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Visualizing $97 Trillion of Global Debt in 2023

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Visualizing $97 Trillion of Global Debt in 2023

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Visualizing $97 Trillion of Government Debt in 2023

Global government debt is projected to hit $97.1 trillion this year, a 40% increase since 2019.

During the COVID-19 pandemic, governments introduced sweeping financial measures to support the job market and prevent a wave of bankruptcies. However, this has exposed vulnerabilities as higher interest rates are amplifying borrowing costs.

This graphic shows global debt by country in 2023, based on projections from the International Monetary Fund (IMF).

Debt by Country in 2023

Below, we rank countries by their general government gross debt, or the financial liabilities owed by each country:

CountryGross Debt (B)% of World TotalDebt to GDP
🇺🇸 U.S.$33,228.934.2%123.3%
🇨🇳 China$14,691.715.1%83.0%
🇯🇵 Japan$10,797.211.1%255.2%
🇬🇧 UK$3,468.73.6%104.1%
🇫🇷 France$3,353.93.5%110.0%
🇮🇹 Italy$3,141.43.2%143.7%
🇮🇳 India$3,056.73.1%81.9%
🇩🇪 Germany$2,919.33.0%65.9%
🇨🇦 Canada$2,253.32.3%106.4%
🇧🇷 Brazil$1,873.71.9%88.1%
🇪🇸 Spain$1,697.51.7%107.3%
🇲🇽 Mexico$954.61.0%52.7%
🇰🇷 South Korea$928.11.0%54.3%
🇦🇺 Australia$875.90.9%51.9%
🇸🇬 Singapore$835.00.9%167.9%
🇧🇪 Belgium$665.20.7%106.0%
🇦🇷 Argentina$556.50.6%89.5%
🇮🇩 Indonesia$552.80.6%39.0%
🇳🇱 Netherlands$540.90.6%49.5%
🇵🇱 Poland$419.40.4%49.8%
🇬🇷 Greece$407.20.4%168.0%
🇹🇷 Türkiye$397.20.4%34.4%
🇷🇺 Russia$394.80.4%21.2%
🇦🇹 Austria$393.60.4%74.8%
🇪🇬 Egypt$369.30.4%92.7%
🇨🇭 Switzerland$357.70.4%39.5%
🇹🇭 Thailand$314.50.3%61.4%
🇮🇱 Israel$303.60.3%58.2%
🇵🇹 Portugal$299.40.3%108.3%
🇲🇾 Malaysia$288.30.3%66.9%
🇿🇦 South Africa$280.70.3%73.7%
🇵🇰 Pakistan$260.90.3%76.6%
🇸🇦 Saudi Arabia$257.70.3%24.1%
🇮🇪 Ireland$251.70.3%42.7%
🇵🇭 Philippines$250.90.3%57.6%
🇫🇮 Finland$225.00.2%73.6%
🇳🇴 Norway$204.50.2%37.4%
🇨🇴 Colombia$200.10.2%55.0%
