Top 10 Countries with the Least Debt in the World

What are the countries with the least debt in the world? If I had no obligation to pay back money, I’d borrow $18 Trillion just as the United States has. Heck, I’d get more than that. I can find ways to spend it! You’ll see below that the country that elected Drumpf is at the top of borrowers.The European Union isn’t that far off either, with $13 trillion in external debt. Of course, by the time Brexit is complete, the number will drop considerably since the United Kingdom is about $8 trillion in debt on its own.

For a wealth of reasons, countries around the world sometimes need to borrow money, but not all of them – as evidence of these countries with the least debt in the world.

So, with as much money as country governments need to fulfill their promises, is there any country not in debt? There is one as you will see at the end of this article.

If you’re looking for a full list, you can check out our list on the 10 Countries That Have the Most Debt in 2017.

The numbers have barely changed in the past few years, so the answer to the question “which country had the most debt in 2016” is the United States. Similarly, the list of the national debt by country in 2015 is pretty much the same with the one of the national debt by country in 2016. The numbers may change slightly, but not enough to make that much change to a list comprising some 200 countries.

Some countries choose to borrow money either from other countries or from the citizens through the sale of bonds, while others prefer to live within their means. This is the same situation as that of us, the citizens, who sometimes choose to borrow money from the bank or family members, while other prefer to make do with what they have and not become indebted. Those least indebted make our list of countries with the least debt in the world.

In order to create our list of countries with least debt in the world today, we checked out the data from the Central Intelligence Agency on public debt by country. It should be mentioned, of course, that data is not always the freshest available, some coming from 2016, while other pieces of it coming from farther back, such as 2014. It’s all pretty normal when taking into consideration that this type of information is not always released on time, or just simply released every few years. We also decided that it would be best if the data we used was treated as a percentage of the GDP. After all, while a nation can have a smaller debt in value than, let’s say, the United States, it will also have a lower GDP and weight differently for them.

It’s nice to have access to such data and the CIA is known to gather it all up as it comes, updating often its library of charts, whether we’re talking about public debt, data about the military, energy, or transportation, to name a few.

That being said, here are the top 10 countries with the least debt in the world.

10. Uzbekistan

Debt to GDP Ratio: 11%

Located in Central Asia, Uzbekistan covers over 447,400 square miles and has a population of close to 30 million people.

It is estimated that the country’s GDP in 2016 was of over $205.7 billion, a 7.8% growth from the previous year. The country’s public debt is also calculated at 11% of GDP, although the data was estimated for the 2015 numbers.

9. Kosovo

Debt of GDP: 10.6%

Located in Southeast Europe, between Serbia and Macedonia, Kosovo seems to be one of the few European nations on our list of countries with the least debt in the world.

Spreading over a territory of close to 11,000 square kilometers, Kosovo has close to 2 million citizens, mostly of Albanian descent. Albanian, of course, is also the official language in the area.

The country’s estimated GDP for 2016 was calculated at $18.44 billion, while the country’s 10.6% public debt as part of the GDP was calculated based on the 2014 numbers.

8. Libya

Debt of GDP: 10%

Over in Northern Africa, bordering the Mediterranean sea we find Libya, spreading over a land measuring over 1.7 million square kilometers. In fact, over 90% of the 6.6 million citizens live along the Mediterranean coast since the interior of the country is home to the Sahara desert in part, and lacks the water needed for daily life.

Libya’s GDP was estimated at $55.4 billion in 2016, while its public debt hit just 10% of this amount.

The country’s economy is almost entirely dependant on oil and gas exports and has been struggling in the past few years, due to civil war, but also due to the world oil prices going down. Libya is still going through numerous economic changes due to the transition period following Colonel Qadhafi’s era.

7. Estonia

Debt to GDP Ratio: 9.7%

The Eastern European country, bordering Latvia and Russia is ranked second in our list of the 10 countries with the least debt in the world. The country’s territory covers over 45,000 square miles, while the population numbers hit just 1.2 million.

With an estimated GDP of $38.45 billion in 2016, Estonia’s debt barely hits 9.7% of the GDP, slightly lower than in the previous year.

Estonia has been a member of the European Union since 2014, and even joined the eurozone in 2011. The country’s economy is known as one to provide one of the highest per capita income levels in Central Europe. However, the country’s economy is dependent on trade, which makes it vulnerable to the political and economic issues of its partners. Mostly, Estonia trades with Finland, Sweden, Germany, and Russia.

6. Kiribati

Debt of GDP: 8.6%

Next up on our list of countries with the least debt in the world we have Kiribati, a nation that’s actually formed of 33 coral atolls in the Pacific Ocean. With a total area of 811 square kilometers and a population of just over 108,000 people, Kiribati isn’t exactly the largest or most populated nation in the world.

Kiribati’s GDP was calculated at just $212 million, while its debt barely hit 8.6%. The country actually has few natural resources and is highly dependent on imports and foreign aid. It is considered that Kiribati is one of the least developed countries in the Pacific.

5. Gibraltar

Debt of GDP: 7.5%

In the Southwestern area of Europe, bordering the Strait of Gibraltar you’ll find the same-named country. The tiny nation barely covers some 6.5 square kilometers in size, and has just under 30,000 citizens.

Gibraltar is an overseas territory of the United Kingdom, but it is self-sufficient, its economy depending on shipping trade, offshore banking and more. Foreign investments are lured in with the low tax rates practiced here.

The country’s GDP was estimated at just over $2 billion in 2018, while its debt was quite low, although that number was estimated at the 2008 GDP level.

4. Tajikistan

Debt of GDP: 6.5%

Next up on our list of countries with the least debt in the world we have Tajikistan, a country located in central Asia, just west of China. The nation occupies a territory of over 144,000 square kilometers and has a population of nearly 8.5 million citizens.

Although considered to be a poor country, Tajikistan’s economy focuses on extracting minerals, processing metals, and agriculture.

Tajikistan’s GDP was estimated at $26 billion in 2016, while the country’s public debt sits at 6.5% of the 2013 GDP.

3. New Caledonia

Debt of GDP: 6.5%

New Caledonia occupies our third spot. The country, a series of islands in the South Pacific Ocean, occupies a total territory of 18,500 square kilometers. Despite the small area, it is home to nearly 280,000 people.

The GDP here was calculated at $10.7 billion in 2015, while the nation’s public debt sits at just 6.5% of that value.

New Caledonia isn’t exactly a country that’s talked about often on the news, but it actually holds 11% of the world’s nickel reserves, the second largest in the world. The nation is highly reliant on imports, however, as the land here isn’t suitable for agriculture.

2. Wallis and Futuna

Debt of GDP: 5.6%

If you haven’t heard about Wallis and Futuna, you shouldn’t be too upset. After all, the series of islands in the South Pacific Ocean barely cover 142 square kilometers of land, making it just 1.5 times larger than Washington, DC. It is also home to just under 16,000 citizens.

The GDP was estimated at $60 million back in 2004, with the public debt sat at 5.6% that year. The economy here is largely limited to traditional agriculture. Revenues come from subsidies from the French government, as well as from licensing of fishing rights to Japan and South Korea.

1. Timor-Leste

Debt to GDP Ratio: 0%

Finally, at the top of our list we find Timor-Leste, a tiny country in Southeastern Asia, in the Indonesian archipelago.

The country covers 14.874 square kilometers of land, and has just under 1.3 million citizens. Its GDP was calculated at $2.5 billion in 2016 with a shocking public debt level of 0%.

The nation’s economy is highly reliant of oil and the drop of prices in the past few years has led to serious concerns about the future of the country.

That being said, these have been the top 10 countries with the least debt in the world.