5 Countries That Have The Most Debt Per Capita

In this article we are going to list the 5 countries that have the most debt per capita. For a detailed coverage of this topic and a more comprehensive list please take a look at the 25 Countries That Have The Most Debt Per Capita.

5. Belgium

Total debt per capita: $53,499

In November 2022, the European Commission stated that Belgium has the highest debt in the Eurozone, while also facing debt increases in both 2023 and 2024. This increase in debt mainly has to do with the country’s policies in response to increasing energy costs and wage index.

4. Canada

Total debt per capita: $55,601

While Canada has been in debt for decades, it is now very close to record debt with Canadians currently owing $1.83 in debt for every dollar that they earn.

3. Japan

Total debt per capita: $88,142

From 1980 to 2021, Japan’s debt averaged over 144% and reached a record high in 2021 of 262.5% of GDP as governmental bonds hit a record $7 trillion. Despite the economy recovering from the pandemic, Japan’s debt to GDP ratio is still the worst among G-7 nations as spending growth exceeds economic expansion significantly.

2. United States of America

Total debt per capita: $92,104

With a debt per capita just above $92,000, the U.S. places second in our list. We have discussed the U.S. in extensive detail so we won’t go into further discussion here but it is obvious that the U.S. will be on top of this list for the next decade at least. It is also home to some of the most indebted companies in the world including Verizon Communications Inc. (NYSE:VZ), Oracle Corporation (NYSE:ORCL), Comcast Corporation (NASDAQ:CMCSA) and AT&T Inc. (NYSE:T).

1. Singapore

Total debt per capita: $113,948

Topping the list of the 25 countries that have the most debt per capita is Singapore, a major financial center, and often known as the financial center of Asia overtaking Hong Kong according to the Global Financial Centres Index. A lot of Singapore’s $1.7 trillion external debt is from the financial sector, which simply signifies its presence in the sector.

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