How much money does America have?
The financial position of the United States includes assets of at least $269 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP).
Cash and monetary assets assets ($922.2 billion) is comprised largely of the operating cash of the U.S. government. Operating cash held by Treasury increased $21.9 billion (3.5 percent) to $638.9 billion during FY 2023.
Differencing assets against liabilities, the total net U.S. wealth is $136.8 trillion, 76.7% of the total consolidated asset base of $178.4 trillion.
The $34 trillion gross federal debt equals debt held by the public plus debt held by federal trust funds and other government accounts.
Comparing total FY 2022 government assets of $5.0 trillion (including $1.4 trillion of loans receivable, net and $1.2 trillion of PP&E) to total liabilities of $39.0 trillion (including $24.3 trillion in federal debt and interest payable3, and $12.8 trillion of federal employee and veteran benefits payable) yields a ...
The individual income tax has been the largest single source of federal revenue since 1944, and in 2022, it comprised 54 percent of total revenues and 10.5 percent of GDP in 2022 (figure 3). Individual income tax revenue in 2022 was the highest ever recorded.
Japan and China have been the largest foreign holders of US debt for the last two decades. Japan and China held almost 50% of all foreign-owned US debt between 2004 and 2006. However, this has declined over time, and as of 2022 they controlled approximately 25% of foreign-owned debt.
It can be hard to grasp just how much more money $1 trillion is than $1 billion. Basically, $1 trillion is equal to 1,000 billion dollars, which itself equals 1,000 million dollars, Investopedia said. Simply put, a trillionaire would be the custodian of a "phenomenal sum of money."
| Country | Economy |
|---|---|
| United States | $25.347 trillion |
| China | $19.91 trillion |
| Japan | $5.396 trillion |
| Germany | $4.55 trillion |
US Treasurys Owned by China, in USD Billions
As of Oct. 2022, China owns $769.6 billion of the total $7,565 billion U.S. national debt.
Does any country owe the US money?
China owes the United States $1.3 trillion, which is the most debt out of all the countries that are its debtors. Japan was the primary debt holder until 2008, but now comes in second place, with $1.2 trillion. Other countries with outstanding U.S. debt include Russia, India and South Korea.
In total, other territories hold about $7.4 trillion in U.S. debt. Japan owns the most at $1.1 trillion, followed by China, with $859 billion, and the United Kingdom at $668 billion.
- Japan. Japan has the highest percentage of national debt in the world at 259.43% of its annual GDP. ...
- United States. ...
- China. ...
- Russia.
About 45 percent of FY 2022 discretionary spending went towards national defense, and most of the rest went for domestic programs, including transportation, education and training, veterans' benefits, income security, and health care (figure 4).
CBO: U.S. Federal spending and revenue components for fiscal year 2023. Major expenditure categories are healthcare, Social Security, and defense; income and payroll taxes are the primary revenue sources.
The US Government's Biggest Financial Asset: Student Debt.
U.S. goods exports to the world totaled $2.1 trillion in 2022, up 17.5 percent ($307.3 billion) from 2021. Canada was the largest purchaser of U.S. goods exports in 2022, accounting for 17.3 percent of total U.S. goods exports.
| Country Name | Value of Holdings (Billions of $) |
|---|---|
| Japan | 1,090.8 |
| Mainland China | 1,058.4 |
| Ireland | 288.2 |
| Cayman Islands | 263.5 |
Top 2% wealth: The top 2% of Americans have a net worth of about $2.472 million, aligning closely with the surveyed perception of wealth. Top 5% wealth: The next tier, the top 5%, has a net worth of around $1.03 million. Top 10% wealth: The top 10% of the population has a net worth of approximately $854,900.
It's the amount of money that the U.S. government has borrowed (plus interest on those borrowings) to cover the outstanding costs it has incurred and which tax revenues aren't enough to pay off. The government borrows money to pay obligations by issuing Treasury bonds, notes, bills, and other marketable securities.
Why does the US owe so much money?
One of the main culprits is consistently overspending. When the federal government spends more than its budget, it creates a deficit. In the fiscal year of 2023, it spent about $381 billion more than it collected in revenues. To pay that deficit, the government borrows money.
- Tax hikes alone are rarely enough to stimulate the economy and pay down debt.
- Governments often issue debt in the form of bonds to raise money.
- Spending cuts and tax hikes combined have helped lower the deficit.
- Bailouts and debt defaults have disadvantages but can help a government solve a debt problem.
- Genghis Khan. 1206–1227. King of Mongol Empire. ...
- Zhao Xu. 1048–1085. ...
- Akbar, The Great. 1542–1605. ...
- Amenhotep III. 1388–1351 BC. ...
- Augustus Caesar. 63 BC-14 AD. ...
- King Solomon. 970–931 BCE. ...
- Mansa Mousa. 1280–1337.
No individual has claimed the status of trillionaire just yet. But a net worth equal to at least one trillion in U.S. dollars or a similarly valued currency isn't unattainable, but it will be a couple of years yet. Only 18 countries have a GDP that exceeds that amount.
quadrillionaire (plural quadrillionaires) Somebody whose wealth is greater than one quadrillion units of the local currency. quotations ▼ (by extension) An extremely wealthy person. quotations ▼
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