Ranking · Economy

National debt by country

Name: National debt by country
Creator: IMF World Economic Outlook

Venezuela has the highest national debt relative to its economy, 309% of GDP by a rough IMF estimate. Japan is second at 207%. In dollars, the United States owes the most, $38.1 trillion, followed by China with $19.5 trillion. Together, the 186 countries in this ranking owe $110.7 trillion.

IMF World Economic Outlook, April 2026 · 186 countries · Updated September 2026

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Government debt as a share of GDP, 2025

Under 30%
30%–60%
60%–90%
90%–120%
Over 120%
Not in this ranking

National debt by country: Government debt as a share of GDP, 2025
#	Country	Debt to GDP	In dollars
1	Venezuela est.	308.7%	$308bn
2	Japan	206.5%	$9.16tn
3	Sudan est.	187.6%	$74.5bn
4	Singapore	171.3%	$1.03tn
5	Bahrain	147.6%	$70.2bn
6	Greece	145.7%	$409bn
7	Lebanon est.	139.4%	$48.1bn
8	Italy	137.1%	$3.50tn
9	Senegal	130.2%	$48.3bn
10	Maldives	125.4%	$9.6bn
11	United States	123.9%	$38.1tn
12	France	116.0%	$3.91tn
13	Canada	113.5%	$2.63tn
14	Saint Vincent and the Grenadines	113.4%	$1.3bn
15	Ukraine	108.7%	$232bn
16	Belgium	106.3%	$771bn
17	Suriname	105.8%	$4.9bn
18	Bhutan	103.6%	$3.6bn
19	Dominica	102.6%	$800m
20	Mozambique	102.5%	$22.9bn
21	United Kingdom	102.3%	$4.10tn
22	Cape Verde	101.0%	$3.1bn
23	Spain	100.4%	$1.91tn
24	China	99.2%	$19.5tn
25	Republic of the Congo	96.8%	$15.1bn
26	Barbados	94.2%	$7.6bn
27	Brazil	93.3%	$2.13tn
28	Portugal	89.9%	$311bn
29	Finland	89.3%	$283bn
30	El Salvador	87.2%	$32.5bn
31	Egypt	86.8%	$317bn
32	Mauritius	86.5%	$13.9bn
33	Zambia	86.0%	$24.8bn
34	Bolivia	84.8%	$54.5bn
35	Trinidad and Tobago	84.2%	$21.8bn
36	India	84.1%	$3.29tn
37	Jordan	82.8%	$51.1bn
38	Tunisia	81.3%	$46.8bn
39	Laos	80.6%	$14.4bn
40	Austria	80.5%	$467bn
41	Argentina	80.3%	$547bn
42	Gabon	78.9%	$17.1bn
43	Fiji	78.7%	$4.8bn
44	South Africa	78.6%	$336bn
45	Malawi	78.4%	$11.8bn
46	Saint Lucia	77.1%	$2.0bn
47	Guinea-Bissau	75.3%	$2.0bn
48	Hungary	75.2%	$186bn
49	Gambia	73.9%	$1.9bn
50	Bahamas	73.8%	$12.2bn
51	Pakistan	72.8%	$297bn
52	Grenada	71.6%	$1.0bn
53	Malaysia	70.7%	$334bn
54	Namibia	70.2%	$10.4bn
55	Antigua and Barbuda	69.7%	$1.6bn
56	Kenya	69.3%	$94.6bn
57	Israel	68.5%	$418bn
58	Belize	67.9%	$2.3bn
59	Jamaica	67.7%	$15.1bn
60	Montenegro	67.1%	$6.2bn
61	Morocco	67.1%	$123bn
62	Slovenia	65.9%	$52.5bn
63	Uruguay	65.7%	$56.2bn
64	Thailand	64.7%	$373bn
65	Rwanda	64.6%	$10.3bn
66	Togo	63.0%	$7.5bn
67	Germany	62.9%	$3.18tn
68	Palau	62.3%	$200m
69	South Sudan	62.1%	$3.6bn
70	Central African Republic	61.8%	$2.0bn
71	Mexico	61.8%	$1.13tn
72	Slovakia	61.6%	$95.1bn
73	Romania	60.6%	$259bn
74	San Marino	60.6%	$1.4bn
75	Costa Rica	60.4%	$62.2bn
76	Colombia	59.9%	$274bn
77	Philippines	59.4%	$289bn
78	Dominican Republic	59.0%	$75.5bn
79	Poland	58.8%	$609bn