🇹🇼 Taiwan$200.00.2%26.6%
🇸🇪 Sweden$192.90.2%32.3%
🇷🇴 Romania$178.70.2%51.0%
🇧🇩 Bangladesh$175.90.2%39.4%
🇺🇦 Ukraine$152.80.2%88.1%
🇨🇿 Czech Republic$152.20.2%45.4%
🇳🇬 Nigeria$151.30.2%38.8%
🇦🇪 UAE$149.70.2%29.4%
🇻🇳 Vietnam$147.30.2%34.0%
🇭🇺 Hungary$140.00.1%68.7%
🇨🇱 Chile$132.20.1%38.4%
🇩🇰 Denmark$126.70.1%30.1%
🇮🇶 Iraq$125.50.1%49.2%
🇩🇿 Algeria$123.50.1%55.1%
🇳🇿 New Zealand$115.00.1%46.1%
🇮🇷 Iran$112.10.1%30.6%
🇲🇦 Morocco$102.70.1%69.7%
🇶🇦 Qatar$97.50.1%41.4%
🇵🇪 Peru$89.70.1%33.9%
🇦🇴 Angola$79.60.1%84.9%
🇰🇪 Kenya$79.10.1%70.2%
🇸🇰 Slovakia$75.40.1%56.7%
🇩🇴 Dominican Republic$72.10.1%59.8%
🇪🇨 Ecuador$65.90.1%55.5%
🇸🇩 Sudan$65.50.1%256.0%
🇬🇭 Ghana$65.10.1%84.9%
🇰🇿 Kazakhstan$60.70.1%23.4%
🇪🇹 Ethiopia$59.00.1%37.9%
🇧🇭 Bahrain$54.50.1%121.2%
🇨🇷 Costa Rica$53.90.1%63.0%
🇭🇷 Croatia$51.20.1%63.8%
🇺🇾 Uruguay$47.00.0%61.6%
🇯🇴 Jordan$46.90.0%93.8%
🇸🇮 Slovenia$46.80.0%68.5%
🇨🇮 Côte d'Ivoire$45.10.0%56.8%
🇵🇦 Panama$43.50.0%52.8%
🇲🇲 Myanmar$43.00.0%57.5%
🇴🇲 Oman$41.40.0%38.2%
🇹🇳 Tunisia$39.90.0%77.8%
🇷🇸 Serbia$38.50.0%51.3%
🇧🇴 Bolivia$37.80.0%80.8%
🇹🇿 Tanzania$35.80.0%42.6%
🇺🇿 Uzbekistan$31.70.0%35.1%
🇿🇼 Zimbabwe$30.90.0%95.4%
🇧🇾 Belarus$30.40.0%44.1%
🇬🇹 Guatemala$29.10.0%28.3%
🇱🇹 Lithuania$28.70.0%36.1%
🇸🇻 El Salvador$25.80.0%73.0%
🇺🇬 Uganda$25.30.0%48.3%
🇸🇳 Senegal$25.20.0%81.0%
🇨🇾 Cyprus$25.20.0%78.6%
🇱🇺 Luxembourg$24.60.0%27.6%
🇭🇰 Hong Kong SAR$23.50.0%6.1%
🇧🇬 Bulgaria$21.70.0%21.0%
🇨🇲 Cameroon$20.60.0%41.9%
🇲🇿 Mozambique$19.70.0%89.7%
🇵🇷 Puerto Rico$19.60.0%16.7%
🇳🇵 Nepal$19.30.0%46.7%
🇱🇻 Latvia$18.90.0%40.6%
🇮🇸 Iceland$18.70.0%61.2%
🇵🇾 Paraguay$18.10.0%40.9%
🇱🇦 Lao P.D.R.$17.30.0%121.7%
🇭🇳 Honduras$15.70.0%46.3%
🇵🇬 Papua New Guinea$15.70.0%49.5%
🇹🇹 Trinidad and Tobago$14.60.0%52.5%
🇦🇱 Albania$14.50.0%62.9%
🇨🇬 Republic of Congo$14.10.0%97.8%
🇦🇿 Azerbaijan$14.10.0%18.2%
🇾🇪 Yemen$14.00.0%66.4%
🇯🇲 Jamaica$13.60.0%72.3%
🇲🇳 Mongolia$13.10.0%69.9%
🇧🇫 Burkina Faso$12.70.0%61.2%
🇬🇦 Gabon$12.50.0%64.9%
🇬🇪 Georgia$11.90.0%39.6%
🇲🇺 Mauritius$11.80.0%79.7%
