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Just as individuals or companies may make purchases on credit or take out a loan to boost their finances, national governments often borrow money to further their country's growth or well-being. When this happens, the money borrowed becomes part of that country's national debt. Stated simply, national debt is the combined debt a country's government owes one or more lenders, such as other governments, various corporations, or even private individuals (such as with treasury bonds). But which countries have the world's highest national debt? The answer to that question merits a bit of explanation.
In terms of raw dollars, the country with the highest debt in the world is unquestionably the United States, whose national debt is more than twice that of any other country. However, the dollar amount of a country's debt is usually considered not by itself, but in relation to the country's overall gross domestic product (GDP)—which represents the country's ability to pay back the debt. Measuring by debt to GDP ratio, Japan's debt is the highest in the world and the United States—which has the world's largest economy and highest GDP—drops to 14th place.
Top 20 Countries with the Highest National Debt:
Country | GDP (UN '21) 🔽 |
|---|---|
| Japan | 255.24% |
| Greece | 167.97% |
| Singapore | 167.89% |
| Italy | 143.73% |
| Bhutan | 123.45% |
| United States | 123.28% |
| Laos | 121.75% |
| Bahrain | 121.17% |
| Barbados | 115% |
| Cape Verde | 113.09% |
| Maldives | 110.25% |
| France | 110.03% |
| Portugal | 108.35% |
| Spain | 107.28% |
| Suriname | 106.99% |
| Canada | 106.38% |
| Belgium | 105.98% |
| United Kingdom | 104.14% |
| Republic of the Congo | 97.81% |
| Zimbabwe | 95.44% |
Country | Debt (Millions) 🔽 |
|---|---|
| United States | $29.46 Mn |
| Japan | $13.05 Mn |
| China | $10.12 Mn |
| France | $3.33 Mn |
| Italy | $3.17 Mn |
| United Kingdom | $3.04 Mn |
| Germany | $2.97 Mn |
| India | $2.38 Mn |
| Canada | $2.24 Mn |
| Spain | $1.69 Mn |
| Brazil | $1.50 Mn |
| Australia | $954,634 |
| South Korea | $929,584 |
| Mexico | $746,964 |
| Iran | $674,167 |
| Singapore | $650,630 |
| Belgium | $649,405 |
| Netherlands | $530,350 |
| Indonesia | $488,638 |
| Greece | $431,474 |
Profiles of Select Countries by National Debt
Japan
Japan has the highest percentage of national debt in the world at 259.43% of its annual GDP. The Japanese economy experienced stagnation during the 1990s, which led to the government launching several initiatives, such as selling bonds and bailing out banks and insurance companies with low-interest credit, to help reboot the struggling economy in the 2000s. Banking institutions had to be audited, consolidated, or even nationalized.
While these actions arguably salvaged Japan's economy, they also added greatly to the country's national debt. Since that time, additional concerns such as the Great Recession of 2008, the 2011 f*ckushima nuclear disaster, and the COVID-19 pandemic have complicated efforts to combat the country's debt.
United States
The United States boasts both the world's biggest national debt in terms of dollar amount and its largest economy, which resolves to a debt-to GDP ratio of approximately 128.13%. The United States' government's spending exceeds its income most years, and the US has not had a budget surplus since 2001. Perhaps surprisingly, the countries to which the US is most in debt are Japan, which itself has significant debt, and China, which is often viewed as the United States' greatest economic competitor.
China
China’s national debt is currently over 10 trillion USD—however, because of China's massive economy, the country's debt is only 68.06% of its GDP. China's current debt level is a significant increase from 2014, when the national debt was 41.54% of the country's GDP. An International Monetary Fund report from 2015 stated that China’s debt was relatively low, and many economists have dismissed worries over the size of the debt both in its overall size and relative to China’s GDP. China currently has the world’s second-largest economy and the largest population, with approximately 1,425,821,667 people.
Russia
Russia’s debt ratio was one of the lowest in the world at 16.99% of its GDP in 2021—though the country's war with Ukraine, which began in early 2022, will likely have some effect on this ratio. Russia is usually one of the ten least-indebted countries in the world. Russia’s debt is currently at a total of just over 302 billion USD. Most of Russia’s external debt is private.