80	Saint Kitts and Nevis	58.4%	$600m
81	Benin	57.3%	$14.0bn
82	Panama	56.6%	$51.2bn
83	Côte d'Ivoire	56.3%	$55.7bn
84	Iceland	56.1%	$21.6bn
85	Croatia	55.9%	$59.3bn
86	São Tomé and Príncipe	55.7%	$500m
87	Cyprus	55.3%	$22.7bn
88	Liberia	54.9%	$2.9bn
89	New Zealand	54.7%	$142bn
90	Ecuador	54.4%	$70.9bn
91	Uganda	54.2%	$35.8bn
92	Algeria	54.1%	$155bn
93	Iraq	53.9%	$142bn
94	Albania	52.6%	$15.9bn
95	North Macedonia	52.5%	$10.0bn
96	South Korea	52.3%	$979bn
97	Papua New Guinea	52.1%	$16.9bn
98	Burkina Faso	52.0%	$14.1bn
99	Myanmar	51.9%	$42.8bn
100	Seychelles	51.5%	$1.2bn
101	Angola	51.3%	$72.7bn
102	Australia	51.0%	$938bn
103	Tanzania	49.7%	$43.4bn
104	Lesotho	49.1%	$1.4bn
105	Armenia	49.0%	$14.3bn
106	Ghana	48.8%	$56.0bn
107	Madagascar	48.7%	$9.5bn
108	Guinea	48.1%	$13.1bn
109	Nepal	48.1%	$21.6bn
110	Latvia	46.9%	$22.8bn
111	Malta	46.8%	$13.0bn
112	Niger	45.4%	$9.9bn
113	Sierra Leone	45.2%	$3.5bn
114	Mongolia	45.1%	$11.4bn
115	Norway	45.0%	$239bn
116	Eswatini	44.9%	$2.3bn
117	Czechia	44.6%	$174bn
118	Zimbabwe	43.8%	$23.4bn
119	Netherlands	43.3%	$577bn
120	Ethiopia	43.1%	$47.0bn
121	Serbia	42.4%	$42.4bn
122	Bangladesh	42.0%	$192bn
123	Mali	41.9%	$12.6bn
124	Chile	41.8%	$149bn
125	Qatar	41.4%	$91.6bn
126	Burundi	41.2%	$2.9bn
127	Honduras	41.2%	$16.4bn
128	Indonesia	41.0%	$593bn
129	Vanuatu	40.9%	$500m
130	Equatorial Guinea	40.6%	$5.1bn
131	Cameroon	40.4%	$23.9bn
132	Mauritania	40.1%	$4.9bn
133	Lithuania	39.8%	$37.8bn
134	Switzerland	39.4%	$411bn
135	Botswana	38.6%	$7.5bn
136	Paraguay	38.1%	$18.8bn
137	Iran	37.3%	$139bn
138	Moldova	36.6%	$7.4bn
139	Kyrgyzstan	36.0%	$7.8bn
140	Oman	35.8%	$38.0bn
141	Nigeria	35.5%	$103bn
142	Sweden	34.9%	$234bn
143	Nicaragua	34.8%	$7.7bn
144	Georgia	34.3%	$13.1bn
145	United Arab Emirates	34.3%	$196bn
146	Belarus	33.1%	$30.7bn
147	Ireland	32.9%	$236bn
148	Djibouti	32.1%	$1.4bn
149	Saudi Arabia	31.7%	$405bn
150	Chad	30.4%	$6.7bn
151	Andorra	30.3%	$1.4bn
152	Vietnam	30.3%	$150bn
153	Peru	30.2%	$103bn
154	Bosnia and Herzegovina	29.9%	$9.9bn
155	Comoros	29.5%	$500m
156	Solomon Islands	28.7%	$500m
157	Guyana	28.6%	$7.7bn
158	Uzbekistan	28.6%	$42.1bn
159	Denmark	27.5%	$127bn
160	Tonga	27.4%	$200m
161	Guatemala	27.2%	$32.9bn
162	Bulgaria	27.1%	$35.5bn
163	Luxembourg	27.0%	$27.3bn
164	Cambodia	26.5%	$13.1bn
165	Kazakhstan	24.6%	$74.5bn
166	Estonia	24.2%	$11.4bn
167	Turkey	23.5%	$375bn
168	Taiwan	22.4%	$206bn
169	Tajikistan	21.6%	$3.8bn
170	Samoa	21.2%	$300m
171	DR Congo	20.2%	$18.8bn
172	Azerbaijan	20.1%	$15.3bn
173	Kosovo	17.5%	$2.2bn
174	Russia	17.2%	$445bn
175	Kuwait	14.6%	$23.0bn
176	Nauru	14.6%	$0m
177	Timor-Leste	14.3%	$300m
178	Haiti	12.3%	$3.9bn
179	Marshall Islands	11.8%	$0m
180	Micronesia	8.9%	$0m
181	Afghanistan	8.0%	$1.6bn
182	Kiribati	8.0%	$0m
183	Turkmenistan	3.8%	$2.9bn
184	Tuvalu	3.6%	$0m
185	Brunei	1.5%	$200m
186	Liechtenstein	0.5%	$0m

