Based on estimates from the Bank for International Settlements, the largest bond markets in the world are listed below, with the U.S. leading the list.
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In 2022, the global bond market totaled $133 trillion.
As one of the world’s largest capital markets, debt securities have grown sevenfold over the last 40 years. As Visual Capitalists Dorothy Neufeld details below, government and corporate debt sales across major economies and emerging markets have fueled this dramatic growth. Over the last three years, China’s bond market has grown 13% annually.
Based on estimates from the Bank for International Statements, this graphic shows the largest bond markets in the world.
Ranked: The World’s Top Bond Markets
Valued at over $51 trillion, the U.S. has the largest bond market globally.
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Government bonds made up the majority of its debt market, with over $26 trillion in securities outstanding. In 2022, the Federal government paid $534 billion in interest on this debt.
China is second, at 16% of the global total. Local commercial banks hold the greatest share of its outstanding bonds, while foreign ownership remains fairly low. Foreign interest in China’s bonds slowed in 2022 amid geopolitical tensions in Ukraine and lower yields.
The minutes from the March meeting of the Federal Open Market Committee show that the Fed expects a banking crisis to cause a recession this year.