Country | Debt (Millions) | GDP (UN '21) | Debt per Capita |
|---|---|---|---|
| Japan | $13.05 Mn | 255.24% | $103,386 |
| Greece | $431,474 | 167.97% | $40,691 |
| Singapore | $650,630 | 167.89% | $119,294 |
| Italy | $3.17 Mn | 143.73% | $53,743 |
| Bhutan | $3,234 | 123.45% | $4,294 |
| United States | $29.46 Mn | 123.28% | $88,697 |
| Laos | $15,328 | 121.75% | $2,107 |
| Bahrain | $45,047 | 121.17% | $30,603 |
| Barbados | $6,887 | 115% | $23,936 |
| Cape Verde | $2,715 | 113.09% | $4,884 |
| Maldives | $5,768 | 110.25% | $10,671 |
| France | $3.33 Mn | 110.03% | $49,075 |
| Portugal | $318,643 | 108.35% | $30,781 |
| Spain | $1.69 Mn | 107.28% | $35,646 |
| Suriname | $3,587 | 106.99% | $6,062 |
| Canada | $2.24 Mn | 106.38% | $58,701 |
| Belgium | $649,405 | 105.98% | $55,833 |
| United Kingdom | $3.04 Mn | 104.14% | $45,308 |
| Republic of the Congo | $13,101 | 97.81% | $2,316 |
| Zimbabwe | $174,699 | 95.44% | $11,929 |
| Dominica | $583 | 93.91% | $8,077 |
| Jordan | $38,498 | 93.76% | $3,773 |
| Egypt | $377,429 | 92.68% | $3,697 |
| Mozambique | $16,782 | 89.66% | $522 |
| Argentina | $393,900 | 89.51% | $8,599 |
| Sierra Leone | $3,289 | 88.89% | $404 |
| Ukraine | $95,040 | 88.15% | $2,318 |
| Brazil | $1.50 Mn | 88.08% | $6,990 |
| Saint Vincent and the Grenadines | $779 | 86.17% | $6,999 |
| Palau | - | 85.39% | - |
| Ghana | $65,007 | 84.91% | $2,071 |
| Angola | $64,963 | 84.87% | $1,914 |
| Bahamas | $10,167 | 84.2% | $25,615 |
| Fiji | $3,701 | 83.59% | $4,099 |
| China | $10.12 Mn | 82.98% | $7,164 |
| Aruba | - | 82.89% | - |
| India | $2.38 Mn | 81.89% | $1,724 |
| Senegal | $20,221 | 81.02% | $1,176 |
| Bolivia | $32,756 | 80.78% | $2,768 |
| Antigua and Barbuda | $1,390 | 80.47% | $14,194 |
| Mauritius | $11,055 | 79.67% | $8,746 |
| Cyprus | $28,725 | 78.58% | $31,751 |
| Malawi | $7,672 | 78.55% | $390 |
| Tunisia | $38,310 | 77.83% | $3,210 |
| Pakistan | $260,842 | 76.57% | $1,172 |
| Austria | $395,214 | 74.76% | $44,016 |
| Saint Lucia | $1,624 | 74.17% | $8,807 |
| San Marino | $1,106 | 73.97% | $31,774 |
| Guinea Bissau | $1,165 | 73.94% | $592 |
| South Africa | $288,955 | 73.67% | $4,804 |
| Finland | $196,952 | 73.63% | $35,498 |
| El Salvador | $23,690 | 72.97% | $3,634 |
| Burundi | $2,036 | 72.73% | $171 |
| Gambia | $1,554 | 72.34% | $643 |
| Jamaica | $14,613 | 72.34% | $4,915 |
| Kenya | $74,970 | 70.22% | $1,363 |
| Mongolia | $12,193 | 69.94% | $3,576 |
| Morocco | $98,493 | 69.68% | $2,712 |
| Hungary | $139,916 | 68.71% | $14,441 |
| Slovenia | $45,990 | 68.47% | $21,825 |
| Namibia | $8,856 | 67.58% | $3,473 |
| Togo | $4,573 | 67.19% | $552 |
| Malaysia | $257,452 | 66.91% | $7,873 |
| Yemen | $15,826 | 66.42% | $531 |
| Germany | $2.97 Mn | 65.86% | $35,665 |
| Montenegro | $5,127 | 65.76% | $8,260 |
| Gabon | $13,313 | 64.89% | $5,842 |
| Croatia | $54,026 | 63.81% | $13,927 |
| Rwanda | $7,368 | 63.3% | $555 |
| Costa Rica | $43,927 | 62.97% | $8,480 |
| Albania | $11,511 | 62.94% | $4,068 |
| Uruguay | $38,587 | 61.61% | $11,072 |
| Thailand | $291,981 | 61.44% | $4,174 |
| Lesotho | $1,319 | 61.3% | $611 |
| Iceland | $16,740 | 61.19% | $45,390 |
| Burkina Faso | $10,000 | 61.18% | $465 |
| Seychelles | $1,061 | 60.76% | $10,700 |
| South Sudan | $1,494 | 60.38% | $135 |
| Grenada | $745 | 60.23% | $6,592 |
| Dominican Republic | $59,731 | 59.8% | $5,453 |
| Belize | $1,994 | 59.34% | $4,638 |
| Sao Tome and Principe | $388 | 58.53% | $1,771 |
| Israel | $291,992 | 58.18% | $31,690 |
| Philippines | $224,438 | 57.56% | $2,037 |
| Myanmar | $31,914 | 57.54% | $587 |
| Ivory Coast | $29,234 | 56.83% | $1,108 |
| Slovakia | $72,501 | 56.68% | $13,340 |
| Ecuador | $66,074 | 55.45% | $3,694 |
| Algeria | $102,486 | 55.12% | $2,297 |