🇦🇲 Armenia$11.80.0%47.9%
🇧🇸 Bahamas$11.70.0%84.2%
🇲🇱 Mali$11.00.0%51.8%
🇲🇹 Malta$11.00.0%54.1%
🇰🇭 Cambodia$10.90.0%35.3%
🇧🇯 Benin$10.60.0%53.0%
🇲🇼 Malawi$10.40.0%78.6%
🇪🇪 Estonia$9.00.0%21.6%
🇨🇩 Democratic Republic of Congo$9.00.0%13.3%
🇷🇼 Rwanda$8.80.0%63.3%
🇳🇦 Namibia$8.50.0%67.6%
🇲🇬 Madagascar$8.50.0%54.0%
🇳🇪 Niger$8.30.0%48.7%
🇲🇰 North Macedonia$8.20.0%51.6%
🇧🇦 Bosnia and Herzegovina$7.70.0%28.6%
🇲🇻 Maldives$7.70.0%110.3%
🇬🇳 Guinea$7.30.0%31.6%
🇳🇮 Nicaragua$7.20.0%41.5%
🇧🇧 Barbados$7.20.0%115.0%
🇹🇬 Togo$6.10.0%67.2%
🇰🇬 Kyrgyz Republic$6.00.0%47.0%
🇲🇩 Moldova$5.60.0%35.1%
🇹🇩 Chad$5.40.0%43.2%
🇰🇼 Kuwait$5.40.0%3.4%
🇲🇷 Mauritania$5.10.0%49.5%
🇭🇹 Haiti$5.10.0%19.6%
🇬🇾 Guyana$4.90.0%29.9%
🇲🇪 Montenegro$4.60.0%65.8%
🇫🇯 Fiji$4.60.0%83.6%
🇹🇲 Turkmenistan$4.20.0%5.1%
🇹🇯 Tajikistan$4.00.0%33.5%
🇧🇼 Botswana$3.90.0%18.7%
🇬🇶 Equatorial Guinea$3.80.0%38.3%
🇸🇷 Suriname$3.80.0%107.0%
🇸🇸 South Sudan$3.80.0%60.4%
🇧🇹 Bhutan$3.30.0%123.4%
🇦🇼 Aruba$3.20.0%82.9%
🇸🇱 Sierra Leone$3.10.0%88.9%
🇨🇻 Cabo Verde$2.90.0%113.1%
🇧🇮 Burundi$2.30.0%72.7%
🇱🇷 Liberia$2.30.0%52.3%
🇽🇰 Kosovo$2.20.0%21.3%
🇸🇿 Eswatini$2.00.0%42.4%
🇧🇿 Belize$1.90.0%59.3%
🇱🇨 Saint Lucia$1.80.0%74.2%
🇬🇲 Gambia$1.70.0%72.3%
🇩🇯 Djibouti$1.60.0%41.8%
🇦🇬 Antigua and Barbuda$1.60.0%80.5%
🇸🇲 San Marino$1.50.0%74.0%
🇬🇼 Guinea-Bissau$1.50.0%73.9%
🇱🇸 Lesotho$1.50.0%61.3%
🇦🇩 Andorra$1.40.0%37.7%
🇨🇫 Central African Republic$1.40.0%50.1%
🇸🇨 Seychelles$1.30.0%60.8%
🇻🇨 Saint Vincent and the Grenadines$0.90.0%86.2%
🇬🇩 Grenada$0.80.0%60.2%
🇩🇲 Dominica$0.70.0%93.9%
🇰🇳 Saint Kitts and Nevis$0.60.0%53.2%
🇻🇺 Vanuatu$0.50.0%46.8%
🇰🇲 Comoros$0.50.0%33.3%
🇸🇹 São Tomé and Príncipe$0.40.0%58.5%
🇸🇧 Solomon Islands$0.40.0%22.2%
🇧🇳 Brunei Darussalam$0.30.0%2.3%
🇼🇸 Samoa$0.30.0%36.2%
🇹🇱 Timor-Leste$0.30.0%16.4%
🇵🇼 Palau$0.20.0%85.4%
🇹🇴 Tonga$0.20.0%41.1%
🇫🇲 Micronesia$0.10.0%12.5%
🇲🇭 Marshall Islands$0.10.0%18.1%
🇳🇷 Nauru<$0.10.0%29.1%
🇰🇮 Kiribati<$0.10.0%13.1%
🇹🇻 Tuvalu<$0.10.0%8.0%
🇲🇴 Macao SAR<$0.10.0%0.0%
🌐 World$97,129.8100%93.0%

