foreign Holdings | $9,128 |
- US Department of Treasury
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Ratio of National Debt to GDP by Nation
| Nation | 1995 | 2000 | 2010 | 2020 | 2025, Q1 |
|---|---|---|---|---|---|
| China | -- | -- | 16.4% | 20.6% | 26.5% |
| Germany | -- | 38.2% | 52.1% | 44.8% | 43.7% |
| United States | 70.4% | 53.4% | 85.0% | 124.7% | 116.2% |
- The Federal Reserve and the government own about $12 trillion of the U.S. federal debt
- China and Japan alone hold nearly $2 trillion in treasury securities
- Source: Trading Economics
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Ratio of Deficit to GDP for the United States over Time
| Year | Federal Surplus / Deficit as % of GDP |
|---|---|
| 1960 | 0.10% |
| 1970 | -0.30% |
| 1980 | -2.60% |
| 1990 | -3.70% |
| 2000 | 2.30% |
| 2010 | -8.70% |
| 2020 | -14.70% |
| 2024 | -6.90% |
- Source: CEIC
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Per Capita Net Foreign Wealth (NIIP) by Country
| Country | 2005 | 2010 | 2015 | 2020 | 2025 Q1 |
|---|---|---|---|---|---|
| Germany | $4,365 | $10,761 | $18,729 | $34,479 | $44,240.20 |
| Japan | $11,972 | $24,590 | $21,400 | $29,173 | $28,483.40 |
| Canada | -$4,653 | -$8,824 | $8,964 | $23,152 | $32,179.93 |
| South Korea | -$2,906 | -$2,624 | $3,921 | $10,622 | $21,053.93 |
| China | $263 | $1,081 | $1,187 | $1,494 | $2,567.13 |
| Greece | -$16,379 | -$26,978 | -$24,030 | -$32,649 | -$32,782.27 |
| United States | -$6,294 | -$8,115 | -$23,262 | -$42,185 | -$72,820.76 |
- Per each U.S. citizen, the world owns $72,820 more in U.S. assets than the U.S. owns in the rest of the world's assets.
- Source: IMF
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Inflation Rate by Selected Countries
| Year | USA | China | Japan | South Korea | Germany |
|---|---|---|---|---|---|
| Apr 2025 | 2.3% | -0.1% | 3.6% | 2.1% | 2.1% |
| May 2025 | 2.4% | -0.1% | 3.5% | 1.9% | 2.1% |
| Jun 2025 | 2.7% | 0.1% | 3.3% | 2.2% | 2% |
| Jul 2025 | - | 0% | - | 2.1% | 2% |
- Source: Bloomberg
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