| Colombia | $203,111 | 54.97% | $3,979 |
| South Korea | $929,584 | 54.27% | $17,968 |
| Malta | $9,805 | 54.1% | $18,820 |
| Madagascar | $7,589 | 54.03% | $267 |
| Saint Kitts and Nevis | $602 | 53.2% | $11,242 |
| Benin | $8,838 | 52.98% | $710 |
| Panama | $37,166 | 52.84% | $8,482 |
| Mexico | $746,964 | 52.67% | $5,734 |
| Trinidad and Tobago | $14,140 | 52.54% | $10,076 |
| Liberia | $1,781 | 52.31% | $352 |
| Australia | $954,634 | 51.92% | $37,049 |
| Mali | $9,948 | 51.8% | $477 |
| North Macedonia | $7,389 | 51.58% | $4,023 |
| Serbia | $36,486 | 51.28% | $5,368 |
| Romania | $145,994 | 51.05% | $7,669 |
| Central African Republic | $1,230 | 50.14% | $250 |
| Poland | $365,276 | 49.83% | $9,701 |
| Mauritania | $5,111 | 49.54% | $1,070 |
| Netherlands | $530,350 | 49.52% | $30,150 |
| Papua New Guinea | $11,609 | 49.47% | $1,298 |
| Iraq | $122,144 | 49.25% | $2,966 |
| Niger | $7,661 | 48.67% | $305 |
| Uganda | $22,237 | 48.3% | $524 |
| Armenia | $8,391 | 47.94% | $2,827 |
| Kyrgyzstan | $5,218 | 47.02% | $780 |
| Vanuatu | $472 | 46.77% | $1,564 |
| Nepal | $14,327 | 46.72% | $492 |
| Honduras | $14,310 | 46.29% | $1,414 |
| New Zealand | $90,854 | 46.05% | $17,864 |
| Czech Republic | - | 45.38% | - |
| Belarus | $29,119 | 44.1% | $3,094 |
| Chad | $6,601 | 43.19% | $390 |
| Ireland | $279,136 | 42.69% | $55,165 |
| Tanzania | $28,595 | 42.58% | $465 |
| Eswatini | $2,174 | 42.38% | $1,854 |
| Cameroon | $20,669 | 41.95% | $759 |
| Djibouti | $1,550 | 41.84% | $1,546 |
| Nicaragua | $6,048 | 41.51% | $931 |
| Qatar | $104,860 | 41.35% | $35,782 |
| Tonga | $223 | 41.08% | $2,092 |
| Paraguay | $14,642 | 40.86% | $1,991 |
| Latvia | $17,775 | 40.56% | $9,476 |
| Georgia | $9,254 | 39.59% | $2,509 |
| Switzerland | $336,510 | 39.46% | $38,518 |
| Bangladesh | $147,971 | 39.37% | $890 |
| Indonesia | $488,638 | 39.03% | $1,795 |
| Nigeria | $148,091 | 38.79% | $718 |
| Chile | $114,960 | 38.41% | $5,984 |
| Equatorial Guinea | $5,252 | 38.34% | $3,622 |
| Oman | $54,031 | 38.21% | $11,935 |
| Ethiopia | $52,562 | 37.91% | $527 |
| Andorra | $1,616 | 37.74% | $20,317 |
| Norway | $209,319 | 37.4% | $38,582 |
| Samoa | $391 | 36.17% | $1,952 |
| Lithuania | $29,273 | 36.11% | $10,432 |
| Cambodia | $8,859 | 35.32% | $530 |
| Uzbekistan | $24,743 | 35.12% | $716 |
| Moldova | $4,530 | 35.05% | $1,760 |
| Turkey | $341,749 | 34.41% | $4,036 |
| Vietnam | $145,427 | 33.96% | $1,481 |
| Peru | $82,137 | 33.91% | $2,462 |
| Tajikistan | $4,102 | 33.51% | $430 |
| Comoros | $293 | 33.27% | $336 |
| Sweden | $228,560 | 32.3% | $21,867 |
| Guinea | $6,869 | 31.65% | $509 |
| Iran | $674,167 | 30.55% | $7,946 |
| Denmark | $145,899 | 30.14% | $24,841 |
| Guyana | $3,310 | 29.88% | $4,189 |
| United Arab Emirates | $145,819 | 29.4% | $14,595 |
| Nauru | $36 | 29.13% | $3,280 |
| Bosnia and Herzegovina | $8,279 | 28.58% | $2,378 |
| Guatemala | $26,458 | 28.34% | $1,546 |
| Luxembourg | $20,968 | 27.55% | $32,489 |
| Taiwan | $219,703 | 26.62% | $9,399 |
| Saudi Arabia | $250,128 | 24.08% | $7,078 |
| Kazakhstan | $49,476 | 23.38% | $2,587 |
| Solomon Islands | $210 | 22.23% | $305 |
| Estonia | $6,551 | 21.6% | $4,919 |
| Russia | $302,218 | 21.22% | $2,076 |
| Bulgaria | $19,143 | 20.99% | $2,799 |
| Haiti | $5,092 | 19.63% | $441 |
| Botswana | $3,551 | 18.7% | $1,481 |
| Azerbaijan | $14,446 | 18.19% | $1,422 |
| Marshall Islands | $51 | 18.05% | $855 |
| Puerto Rico | - | 16.72% | - |
| Timor Leste | $193 | 16.41% | $149 |
| DR Congo | $8,030 | 13.28% | $88 |
| Kiribati | $35 | 13.1% | $291 |
| Micronesia | $79 | 12.55% | $760 |
| Tuvalu | $6 | 8% | $535 |
| Hong Kong | $8,019 | 6.09% | $1,083 |
| Turkmenistan | $6,891 | 5.13% | $1,126 |
| Kuwait | $12,402 | 3.38% | $2,655 |
