Markets
$69 Trillion of World Debt in One Infographic
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$69 Trillion of World Debt in One Infographic
Two decades ago, total government debt was estimated to sit at $20 trillion.
Since then, according to the latest figures by the IMF, the number has ballooned to $69.3 trillion with a debt to GDP ratio of 82% — the highest totals in human history.
Which countries owe the most money, and how do these figures compare?
The Regional Breakdown
Let’s start by looking at the continental level, to get an idea of how world debt is divided from a geographical perspective:
Region | Debt to GDP | Gross Debt (Billions of USD) | % of Total World Debt |
---|---|---|---|
Asia and Pacific | 79.8% | $24,120 | 34.8% |
North America | 100.4% | $23,710 | 34.2% |
Europe | 74.2% | $16,225 | 23.4% |
South America | 75.0% | $2,699 | 3.9% |
Africa | 56.9% | $1,313 | 1.9% |
Other | 37.1% | $1,231 | 1.8% |
World | 81.8% | $69,298 | 100.0% |
In absolute terms, over 90% of global debt is concentrated in North America, Asia Pacific, and Europe — meanwhile, regions like Africa, South America, and other account for less than 10%.
This is not surprising, since advanced economies hold most of the world’s debt (about 75.4%), while emerging or developing economies hold the rest.
World Debt by Country
Now let’s look at individual countries, according to data released by the IMF in October 2019.
It’s worth mentioning that the following numbers are representative of 2018 data, and that for a tiny subset of countries (i.e. Syria) we used the latest available numbers as an estimate.
Rank | Country | Debt to GDP | Gross Debt ($B) | % of World Total |
---|---|---|---|---|
#1 | 🇺🇸 United States | 104.3% | $21,465 | 31.0% |
#2 | 🇯🇵 Japan | 237.1% | $11,788 | 17.0% |
#3 | 🇨🇳 China, People's Republic of | 50.6% | $6,764 | 9.8% |
#4 | 🇮🇹 Italy | 132.2% | $2,744 | 4.0% |
#5 | 🇫🇷 France | 98.4% | $2,736 | 3.9% |
#6 | 🇬🇧 United Kingdom | 86.8% | $2,455 | 3.5% |
#7 | 🇩🇪 Germany | 61.7% | $2,438 | 3.5% |
#8 | 🇮🇳 India | 68.1% | $1,851 | 2.7% |
#9 | 🇧🇷 Brazil | 87.9% | $1,642 | 2.4% |
#10 | 🇨🇦 Canada | 89.9% | $1,540 | 2.2% |
#11 | 🇪🇸 Spain | 97.1% | $1,386 | 2.0% |
#12 | 🇲🇽 Mexico | 53.6% | $655 | 0.9% |
#13 | 🇰🇷 Korea, Republic of | 37.9% | $652 | 0.9% |
#14 | 🇦🇺 Australia | 41.4% | $588 | 0.8% |
#15 | 🇧🇪 Belgium | 102.0% | $543 | 0.8% |
#16 | Netherlands | 52.4% | $479 | 0.7% |
#17 | Argentina | 86.1% | $447 | 0.6% |
#18 | Singapore | 113.6% | $414 | 0.6% |
