Japan was largest investing country with $2 trillion, followed by the Cayman Islands at $1.7 trillion and the U.K. and China at about $1.5 trillion each. Luxembourg rounded out the top five at $1.4 trillion.
Steve Mnuchin mentions that this level of debt does not worry him, but Dan Coats, the US director of national intelligence was quoted as saying the debt levels have “a dire threat to our economic and national security’.
What is interesting is that Cayman Islands, an overshow tax haven and island with a GDP of 3.2 billion has $1.7 trillion sitting in banks. Luxembourg with a GDP of $59 billion holds $1.5 trillion in its banks. Obviously, no details of the breakdown of these securities and debt were included but it is well known that China owns a significant part of US debt, in the form of US treasuries. Without being too inflammatory it can be safely assumed that these tax havens hold the equity portion of the elites.