American investors’ holdings of Indian securities climbed to $390 billion by the close of 2025, according to new figures published by the US Department of the Treasury, cementing India’s place as one of the top markets for US capital abroad.
The numbers come from the Treasury’s preliminary annual survey of US portfolio holdings of foreign securities, put together jointly with the Federal Reserve Bank of New York and the Federal Reserve Board and released on August 31. India held onto its 12th place ranking among nations and territories drawing the most US portfolio money, a position it also held the previous year.
The rise represents a gain of roughly $7 billion, or about 1.8%, from the $383 billion recorded at the end of 2024. Equities accounted for the bulk of that growth, with American holdings of Indian shares climbing to $380 billion from $373 billion. Long-term Indian debt held by US investors edged up slightly to $11 billion, while short-term debt holdings stayed under half a billion dollars.
It is worth noting the survey only captures portfolio investment, meaning the market value of Indian stocks and bonds owned by Americans. It does not account for direct investment such as US companies building factories or other physical assets in India.
China, by comparison, trailed India in the rankings, with American portfolio holdings there valued at $318 billion, split between $300 billion in equities and $17 billion in long-term debt. Even though Chinese holdings jumped from $240 billion the year before, they still lagged India’s total by $72 billion. South Korea came in just behind India as well, pulling in $384 billion in US portfolio investment.
Looked at over a longer stretch, American exposure to Indian securities has roughly tripled since 2015, when it stood at $130 billion. Globally, the largest recipients of US portfolio capital remain the Cayman Islands, the UK, Canada, Japan and Ireland, all of which drew well over a trillion dollars each. In total, the survey put worldwide US holdings of foreign securities at around $19.3 trillion, with equities making up $15.3 trillion of that figure.