#19 | Greece | 184.9% | $404 | 0.6% |
#20 | Austria | 73.8% | $337 | 0.5% |
#21 | Indonesia | 30.1% | $308 | 0.4% |
#22 | Portugal | 120.1% | $289 | 0.4% |
#23 | Poland | 48.9% | $286 | 0.4% |
#24 | Switzerland | 40.5% | $286 | 0.4% |
#25 | Ireland | 63.7% | $244 | 0.4% |
#26 | Russian Federation | 14.6% | $242 | 0.3% |
#27 | Turkey | 30.2% | $233 | 0.3% |
#28 | Egypt | 92.7% | $231 | 0.3% |
#29 | Pakistan | 71.7% | $226 | 0.3% |
#30 | Israel | 60.8% | $225 | 0.3% |
#31 | Sweden | 38.5% | $214 | 0.3% |
#32 | Thailand | 42.1% | $213 | 0.3% |
#33 | South Africa | 56.7% | $209 | 0.3% |
#34 | Taiwan Province of China | 35.1% | $207 | 0.3% |
#35 | Malaysia | 55.6% | $199 | 0.3% |
#36 | Venezuela | 182.4% | $180 | 0.3% |
#37 | Norway | 40.0% | $174 | 0.3% |
#38 | Colombia | 52.2% | $173 | 0.2% |
#39 | Finland | 59.3% | $163 | 0.2% |
#40 | Saudi Arabia | 19.0% | $149 | 0.2% |
#41 | Iran | 32.2% | $144 | 0.2% |
#42 | Vietnam | 55.6% | $134 | 0.2% |
#43 | Philippines | 38.9% | $129 | 0.2% |
#44 | Denmark | 34.3% | $121 | 0.2% |
#45 | Hungary | 70.8% | $114 | 0.2% |
#46 | Iraq | 49.3% | $111 | 0.2% |
#47 | Nigeria | 27.3% | $109 | 0.2% |
#48 | Bangladesh | 34.0% | $98.1 | 0.14% |
#49 | Angola | 89.0% | $94.3 | 0.14% |
#50 | Qatar | 48.6% | $93.0 | 0.13% |
#51 | Romania | 36.7% | $87.9 | 0.13% |
#52 | Lebanon | 151.0% | $85.1 | 0.12% |
#53 | Czech Republic | 32.6% | $79.9 | 0.12% |
#54 | United Arab Emirates | 19.1% | $79.1 | 0.11% |
#55 | Ukraine | 60.2% | $78.8 | 0.11% |
#56 | Morocco | 65.0% | $77.0 | 0.11% |
#57 | Chile | 25.6% | $76.3 | 0.11% |
#58 | Sri Lanka | 83.3% | $74.1 | 0.11% |
#59 | Sudan | 212.1% | $72.7 | 0.10% |
#60 | Algeria | 38.3% | $66.5 | 0.10% |
#61 | New Zealand | 29.8% | $60.5 | 0.09% |
#62 | Peru | 26.1% | $58.8 | 0.08% |
#63 | Puerto Rico | 55.5% | $56.1 | 0.08% |
#64 | Kenya | 60.1% | $52.8 | 0.08% |
#65 | Slovak Republic | 48.9% | $52.1 | 0.08% |
#66 | Ecuador | 45.8% | $49.6 | 0.07% |
#67 | Ethiopia | 61.0% | $49.0 | 0.07% |
#68 | Croatia | 74.6% | $45.4 | 0.07% |
#69 | Dominican Republic | 50.5% | $43.2 | 0.06% |
#70 | Oman | 53.4% | $42.3 | 0.06% |
#71 | Jordan | 94.4% | $39.9 | 0.06% |
#72 | Ghana | 59.3% | $38.9 | 0.06% |
#73 | Slovenia | 70.4% | $38.1 | 0.05% |
#74 | Uruguay | 63.5% | $37.9 | 0.05% |
#75 | Kazakhstan | 21.0% | $36.3 | 0.05% |
#76 | Bahrain | 94.7% | $35.7 | 0.05% |
#77 | Costa Rica | 53.5% | $32.3 | 0.05% |
#78 | Tunisia | 77.0% | $30.7 | 0.04% |
#79 | Belarus | 47.8% | $28.5 | 0.04% |
