Federal Reserve Chairman Jerome Powell is downplaying record debt levels. These are the 15 countries that hold the most US debt.

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Federal Reserve Chairman Jerome Powell is downplaying record debt levels. These are the 15 countries that hold the most US debt.
  • Federal Reserve Chairman Jerome Powell said recently US debt is not a near-term concern.
  • But national debt has quickly accelerated alongside stimulus programs to prop up the economy.
  • The figure has barreled past $28 trillion as of April 15.

Fed Chair Jerome Powell said this week that while US government borrowing at current levels is "unsustainable," the current debt level is "very sustainable" and won't be a concern in the near-term.

"The US federal budget is on an unsustainable path, meaning simply that the debt is growing meaningfully faster than the economy," he said at a virtual event hosted by the Economic Club of Washington, DC. "The current level of debt is very sustainable. And there's no question of our ability to service and issue that debt for the foreseeable future."

But he said the government will have to get its debt to return to more sustainable levels once the economy has stabilized.

Annual debt in the US, which currently stands at $28 trillion, is growing faster than the size of the economy. US debt has spiked 200% since 2008, and risen by almost $8 trillion during former President Donald Trump's tenure. It's accelerated even further over the past year, alongside massive stimulus aid programs that have helped prop up businesses and families against the fallout from the coronavirus crisis.

Powell has downplayed concerns that US debt could fuel inflation and suggests tackling it should be done "in very good times, when the economy is at full employment and when taxes are rolling in."

The US Treasury provides detailed data on who owns US debt.

Here's a look at the top 15 countries in the world that America owes:

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15. Canada - $126.7 billion

15. Canada - $126.7 billion
Istvan Kadar Photography/Getty Images

14. Saudi Arabia - $135.1 billion

14. Saudi Arabia - $135.1 billion
Fedor Selivanov/Shutterstock
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13. Singapore - $164.3 billion

13. Singapore - $164.3 billion
Chris McGrath/Getty Images

12. India - $211.6 billion

12. India - $211.6 billion
PUNIT PARANJPE/AFP via Getty Images
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11. Cayman Islands - $217.6 billion

11. Cayman Islands - $217.6 billion
Jo Ann Snover/Shutterstock

10. Hong Kong - $223.9 billion

10. Hong Kong - $223.9 billion
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9. Taiwan - $438.7 billion

9. Taiwan - $438.7 billion
SAM YEH/AFP via Getty Images

8. Belgium - $248.2 billion

8. Belgium - $248.2 billion
Reuters
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7. Switzerland - $254 billion

7. Switzerland - $254 billion
Rafael_Wiedenmeier/Getty Images

6. Brazil - $260.4 billion

6. Brazil - $260.4 billion
CARL DE SOUZA/AFP via Getty Images
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5. Luxembourg - $281.4 billion

5. Luxembourg - $281.4 billion
Getty Images / Dado Daniela

4. Ireland - $313.6 billion

4. Ireland - $313.6 billion
DEA / W. BUSS / Contributor
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3. United Kingdom - $438.7 billion

3. United Kingdom - $438.7 billion
Shutterstock/QQ7

2. Mainland China - $1.2 trillion

2. Mainland China - $1.2 trillion
Wang Xin/VCG via Getty Images
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1. Japan - $1.7 trillion

1. Japan - $1.7 trillion
Buddhika Weerasinghe/Getty Images