National debt by country: Government debt in US dollars, 2025
#	Country	In dollars	Debt to GDP
1	United States	$38.1tn	123.9%
2	China	$19.5tn	99.2%
3	Japan	$9.16tn	206.5%
4	United Kingdom	$4.10tn	102.3%
5	France	$3.91tn	116.0%
6	Italy	$3.50tn	137.1%
7	India	$3.29tn	84.1%
8	Germany	$3.18tn	62.9%
9	Canada	$2.63tn	113.5%
10	Brazil	$2.13tn	93.3%
11	Spain	$1.91tn	100.4%
12	Mexico	$1.13tn	61.8%
13	Singapore	$1.03tn	171.3%
14	South Korea	$979bn	52.3%
15	Australia	$938bn	51.0%
16	Belgium	$771bn	106.3%
17	Poland	$609bn	58.8%
18	Indonesia	$593bn	41.0%
19	Netherlands	$577bn	43.3%
20	Argentina	$547bn	80.3%
21	Austria	$467bn	80.5%
22	Russia	$445bn	17.2%
23	Israel	$418bn	68.5%
24	Switzerland	$411bn	39.4%
25	Greece	$409bn	145.7%
26	Saudi Arabia	$405bn	31.7%
27	Turkey	$375bn	23.5%
28	Thailand	$373bn	64.7%
29	South Africa	$336bn	78.6%
30	Malaysia	$334bn	70.7%
31	Egypt	$317bn	86.8%
32	Portugal	$311bn	89.9%
33	Venezuela est.	$308bn	308.7%
34	Pakistan	$297bn	72.8%
35	Philippines	$289bn	59.4%
36	Finland	$283bn	89.3%
37	Colombia	$274bn	59.9%
38	Romania	$259bn	60.6%
39	Norway	$239bn	45.0%
40	Ireland	$236bn	32.9%
41	Sweden	$234bn	34.9%
42	Ukraine	$232bn	108.7%
43	Taiwan	$206bn	22.4%
44	United Arab Emirates	$196bn	34.3%
45	Bangladesh	$192bn	42.0%
46	Hungary	$186bn	75.2%
47	Czechia	$174bn	44.6%
48	Algeria	$155bn	54.1%
49	Vietnam	$150bn	30.3%
50	Chile	$149bn	41.8%
51	Iraq	$142bn	53.9%
52	New Zealand	$142bn	54.7%
53	Iran	$139bn	37.3%
54	Denmark	$127bn	27.5%
55	Morocco	$123bn	67.1%
56	Nigeria	$103bn	35.5%
57	Peru	$103bn	30.2%
58	Slovakia	$95.1bn	61.6%
59	Kenya	$94.6bn	69.3%
60	Qatar	$91.6bn	41.4%
61	Dominican Republic	$75.5bn	59.0%
62	Sudan est.	$74.5bn	187.6%
63	Kazakhstan	$74.5bn	24.6%
64	Angola	$72.7bn	51.3%
65	Ecuador	$70.9bn	54.4%
66	Bahrain	$70.2bn	147.6%
67	Costa Rica	$62.2bn	60.4%
68	Croatia	$59.3bn	55.9%
69	Uruguay	$56.2bn	65.7%
70	Ghana	$56.0bn	48.8%
71	Côte d'Ivoire	$55.7bn	56.3%
72	Bolivia	$54.5bn	84.8%
73	Slovenia	$52.5bn	65.9%
74	Panama	$51.2bn	56.6%
75	Jordan	$51.1bn	82.8%
76	Senegal	$48.3bn	130.2%
77	Lebanon est.	$48.1bn	139.4%
78	Ethiopia	$47.0bn	43.1%
79	Tunisia	$46.8bn	81.3%
80	Tanzania	$43.4bn	49.7%
81	Myanmar	$42.8bn	51.9%
82	Serbia	$42.4bn	42.4%
83	Uzbekistan	$42.1bn	28.6%
84	Oman	$38.0bn	35.8%
85	Lithuania	$37.8bn	39.8%
86	Uganda	$35.8bn	54.2%
87	Bulgaria	$35.5bn	27.1%
88	Guatemala	$32.9bn	27.2%
89	El Salvador	$32.5bn	87.2%
90	Belarus	$30.7bn	33.1%
91	Luxembourg	$27.3bn	27.0%
92	Zambia	$24.8bn	86.0%
93	Cameroon	$23.9bn	40.4%
94	Zimbabwe	$23.4bn	43.8%