#80 | Serbia | 54.5% | $27.5 | 0.04% |
#81 | Myanmar | 38.2% | $26.2 | 0.04% |
#82 | Panama | 39.5% | $25.7 | 0.04% |
#83 | Cyprus | 102.5% | $25.1 | 0.04% |
#84 | Côte d'Ivoire | 53.2% | $22.9 | 0.03% |
#85 | Bolivia | 53.8% | $21.8 | 0.03% |
#86 | Tanzania | 37.3% | $21.2 | 0.03% |
#87 | Zambia | 78.1% | $20.9 | 0.03% |
#88 | Kuwait | 14.7% | $20.8 | 0.03% |
#89 | Guatemala | 24.7% | $19.4 | 0.03% |
#90 | Lithuania | 34.2% | $18.2 | 0.03% |
#91 | Syria | 30.0% | $18.0 | 0.03% |
#92 | Yemen | 64.8% | $17.9 | 0.03% |
#93 | El Salvador | 67.1% | $17.5 | 0.03% |
#94 | Cameroon | 39.1% | $15.1 | 0.02% |
#95 | Luxembourg | 21.4% | $14.9 | 0.02% |
#96 | Jamaica | 94.4% | $14.6 | 0.02% |
#97 | Senegal | 61.6% | $14.5 | 0.02% |
#98 | Mozambique | 99.8% | $14.4 | 0.02% |
#99 | Bulgaria | 20.4% | $13.3 | 0.02% |
#100 | Latvia | 35.9% | $12.5 | 0.02% |
#101 | Turkmenistan | 29.1% | $11.9 | 0.02% |
#102 | Uganda | 41.4% | $11.6 | 0.02% |
#103 | Albania | 69.9% | $10.5 | 0.02% |
#104 | Uzbekistan | 20.6% | $10.4 | 0.02% |
#105 | Lao P.D.R. | 57.2% | $10.4 | 0.01% |
#106 | Gabon | 60.7% | $10.2 | 0.01% |
#107 | Congo, Republic of | 87.8% | $10.2 | 0.01% |
#108 | Trinidad and Tobago | 45.1% | $10.2 | 0.01% |
#109 | Iceland | 37.6% | $9.8 | 0.01% |
#110 | Honduras | 40.2% | $9.6 | 0.01% |
#111 | Mauritius | 66.2% | $9.4 | 0.01% |
#112 | Paraguay | 21.5% | $9.0 | 0.01% |
#113 | Azerbaijan | 18.8% | $8.8 | 0.01% |
#114 | Nepal | 30.2% | $8.8 | 0.01% |
#115 | Papua New Guinea | 35.5% | $8.2 | 0.01% |
#116 | Bahamas, The | 63.3% | $7.9 | 0.01% |
#117 | Zimbabwe | 37.1% | $7.8 | 0.01% |
#118 | Georgia | 44.9% | $7.3 | 0.01% |
#119 | Congo, Dem. Rep. of the | 15.3% | $7.2 | 0.01% |
#120 | Cambodia | 28.6% | $7.0 | 0.01% |
#121 | Bosnia and Herzegovina | 34.3% | $6.9 | 0.01% |
#122 | Namibia | 45.8% | $6.6 | 0.01% |
#123 | Malta | 45.2% | $6.6 | 0.01% |
#124 | Mali | 37.3% | $6.4 | 0.01% |
#125 | Barbados | 125.7% | $6.4 | 0.01% |
#126 | Armenia | 51.3% | $6.4 | 0.01% |
#127 | Burkina Faso | 42.9% | $6.1 | 0.01% |
#128 | Equatorial Guinea | 43.3% | $5.9 | 0.01% |
#129 | Benin | 41.0% | $5.9 | 0.01% |
#130 | Madagascar | 45.7% | $5.5 | 0.01% |
#131 | Chad | 48.3% | $5.3 | 0.01% |
#132 | North Macedonia | 40.5% | $5.1 | 0.01% |
#133 | Niger | 53.8% | $5.0 | 0.01% |
#134 | Nicaragua | 37.2% | $4.9 | 0.01% |
#135 | Guinea | 38.2% | $4.6 | 0.01% |
#136 | Kyrgyz Republic | 56.0% | $4.5 | 0.01% |
#137 | Mauritania | 82.9% | $4.3 | 0.01% |
#138 | Malawi | 62.9% | $4.3 | 0.01% |
