Global Sovereign Debt Master Ranking: A Complete Breakdown of Government Debt Per Capita and Debt-to-GDP Ratios Across All Nations
The global landscape of sovereign debt presents a complex picture of economic health, fiscal responsibility, and distinct political models. While total national debt in absolute terms highlights the economic might of superpowers like the United States and China, analyzing debt on a per capita basis (debt per person) reveals the actual burden carried by individuals within each country's borders.
A new global analysis conducted by GlobalRead, drawing on the most recent data from the International Monetary Fund (IMF) and the World Bank, has compiled a master ranking of government debt per capita and debt-to-GDP ratios across all nations. This unified list exposes staggering variations, where high-income industrial powers and global financial centers carry debt loads that are often many orders of magnitude larger than those of developing economies.
Understanding the Rankings: Beyond Simple Debt
The list is topped by countries with unique fiscal and financial structures. Singapore, which ranks highest, has a government that borrows money not to fund public spending, but primarily to invest through its sovereign wealth funds (GIC and Temasek). Consequently, Singapore’s actual government assets are significantly larger than its total gross debt. Advanced economies like the United States and Japan, despite carrying enormous debt per capita (over $119,000 and $72,000, respectively), benefit from deep capital markets and immense trust from global investors, allowing them to sustain high debt-to-GDP ratios that would crush smaller economies.
In contrast, most developing nations show very low debt per capita figures in absolute U.S. dollar terms. However, as economists point out, low debt-per-person figures often reflect a lack of access to international borrowing markets, and high debt-to-GDP ratios in these regions indicate that even smaller amounts of debt can impose crushing repayment burdens, limiting essential public investment in healthcare, education, and infrastructure.
Below is the complete, comprehensive global ranking, ordered from highest debt per capita to lowest, including the critical metric of government debt as a percentage of Gross Domestic Product (GDP).
Global Sovereign Debt Master List: Comprehensive Government Debt Per Capita and Debt-to-GDP Rankings (All Nations)
| Country / Territory | Debt Per Capita (USD) | Debt / GDP (%) | Region |
|---|---|---|---|
| Singapore | ~$190,196 | 171% | Asia |
| United States | ~$119,812 | 124% | North America |
| Japan | ~$72,571 | 207% | Asia |
| Belgium | ~$70,932 | 106% | Europe |
| Canada | ~$68,394 | 114% | North America |
| United Kingdom | ~$64,026 | 102% | Europe |
| Italy | ~$63,156 | 137% | Europe |
| Iceland | ~$62,284 | 56% | Europe |
| France | ~$61,041 | 116% | Europe |
| Austria | ~$55,071 | 80% | Europe |
| Finland | ~$54,816 | 89% | Europe |
| Israel | ~$49,771 | 69% | Middle East |
| Switzerland | ~$49,367 | 39% | Europe |
| Bahrain | ~$48,950 | 148% | Middle East |
| Ireland | ~$47,868 | 33% | Europe |
| Norway | ~$45,998 | 45% | Europe |
| Luxembourg | ~$45,589 | 27% | Europe |
| Spain | ~$42,610 | 100% | Europe |
| Germany | ~$40,773 | 63% | Europe |
| Greece | ~$40,208 | 146% | Europe |
| Australia | ~$39,078 | 51% | Oceania |
| Netherlands | ~$34,924 | 43% | Europe |
| Qatar | ~$34,653 | 41% | Middle East |
| Portugal | ~$31,297 | 90% | Europe |
| New Zealand | ~$30,217 | 55% | Oceania |
| Bahamas | ~$30,087 | 78% | Caribbean |