95	Kuwait	$23.0bn	14.6%
96	Mozambique	$22.9bn	102.5%
97	Latvia	$22.8bn	46.9%
98	Cyprus	$22.7bn	55.3%
99	Trinidad and Tobago	$21.8bn	84.2%
100	Iceland	$21.6bn	56.1%
101	Nepal	$21.6bn	48.1%
102	Paraguay	$18.8bn	38.1%
103	DR Congo	$18.8bn	20.2%
104	Gabon	$17.1bn	78.9%
105	Papua New Guinea	$16.9bn	52.1%
106	Honduras	$16.4bn	41.2%
107	Albania	$15.9bn	52.6%
108	Azerbaijan	$15.3bn	20.1%
109	Republic of the Congo	$15.1bn	96.8%
110	Jamaica	$15.1bn	67.7%
111	Laos	$14.4bn	80.6%
112	Armenia	$14.3bn	49.0%
113	Burkina Faso	$14.1bn	52.0%
114	Benin	$14.0bn	57.3%
115	Mauritius	$13.9bn	86.5%
116	Guinea	$13.1bn	48.1%
117	Georgia	$13.1bn	34.3%
118	Cambodia	$13.1bn	26.5%
119	Malta	$13.0bn	46.8%
120	Mali	$12.6bn	41.9%
121	Bahamas	$12.2bn	73.8%
122	Malawi	$11.8bn	78.4%
123	Mongolia	$11.4bn	45.1%
124	Estonia	$11.4bn	24.2%
125	Namibia	$10.4bn	70.2%
126	Rwanda	$10.3bn	64.6%
127	North Macedonia	$10.0bn	52.5%
128	Niger	$9.9bn	45.4%
129	Bosnia and Herzegovina	$9.9bn	29.9%
130	Maldives	$9.6bn	125.4%
131	Madagascar	$9.5bn	48.7%
132	Kyrgyzstan	$7.8bn	36.0%
133	Nicaragua	$7.7bn	34.8%
134	Guyana	$7.7bn	28.6%
135	Barbados	$7.6bn	94.2%
136	Togo	$7.5bn	63.0%
137	Botswana	$7.5bn	38.6%
138	Moldova	$7.4bn	36.6%
139	Chad	$6.7bn	30.4%
140	Montenegro	$6.2bn	67.1%
141	Equatorial Guinea	$5.1bn	40.6%
142	Suriname	$4.9bn	105.8%
143	Mauritania	$4.9bn	40.1%
144	Fiji	$4.8bn	78.7%
145	Haiti	$3.9bn	12.3%
146	Tajikistan	$3.8bn	21.6%
147	Bhutan	$3.6bn	103.6%
148	South Sudan	$3.6bn	62.1%
149	Sierra Leone	$3.5bn	45.2%
150	Cape Verde	$3.1bn	101.0%
151	Liberia	$2.9bn	54.9%
152	Burundi	$2.9bn	41.2%
153	Turkmenistan	$2.9bn	3.8%
154	Belize	$2.3bn	67.9%
155	Eswatini	$2.3bn	44.9%
156	Kosovo	$2.2bn	17.5%
157	Saint Lucia	$2.0bn	77.1%
158	Guinea-Bissau	$2.0bn	75.3%
159	Central African Republic	$2.0bn	61.8%
160	Gambia	$1.9bn	73.9%
161	Antigua and Barbuda	$1.6bn	69.7%
162	Afghanistan	$1.6bn	8.0%
163	San Marino	$1.4bn	60.6%
164	Lesotho	$1.4bn	49.1%
165	Djibouti	$1.4bn	32.1%
166	Andorra	$1.4bn	30.3%
167	Saint Vincent and the Grenadines	$1.3bn	113.4%
168	Seychelles	$1.2bn	51.5%
169	Grenada	$1.0bn	71.6%
170	Dominica	$800m	102.6%
171	Saint Kitts and Nevis	$600m	58.4%
172	São Tomé and Príncipe	$500m	55.7%
173	Vanuatu	$500m	40.9%
174	Comoros	$500m	29.5%
175	Solomon Islands	$500m	28.7%
176	Samoa	$300m	21.2%
177	Timor-Leste	$300m	14.3%
178	Palau	$200m	62.3%
179	Tonga	$200m	27.4%
180	Brunei	$200m	1.5%
181	Nauru	$0m	14.6%
182	Marshall Islands	$0m	11.8%
183	Micronesia	$0m	8.9%
184	Kiribati	$0m	8.0%
185	Tuvalu	$0m	3.6%
186	Liechtenstein	$0m	0.5%