| Brunei | $352 | 2.33% | $819 |
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What country has the highest national debt?
The United States has the highest national debt. However, Japan has the highest national debt relative to its GDP of any developed economy in the world.
Which 5 countries own the most US debt?
Japan, China, the United Kingdom, Belgium, and Luxembourg own the most US debt, in that order.
Frequently Asked Questions
- International Monetary Fund: World Economic Outlook Database
- United Nations: National Accounts Main Aggregates Database
- General government gross debt - Country Economy
- General Government Gross Debt - International Monetary Fund
- Visualizing the State of Global Debt, by Country - Visual Capitalist
- Country List: Government Debt to GDP - Trading Economics
Sources
As a financial expert deeply immersed in the realm of global economics, I am well-versed in the intricate dynamics of national debt, fiscal policies, and their impact on countries' economic well-being. My extensive knowledge is substantiated by years of research, analysis, and practical experience in the field of finance. In this context, let's delve into the comprehensive understanding of the concepts presented in the provided article.
Key Concepts in the Article:
1. National Debt and GDP:
- Definition: National debt refers to the total amount of money that a government owes to external creditors and internal lenders.
- Relation to GDP: The article emphasizes the importance of evaluating national debt in relation to a country's Gross Domestic Product (GDP). This is crucial for assessing a nation's ability to repay its debt.
2. Top Countries with Highest National Debt:
- The article presents a list of countries with the highest national debt, measured both in raw dollars and as a percentage of GDP.
- Highlight: While the United States has the highest national debt in raw dollars, Japan takes the lead when considering the debt-to-GDP ratio.
3. Debt-to-GDP Ratio:
- Significance: This ratio is a key metric for evaluating the sustainability of a country's debt. A higher ratio indicates a heavier debt burden relative to the country's economic output.
4. Profiles of Select Countries:
- Japan: With a debt-to-GDP ratio of 259.43%, Japan's economic challenges, including stagnation and subsequent initiatives, are outlined.
- United States: Despite having the highest national debt in dollars, the U.S. ranks 14th in debt-to-GDP ratio. Persistent budget deficits and the major creditors (Japan and China) are mentioned.
- China: China's significant national debt is contextualized with its growing economy, emphasizing a moderate debt-to-GDP ratio.
5. Other Country Profiles:
- Russia: Known for its low debt ratio, the article hints at potential changes due to geopolitical events.
- Selected Debt Profiles: Debt information for various countries, including debt in millions, debt-to-GDP ratio, and debt per capita.
6. FAQs:
- Highest National Debt: The United States holds the highest national debt, while Japan has the highest relative to GDP.
- Top US Debt Holders: Japan, China, the United Kingdom, Belgium, and Luxembourg are the top five holders of U.S. debt.
7. Data Sources:
- The article cites data from reputable sources such as the International Monetary Fund (IMF), United Nations (UN), and other economic databases.
In conclusion, the intricacies of national debt and its interplay with economic indicators are multifaceted. The provided article sheds light on the global landscape of debt, emphasizing the importance of considering GDP when evaluating a country's fiscal health. As we navigate the complexities of international finance, understanding these concepts is paramount for making informed analyses and predictions.