| South Korea | ~$28,400 | 54% | Asia |
| Cyprus | ~$27,752 | 100% | Europe |
| United Arab Emirates | ~$24,100 | 34% | Middle East |
| Malta | ~$21,611 | 47% | Europe |
| Slovenia | ~$21,206 | 62% | Europe |
| Sweden | ~$19,633 | 34% | Europe |
| Maldives | ~$17,897 | 134% | Asia |
| Hungary | ~$17,158 | 74% | Europe |
| Slovakia | ~$16,385 | 64% | Europe |
| Czech Republic | ~$14,800 | 44% | Europe |
| Denmark | ~$14,375 | 20% | Europe |
| Uruguay | ~$14,179 | 58% | South America |
| Croatia | ~$13,557 | 57% | Europe |
| Poland | ~$13,200 | 50% | Europe |
| Guyana | ~$11,899 | 29% | South America |
| Argentina | ~$11,899 | 85% | South America |
| Costa Rica | ~$11,272 | 60% | Central America |
| Lithuania | ~$11,257 | 38% | Europe |
| Latvia | ~$11,136 | 47% | Europe |
| Saudi Arabia | ~$11,030 | 30% | Middle East |
| Romania | ~$11,014 | 55% | Europe |
| Trinidad and Tobago | ~$10,962 | 64% | Caribbean |
| Brazil | ~$8,607 | 83% | South America |
| Lebanon | ~$8,243 | 164% | Middle East |
| Malaysia | ~$7,436 | 63% | Asia |
| Estonia | ~$7,308 | 23% | Europe |
| Oman | ~$7,203 | 36% | Middle East |
| Chile | ~$6,958 | 42% | South America |
| Mexico | ~$6,358 | 45% | North America |
| Serbia | ~$6,312 | 47% | Europe |
| Gabon | ~$6,042 | 73% | Africa |
| Albania | ~$5,746 | 59% | Europe |
| North Macedonia | ~$5,642 | 61% | Europe |
| Jamaica | ~$5,362 | 70% | Caribbean |
| El Salvador | ~$5,302 | 87% | Central America |
| Dominican Republic | ~$5,029 | 46% | Caribbean |
| Jordan | ~$4,873 | 96% | Middle East |
| South Africa | ~$4,785 | 76% | Africa |
| Bolivia | ~$4,492 | 101% | South America |
| Armenia | ~$4,390 | 50% | Asia / Europe |
| Sri Lanka | ~$4,259 | 99% | Asia |
| Thailand | ~$4,179 | 57% | Asia |
| Bulgaria | ~$3,951 | 24% | Europe |
| Kasakstan | ~$3,532 | 25% | Asia |
| Tunisia | ~$3,476 | 83% | Africa |
| Turkey | ~$3,310 | 21% | Asia / Europe |
| Bosnia and Herzegovina | ~$3,078 | 33% | Europe |
| Morocco | ~$2,953 | 70% | Africa |
| Zimbabwe | ~$2,795 | 95% | Africa |
| Iraq | ~$2,670 | 43% | Middle East |
| Algeria | ~$2,656 | 46% | Africa |
| Paraguay | ~$2,465 | 38% | South America |
| Republic of the Congo | ~$2,226 | 95% | Africa |
| Senegal | ~$2,017 | 114% | Africa |
| Angola | ~$1,973 | 63% | Africa |
| Laos | ~$1,960 | 96% | Asia |
| Indonesia | ~$1,931 | 39% | Asia |
| Guatemala | ~$1,737 | 28% | Central America |
| Ghana | ~$1,706 | 71% | Africa |
| Iran | ~$1,677 | 37% | Middle East |
| Honduras | ~$1,641 | 48% | Central America |
| Ivory Coast | ~$1,617 | 59% | Africa |
| Sudan | ~$1,572 | 272% | Africa |
| Papua New Guinea | ~$1,562 | 54% | Oceania |
| Azerbaijan | ~$1,501 | 21% | Asia / Europe |
| India | ~$1,395 | 54% | Asia |
| Kenya | ~$1,387 | 66% | Africa |
| Zambia | ~$1,364 | 114% | Africa |
| Bangladesh | ~$1,042 | 40% | Asia |
| Pakistan | ~$1,038 | 70% | Asia |
| Myanmar | ~$863 | 61% | Asia |
| Benin | ~$803 | 57% | Africa |
| Guinea | ~$786 | 48% | Africa |
| Cameroon | ~$724 | 40% | Africa |
| Rwanda | ~$713 | 67% | Africa |
| Nepal | ~$693 | 48% | Asia |
| Mozambique | ~$635 | 97% | Africa |
| Uganda | ~$591 | 52% | Africa |
| Mali | ~$567 | 52% | Africa |
| Nigeria | ~$538 | 50% | Africa |
| Burkina Faso | ~$518 | 53% | Africa |
| Niger | ~$347 | 47% | Africa |
| Ethiopia | ~$280 | 43% | Africa |
Sources:
- IMF World Economic Outlook (WEO) Database: General Government Gross Debt & Population Data.
- World Bank International Debt Statistics (IDS): Sovereign Debt Metrics.
- OECD & Global Debt Analytics: Central Government Debt Per Capita Rankings.