#139 | Togo | 76.2% | $4.1 | 0.01% |
#140 | Montenegro | 72.6% | $4.0 | 0.01% |
#141 | Rwanda | 40.7% | $3.9 | 0.01% |
#142 | Maldives | 68.0% | $3.6 | 0.01% |
#143 | Tajikistan | 47.9% | $3.6 | 0.01% |
#144 | Eritrea | 174.3% | $3.5 | 0.01% |
#145 | Moldova | 29.7% | $3.4 | 0.00% |
#146 | Haiti | 33.3% | $3.2 | 0.00% |
#147 | Bhutan | 102.4% | $2.6 | 0.00% |
#148 | Sierra Leone | 63.0% | $2.6 | 0.00% |
#149 | Estonia | 8.3% | $2.6 | 0.00% |
#150 | Fiji | 46.2% | $2.6 | 0.00% |
#151 | Suriname | 72.8% | $2.5 | 0.00% |
#152 | Cabo Verde | 124.5% | $2.5 | 0.00% |
#153 | Aruba | 84.5% | $2.4 | 0.00% |
#154 | Botswana | 12.1% | $2.3 | 0.00% |
#155 | Guyana | 52.9% | $2.1 | 0.00% |
#156 | Burundi | 58.4% | $2.0 | 0.00% |
#157 | South Sudan, Republic of | 42.2% | $1.9 | 0.00% |
#158 | Belize | 95.2% | $1.8 | 0.00% |
#159 | Eswatini | 35.2% | $1.7 | 0.00% |
#160 | Antigua and Barbuda | 89.5% | $1.4 | 0.00% |
#161 | Gambia, The | 86.6% | $1.4 | 0.00% |
#162 | Djibouti | 48.0% | $1.4 | 0.00% |
#163 | Afghanistan | 6.9% | $1.4 | 0.00% |
#164 | Kosovo | 17.0% | $1.4 | 0.00% |
#165 | Liberia | 39.9% | $1.3 | 0.00% |
#166 | San Marino | 77.9% | $1.3 | 0.00% |
#167 | Saint Lucia | 64.3% | $1.2 | 0.00% |
#168 | Lesotho | 44.5% | $1.2 | 0.00% |
#169 | Central African Republic | 49.9% | $1.1 | 0.00% |
#170 | Guinea-Bissau | 64.3% | $0.9 | 0.00% |
#171 | Seychelles | 56.9% | $0.9 | 0.00% |
#172 | Grenada | 63.5% | $0.8 | 0.00% |
#173 | Saint Vincent and the Grenadines | 74.5% | $0.6 | 0.00% |
#174 | Saint Kitts and Nevis | 60.5% | $0.6 | 0.00% |
#175 | Vanuatu | 51.4% | $0.5 | 0.00% |
#176 | Samoa | 50.3% | $0.4 | 0.00% |
#177 | Dominica | 74.1% | $0.4 | 0.00% |
#178 | Hong Kong SAR | 0.1% | $0.4 | 0.00% |
#179 | Brunei Darussalam | 2.6% | $0.4 | 0.00% |
#180 | São Tomé and PrÃncipe | 74.5% | $0.3 | 0.00% |
#181 | Comoros | 21.0% | $0.2 | 0.00% |
#182 | Timor-Leste | 6.1% | $0.2 | 0.00% |
#183 | Solomon Islands | 9.4% | $0.1 | 0.00% |
#184 | Micronesia, Fed. States of | 20.3% | $0.1 | 0.00% |
#185 | Nauru | 58.3% | $0.1 | 0.00% |
#186 | Marshall Islands | 25.2% | $0.1 | 0.00% |
#187 | Kiribati | 20.6% | $0.0 | 0.00% |
#188 | Tuvalu | 28.1% | $0.0 | 0.00% |
In absolute terms, the most indebted nation is the United States, which has a gross debt of $21.5 trillion according to the IMF as of 2018.
If you’re looking for a more precise figure for 2019, the U.S. government’s “Debt to the Penny” dataset puts the amount owing to exactly $23,015,089,744,090.63 as of November 12, 2019.
