5 Countries with the Most Debt in the World

In this piece, we will take a look at the 5 countries with the most debt in the world. For more countries, head on over to the 30 countries with the most debt in the world.

5. United States

Debt as a percentage of GDP in 2022: 121.4%

It may have the most external debt in the world, but the U.S.’s debt as a percentage of GDP is still not as high with many major events including wars, recessions and Covid-19 all resulting in debt piling on.

4. Italy

Debt as a percentage of GDP in 2022: 144.4%

Despite Italy consistently running a current account surplus, it is one of the countries with the highest debt levels in the world because the taxes raised aren’t sufficient to fund total expenses, and most of its debt is foreign-owned.

3. Venezuela

Debt as a percentage of GDP in 2022: 157.8%

Venezuela has experienced hyperinflation at a level few countries have ever experienced and inflation topped 130,000% in 2018 though it declined to a still scarcely believable 234% in 2022.

2. Greece

Debt as a percentage of GDP in 2022: 177.4%

Greece is well-known for its debt crisis which spiraled out of control after a global financial recession in 2009, though it has recovered somewhat in recent years, and one of the primary reasons behind its recovery is borrowing on really low interest rates.

1. Japan

Debt as a percentage of GDP in 2022: 261.3%

Easily topping the list of the 30 countries with the most debt in the world is Japan, the only country globally where the debt to GDP ratio is more than 200%. One of the reasons behind the high debt burden in Japan is the fact that it is home to an increasingly aging population, resulting in increased spend on healthcare, pension and social security.

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