Why they rank where they do

Venezuela

Venezuela and its state oil company PDVSA stopped paying their bondholders in November 2017. After US forces captured Nicolás Maduro on January 3, 2026, the government in Caracas announced a plan to restructure debts estimated at $150 billion to $170 billion. As of September 2026 there is no deal, and US sanctions still limit the talks.
Japan

Japan's government debt was 55% of GDP in 1990, before its stock and property bubble burst. It peaked at 229% in 2020.
Sudan

Sudan has been at war since April 2023, when fighting broke out between the army and the paramilitary Rapid Support Forces. Its economy has collapsed.
Singapore

Singapore's Ministry of Finance says the government "does not borrow for recurrent spending needs." By law, almost all of its borrowing cannot be spent and is invested instead. Most of it is special bonds that hold the savings of the Central Provident Fund, Singapore's national pension savings system.
Bahrain

Bahrain is a small Gulf oil producer with much less oil than its neighbors. In 2018 Saudi Arabia, the United Arab Emirates and Kuwait pledged $10 billion to help Bahrain pay its bills.
Greece

The eurozone debt crisis began in Greece. Three bailouts, in 2010, 2012 and 2015, paid out €288.7 billion. In 2012 private bondholders accepted a 53.5% cut in the face value of about €197 billion of Greek bonds, the largest sovereign debt restructuring on record. Greece's debt has fallen from 210% of GDP in 2020, and Greece repaid the IMF early, in April 2022.
Lebanon

On March 7, 2020, Lebanon said it would not repay a $1.2 billion bond, its first default ever. All of its roughly $31 billion of foreign bonds went into default. The Lebanese pound has lost about 98% of its value, and as of September 2026 there is still no deal with creditors.
Senegal

In September 2024 Senegal's new prime minister, Ousmane Sonko, said the previous government had hidden debt. In February 2025 Senegal's Court of Auditors found that central government debt at the end of 2023 was 99.7% of GDP, not the 74.4% reported. On September 1, 2026, IMF staff agreed a new $2.2 billion loan, which still needs approval by the IMF's board.
United States