With $33.2 trillion in government debt, the U.S. makes up over a third of the world total.

Given the increasing debt load, the cost of servicing this debt now accounts for 20% of government spending. It is projected to reach $1 trillion by 2028, surpassing the total spent on defense.

The world’s third-biggest economy, Japan, has one of the highest debt to GDP ratios, at 255%. Over the last two decades, its national debt has far exceeded 100% of its GDP, driven by an aging population and social security expenses.

In 2023, Egypt faces steep borrowing costs, with 40% of revenues going towards debt repayments. It has the highest debt on the continent.

Like Egypt, several emerging economies are facing strain. Lebanon has been in default since 2020, and Ghana defaulted on the majority of its external debt—debt owed to foreign lenders—in 2022 amid a deepening economic crisis.

Global Debt: A Regional Perspective

How does debt compare on a regional level in 2023?

RegionGross Debt (B)% of World TotalDebt to GDP
North America$36,451.837.5%117.6%
Asia and Pacific$34,257.435.3%92.5%
Europe$20,123.420.7%79.1%
South America$3,164.93.3%77.2%
Africa $1,863.61.9%65.2%
Other/Rest of World$1,269.11.3%31.4%

We can see that North America has both the highest debt and debt to GDP compared to other regions. Just as U.S. debt has ballooned, so has Canada’s—ranking as the 10th-highest globally in government debt outstanding.

Across Asia and the Pacific, debt levels hover close to North America.

At 3.3% of the global total, South America has $3.2 trillion in debt. As inflation has trended downwards, a handful of governments have already begun cutting interest rates. Overall, public debt levels are projected to stay elevated across the region.

Debt levels have also risen rapidly in Africa, with an average 40% of public debt held in foreign currencies—leaving it exposed to exchange rate fluctuations. Another challenge is that interest rates are also higher across the region compared to advanced economies, increasing debt-servicing costs.

By 2028, the IMF projects that global public debt will exceed 100% of GDP, hitting levels only seen during the pandemic.

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Retail

The World’s Top Retail Companies, by Domestic Revenue

As price pressures and e-commerce reshape shopping behaviors, we show the top retail companies by domestic revenue around the world.

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This circle graphic shows the world's top retail companies by domestic revenue.

The World’s Top Retail Companies, by Domestic Revenue

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The retail sector plays a vital role in powering economies, contributing $5.3 trillion annually to America’s GDP alone.

Moreover, the industry is America’s biggest private-sector employer, responsible for one of every four jobs, or 55 million employees. Yet in today’s challenging consumer environment, retailers are facing higher e-commerce penetration and inflationary pressures—across an industry notoriously known for razor-thin margins.

This graphic shows the world’s top retail companies by domestic revenue, based on data from the National Retail Federation.

Methodology

To be included in the rankings, companies must engage in a goods-for-consumer resale business accessible to the public and have direct selling operations in a minimum of three countries.

The rankings include both publicly and private companies, and are based on the most recent 52-week period analyzed by the National Retail Federation between January and March 2024. All revenue figures were converted to U.S. dollars.

Ranked: The Top 10 Global Retailers by Domestic Sales

Here are the leading retailers worldwide based on domestic sales as of 2023:

RankingRetailerDomestic Retail Revenue
(USD)
Share of Total Retail RevenueHeadquarters
1Walmart$532.3B85%🇺🇸 U.S.
2Amazon.com$250.0B70%🇺🇸 U.S.
3Costco$175.4B75%🇺🇸 U.S.
4The Home Depot$142.0B94%🇺🇸 U.S.
5Walgreens Boots Alliance$105.1B89%🇺🇸 U.S.
6Alibaba$91.5B97%🇨🇳 China
7Apple$70.9B87%🇺🇸 U.S.
8Aeon$64.3B93%🇯🇵 Japan
9Schwarz Group$56.5B32%🇩🇪 Germany
10Rewe$55.5B75%🇩🇪 Germany

Walmart towers ahead as the world’s largest retailer with $532 billion in domestic revenue—more than Amazon.com and Costco combined.

Known for its everyday low prices, Walmart achieves a competitive advantage through pricing goods approximately 25% cheaper than traditional retail competitors. Overall, groceries make up more than half of total sales. While its main customer base is often low and middle-income shoppers, the retail giant is seeing a surge in sales from higher-income customers as shoppers seek out lower grocery prices.

E-commerce giant, Amazon, is the second-biggest retailer globally, commanding nearly 40% of online retail sales in America. Since 2019, the number of Amazon employees has grown from 800,000 to over 1.5 million in 2023.

While the company has tried to introduce online grocery platforms to the market, it has largely fallen flat given its clunky system in a highly competitive market.

Like Amazon, China’s e-commerce juggernaut, Alibaba, stands as a leading global retailer. Overall, 97% of revenues were generated domestically through online marketplaces Taobao and Tmall. In recent years, the company has focused on international expansion, delivering products to 11 markets including America, in just five days.

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