Of course, the U.S. is also the world’s largest economy in nominal terms, putting the debt to GDP ratio at 104.3%
Other stand outs from the list above include Japan, which has the highest debt to GDP ratio (237.1%), and China , which has increased government debt by almost $2 trillion in just the last two years. Meanwhile, the European economies of Italy and Belgium check the box as other large debtors with ratios topping 100% debt to GDP.
Markets
Beyond Big Names: The Case for Small- and Mid-Cap Stocks
Small- and mid-cap stocks have historically outperformed large caps. What are the opportunities and risks to consider?
Beyond Big Names: The Case for Small- and Mid-Cap Stocks
Over the last 35 years, small- and mid-cap stocks have outperformed large caps, making them an attractive choice for investors.
According to data from Yahoo Finance, from February 1989 to February 2024, large-cap stocks returned +1,664% versus +2,062% for small caps and +3,176% for mid caps. Â
This graphic, sponsored by New York Life Investments, explores their return potential along with the risks to consider.
Higher Historical Returns
If you made a $100 investment in baskets of small-, mid-, and large-cap stocks in February 1989, what would each grouping be worth today?
Small Caps | Mid Caps | Large Caps | |
---|---|---|---|
Starting value (February 1989) | $100 | $100 | $100 |
Ending value (February 2024) | $2,162 | $3,276 | $1,764 |
Source: Yahoo Finance (2024). Small caps, mid caps, and large caps are represented by the S&P 600, S&P 400, and S&P 500 respectively.
Mid caps delivered the strongest performance since 1989, generating 86% more than large caps.
This superior historical track record is likely the result of the unique position mid-cap companies find themselves in. Mid-cap firms have generally successfully navigated early stage growth and are typically well-funded relative to small caps. And yet they are more dynamic and nimble than large-cap companies, allowing them to respond quicker to the market cycle.
Small caps also outperformed over this timeframe. They earned 23% more than large caps.Â
Higher Volatility
However, higher historical returns of small- and mid-cap stocks came with increased risk. They both endured greater volatility than large caps.Â
Small Caps | Mid Caps | Large Caps | |
---|---|---|---|
Total Volatility | 18.9% | 17.4% | 14.8% |
Source: Yahoo Finance (2024). Small caps, mid caps, and large caps are represented by the S&P 600, S&P 400, and S&P 500 respectively.
Small-cap companies are typically earlier in their life cycle and tend to have thinner financial cushions to withstand periods of loss relative to large caps. As a result, they are usually the most volatile group followed by mid caps. Large-cap companies, as more mature and established players, exhibit the most stability in their stock prices.
Investing in small caps and mid caps requires a higher risk tolerance to withstand their price swings. For investors with longer time horizons who are capable of enduring higher risk, current market pricing strengthens the case for stocks of smaller companies.
Attractive Valuations
Large-cap stocks have historically high valuations, with their forward price-to-earnings ratio (P/E ratio) trading above their 10-year average, according to analysis conducted by FactSet.
Conversely, the forward P/E ratios of small- and mid-cap stocks seem to be presenting a compelling entry point.Â
Small Caps/Large Caps | Mid Caps/Large Caps | |
---|---|---|
Relative Forward P/E Ratios | 0.71 | 0.75 |
Discount | 29% | 25% |
Source: Yardeni Research (2024). Small caps, mid caps, and large caps are represented by the S&P 600, S&P 400, and S&P 500 respectively.
Looking at both groups’ relative forward P/E ratios (small-cap P/E ratio divided by large-cap P/E ratio, and mid-cap P/E ratio divided by large-cap P/E ratio), small and mid caps are trading at their steepest discounts versus large caps since the early 2000s.
Discovering Small- and Mid-Cap Stocks
Growth-oriented investors looking to add equity exposure could consider incorporating small and mid caps into their portfolios.
With superior historical returns and relatively attractive valuations, small- and mid-cap stocks present a compelling opportunity for investors capable of tolerating greater volatility.
Explore more insights from New York Life Investments
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