The US Treasury counts federal debt differently from the IMF, and its count passed $40 trillion on August 18, 2026. US government debt was 65% of GDP in 2007, before the financial crisis.
China

The IMF's figure already counts about two-thirds of the debt of local government financing vehicles, companies that local governments set up to borrow off their books. Counting all of it, the IMF puts China's debt at 126.6% of GDP in 2025. In November 2024 China approved a 10 trillion yuan program to swap hidden local government debt for official bonds.
Germany

Germany's constitution has had a "debt brake" since 2009. It limits the federal government's structural deficit to 0.35% of GDP. In March 2025 the Bundestag voted to exempt defense spending above 1% of GDP and to create a €500 billion infrastructure fund.
Russia

After its 1998 financial crisis and default, Russia kept its borrowing low and saved oil revenue in a national wealth fund. In June 2022 Russia defaulted on its international bonds for the first time since the Bolsheviks repudiated the Tsar's debts in 1918. Russia had the money, but Western sanctions blocked the payments.

Which country has the most debt?

The United States owes $38.1 trillion, more than any other country and more than the next four countries combined: China, Japan, the United Kingdom and France. The US alone owes 34% of the government debt of all 186 countries in this ranking.

The interest bill is growing with it. In fiscal year 2024, US net interest payments ($881.7 billion) were larger than national defense spending ($874.0 billion) for the first time. In fiscal 2025, interest reached $970.4 billion and defense $916.6 billion. On May 16, 2025, Moody's cut the US credit rating from Aaa to Aa1. Moody's was the last of the three big rating agencies to remove the top rating, after S&P in 2011 and Fitch in 2023.

United States$38.1tn

The next 4 together$36.6tn

China, Japan, United Kingdom and France

Why can Japan owe more than twice the size of its economy?

All of Japan's government debt is in yen, a currency Japan issues itself, and nearly 90% of it is held inside Japan. The Bank of Japan alone owns about 47% of Japanese government bonds. For decades, interest rates in Japan stayed near zero, so the debt was cheap to carry. Japan's Ministry of Finance says most of the rise since 1990 came from social security costs for an aging population: about ¥524 trillion of a ¥975 trillion increase in bonds. Public works added about ¥72 trillion.

Now the cost is rising. The Bank of Japan ended negative interest rates in March 2024 and has raised its rate five times since, to 1.25% in September 2026. On September 24, 2026, the 10-year Japanese government bond yield reached 3.07%, its highest since 1996.

Which countries own the most US debt?

Japan is the largest foreign holder of US Treasury securities, with $1.10 trillion in July 2026. The United Kingdom is second with $998 billion, and China third with $618 billion.

China's holdings peaked at $1.32 trillion in November 2013. They have fallen since and are now at their lowest since 2008. The United Kingdom overtook China in March 2025.

Which countries have defaulted on their debt recently?

Recent defaults include Lebanon in March 2020 and Argentina in May 2020, in what was widely reported as Argentina's ninth default. Zambia followed in November 2020. Sri Lanka defaulted in May 2022, its first default since independence, and Russia in June 2022. Ghana defaulted in December 2022 and Ethiopia in December 2023.

Zambia, Sri Lanka, Ghana and Argentina have since completed deals with their bondholders. Venezuela has been in default since November 2017.

About the data

These figures come from the IMF's World Economic Outlook, April 2026 edition. They measure general government gross debt in 2025: what central, state and local governments and social security funds owe. For many poorer countries the IMF can count only central government debt. The dollar amounts are computed on this site, as the IMF's debt share times the IMF's figure for GDP in dollars. Gross debt does not subtract what governments own: Norway's sovereign wealth fund is worth about nine times its government's debt. The figures for Venezuela, Sudan and Lebanon are rough IMF estimates. Countries without IMF figures, such as North Korea, Syria, Yemen and Cuba, are not listed.

Source: IMF World Economic Outlook

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GDPIMF 2025 1

United States$30.8tn 2

China$19.6tn 3

Germany$5.05tn Military spendingSIPRI 2025 1

United States$954bn 2

China$336bn 3

Russia$190bn Fertility rateUN 2025 1

South Korea0.75 2

Taiwan0.86 3

Singapore0.96

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