Top 10 countries with the highest government debt
The United States continues to be
the world’s biggest government borrower, holding slightly more than one-third
of global public debt. The ongoing
fiscal deficits, higher interest payments, and long-term spending obligations
all contributed to the federal government's increase in the national debt over
the past year, which totaled close to USD 2.9 trillion. Despite the scale of
its borrowing, the country is still able to raise funds at relatively favourable
rates, aided by the dollar’s status as the world’s dominant reserve currency.
2. China — $18.68 trillion
China ranks second, with
government debt standing at close to $18.7 trillion. Although this figure remains well below that
of the United States, China recorded the fastest annual increase in public debt
worldwide in 2025, expanding by 13.6%.
Around $2.2 trillion was added in a single year, a surge largely fuelled
by ongoing state-driven investment, the financing requirements of local
governments, and measures aimed at stabilising the economy.
3. Japan — $9.83 trillion
Japan has long been an exception,
with a debt-to-GDP ratio of around 230 percent that ranks among the highest
among major economies. In absolute terms, its government debt amounts to $9.83
trillion. As regarding the debt growth in 2025, it was modest, which was around
$200 billion, or a bit more than 2%, allowing the burden relative to GDP to
ease slightly.
4. United Kingdom $4.09 trillion
The public debt of the United Kingdom is currently approximately $4
trillion. Through many years of expanding the economy through fiscal policies,
as well as borrowing during the pandemic, the national debt has witnessed a
steady rise. Despite recent efforts to
cut the national debt, the amount of borrowing is currently higher compared to
the past.
5 .France — $3.92 trillion
France is close behind with $3.92
trillion in government debt. Structural
spending on pensions, healthcare, and social welfare, alongside slower economic
growth, has kept debt high. France
remains one of Europe’s most indebted major economies, both in absolute and
relative terms.
6 .Italy — $3.48 trillion
Italy owes $3.48 trillion due to high borrowing and weak growth over decades. Italy still has one of the highest debt burdens in the eurozone in relation to the size of its economy, despite a recent slowdown in debt accumulation.
7 . India — $3.36 trillion
India occupies the seventh
position with $3.36 trillion in government debt. Although the total debt is
substantial on the one hand, it is justified by the scale of the world’s
fastest-growing major economy on the other.
8 . Germany — $3.23 trillion
The total amount owed by Germany's
government is $3.23 trillion. Despite its reputation for fiscal prudence,
Germany ranks high due to the sheer size of its economy. Debt rose during economic support measures
and energy-related spending, though Germany maintains relatively lower debt
ratios than many of its peers.
9 .Canada — $2.60 trillion
The debt of the Canadian
government is $2.6 trillion, ranking it ninth in the world. Debt levels have
risen due to federal stimulus programs, provincial borrowing, and increased
interest costs, although Canada’s fiscal outlook is still more robust than that
of many other advanced economies.
10 .Brazil — $2.06 trillion
With a total governmental
debt of $2.06 trillion, Brazil is the concluding member of the top 10 involving
governmental debts. For many decades,
Brazil has been regarded as Latin America's leading economy. Brazil's
government debts reflect the country's economic deficits, social spending, and
growth rate.
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