Whether you’re an ordinary person with a credit card or an official controlling your country’s finances, debt isn’t always easy to manage. Today, we’re looking at 18 countries with the most debt and why. You might be surprised at just how much these nations owe.
United States
This data comes from a World Population Review report, and all the following figures are in million USD. The US takes the cake with the national debt at $30.89 million, approximately 121.31% of what our nation makes in a year. Per person, that works out to around $92,609 each year just to clear the national tab, and it comes from years of spending.
Japan
Japan is another high roller with $12.78 million in debt, which is more than double its yearly economic output at 255.07%. Each Japanese person would need to pay $101,858 just to wipe the slate clean. The country has been borrowing like there’s no tomorrow, which is a problem they’ve been dealing with for years.
China
China’s third on this list with $13.77 million in debt, though that’s only around 76.98% of its GDP. Each Chinese person’s share is around $9,753 annually, which isn’t too bad for a country with a massive economy. The government has pumped money into cities and high-speed trains, which seems to be paying off.
Italy
Italy’s not far behind, with its own tab of $2.91 million in debt, which is approximately 141.7% of its GDP. That’s the equivalent of every Italian owing about $49,371, which is more than most Italians earn in a year. The nation’s economy has been struggling for a while and doesn’t show any signs of improving.
Canada
With $2.30 million in debt, Canada owes around 107.38% of its yearly income. Every Canadian owes about $58,968 yearly, although the government seems quite relaxed about it all. They’ve invested a lot in healthcare and education in an attempt to make Canada a good place to live. Unfortunately, it doesn’t seem to be working.
France
France owes $3.11 million, and this is roughly 111.8% of the nation’s GDP, which is $45,661 per French person. As hard as it is, many French people love their lavish lifestyle, with all that wine and cheese. Despite all these challenges, the government continues investing heavily in social services to maintain the country’s high living standards.
Germany
Somehow, Germany has managed to keep its debt at 66.1% of its GDP with only $2.7 million, or $32,020 for every German. Even though it’s still a lot, the country’s strong economy means this mortgage is quite manageable. The German government’s financial policies are focused on sustainability, meaning that any investments they make aim to maintain economic stability.
United Kingdom
The Brits have around $3.14 million in debt or 101.86% of their GDP, which means each UK resident would need to pay about $46,797. The country has been through quite a lot, like recessions and Brexit, so it’s no surprise that the bills have piled up. The government’s investing quite a bit in economic recovery, although the results are questionable at best.
Zimbabwe
As small as it is, Zimbabwe still has a relatively big debt at $1.91 million, which means each person’s share is about $119,124. They’re currently suffering from several economic issues, like sky-high inflation, which means it’s pretty hard for them to get back on track. Restructuring plans and international support can’t come soon enough.
India
India’s total debt is $2.64 million, but since there are so many people, the debt per person is only about $1,874. Although the country is working on reducing this debt, the process is slow because of the population’s size. The government desperately needs to improve the nation’s economic growth and reduce widespread poverty across the country.
Brazil
Brazil’s debt is approximately 85.33% of its GDP, with $1.64 million in debt. This equals around $8,068 for each Brazilian, which is mostly thanks to the government’s serious economic reforms. They’re trying to improve tax collection and reduce public spending so they can better manage this debt.
Spain
Spain owes $1.58 million, which might sound nice until you hear it’s 111.6% of their GDP or roughly $32,956 per person. The nation has had its fair share of economic issues, which has increased its debt, but the people are working hard to get back on their feet. For example, they’ve invested a lot in job creation and tourism.
Australia
They might be down under, but Australia has quite a high debt at $919,906. Even so, it has a lower debt-to-GDP ratio of 55.91%, which means each Aussie owes around $35,690. Thanks to the country’s rich natural resources and strong exports, they’ve kept their debt mostly in check.
South Korea
Like Australia, South Korea has a relatively manageable debt-to-GDP ratio of 53.8%. They owe $900,625, or $17,405 per every Korean person, which isn’t too bad. The nation’s strong tech industry and smart economic management skills have meant they can efficiently manage their national debt.
Mexico
The Mexican government has been working hard on its economic policies to keep things stable, and it seems to be working. Its national debt is just $792,633, or $6,256 for every Mexican person, which is 54.07% of its GDP. All those measures to improve the country’s foreign investments and infrastructure are paying off.
Singapore
Singapore is yet another small country with pretty high debt compared to its size. It has $784,454 in debt, which is 167.5% of its GDP or $139,162 for each Singaporean. The government has tried to be careful with its finances by investing in infrastructure to attract more people to the country and improve its economy.
Belgium
Belgium owes around 104.3% of its GDP, or $608,761, which works out to a per capita debt of $51,792. Despite its size, the nation’s focus is on providing its citizens with high-quality public services, even though this doesn’t come cheaply. Even so, it’s working on budget reforms so that the economy will be sustainable in the long term.
Argentina
It’s no secret that Argentina’s struggling with inflation and other economic problems, and its high debt doesn’t help. Argentina has a national debt of $534,027, which is 84.69% of its debt and $11,658 per Argentinian. They’ve tried to stabilize the currency and attract foreign investments to improve things, but they don’t seem to work.
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