Money
The Geography of the World’s 50 Top Billionaires
The Geography of the World’s 50 Top Billionaires
The business world has undergone considerable change in the last two decades.
While some fortunes are always reliably passed on to their respective heirs and heiresses, there are also entirely new industries that rise out of nowhere to shape the landscape of global wealth.
As the wealth landscape shifts, so does its geographical distribution.
The 2019 List of Billionaires
Today’s chart uses data from the most recent edition of the Forbes Billionaires List to map the distribution of the world’s richest people, and then compare that to data from 20 years prior.
We’ll start here by looking at the most recent data from 2019:
| Rank | Name | Net Worth ($B) | Citizenship | Industry |
|---|---|---|---|---|
| #1 | Jeff Bezos | 131 | 🇺🇸 USA | Tech, eCommerce |
| #2 | Bill Gates | 96.5 | 🇺🇸 USA | Tech |
| #3 | Warren Buffett | 82.5 | 🇺🇸 USA | Investments |
| #4 | Bernard Arnault | 76 | 🇫🇷 France | Luxury Goods, Cosmetics |
| #5 | Carlos Slim Helu | 64 | 🇲🇽 Mexico | Telecommunications |
| #6 | Amancio Ortega | 62.7 | 🇪🇸 Spain | Apparel |
| #7 | Larry Ellison | 62.5 | 🇺🇸 USA | Tech |
| #8 | Mark Zuckerberg | 62.3 | 🇺🇸 USA | Tech |
| #9 | Michael Bloomberg | 55.5 | 🇺🇸 USA | Media |
| #10 | Larry Page | 50.8 | 🇺🇸 USA | Tech |
| #11 | Charles Koch | 50.5 | 🇺🇸 USA | Diversified |
| #12 | David Koch | 50.5 | 🇺🇸 USA | Diversified |
| #13 | Mukesh Ambani | 50 | 🇮🇳 India | Oil & Gas, Telecoms |
| #14 | Sergey Brin | 49.8 | 🇺🇸 USA | Tech |
| #15 | Francoise Bettencourt | 49.3 | 🇫🇷 France | Cosmetics |
| #16 | Jim Walton | 44.6 | 🇺🇸 USA | Retail |
| #17 | Alice Walton | 44.4 | 🇺🇸 USA | Retail, Art |
| #18 | Rob Walton | 44.3 | 🇺🇸 USA | Retail |
| #19 | Steve Ballmer | 41.2 | 🇺🇸 USA | Tech |
| #20 | Ma Huateng (Pony) | 38.8 | 🇨🇳 China | Tech |
| #21 | Jack Ma | 37.3 | 🇨🇳 China | Tech, eCommerce |
| #22 | Hui Ka Yan | 36.2 | 🇨🇳 China | Real Estate |
| #23 | Beate Heister & Karl Albrecht Jr. | 36.1 | 🇩🇪 Germany | Retail |
| #24 | Sheldon Adelson | 35.1 | 🇺🇸 USA | Casinos |
| #25 | Michael Dell | 34.3 | 🇺🇸 USA | Tech |
| #26 | Phil Knight | 33.4 | 🇺🇸 USA | Apparel |
| #27 | David Thomson | 32.5 | 🇨🇦 Canada | Media |
| #28 | Li Ka-shing | 31.7 | 🇨🇳 China | Developer |
| #29 | Lee Shau Kee | 30.1 | 🇨🇳 China | Developer |
| #30 | François Pinault | 29.7 | 🇫🇷 France | Luxury Goods |
| #31 | Joseph Safra | 25.2 | 🇧🇷 Brazil | Diversified |
| #32 | Leonid Mikhelson | 24 | 🇷🇺 Russia | Oil & Gas |
| #33 | Jacqueline Mars | 23.4 | 🇺🇸 USA | Food |
| #34 | John Mars | 23.9 | 🇺🇸 USA | Food |
| #35 | Jorge Paulo Lemann | 22.8 | 🇧🇷 Brazil | Diversified |
| #36 | Azim Premji | 22.6 | 🇮🇳 India | Tech |
| #37 | Dieter Schwarz | 22.6 | 🇩🇪 Germany | Retail |
| #38 | Wang Jianlin | 22.6 | 🇨🇳 China | Real Estate |
| #39 | Giovanni Ferrero | 22.4 | 🇮🇹 Italy | Food |
| #40 | Elon Musk | 22.4 | 🇺🇸 USA | Automotive, Tech |
| #41 | Tadashi Yanai | 22.2 | 🇯🇵 Japan | Apparel |
| #42 | Yang Huiyan | 22.1 | 🇨🇳 China | Real Estate |
| #43 | Masayoshi Son | 21.6 | 🇯🇵 Japan | Banking, Investments |
| #44 | Jim Simons | 21.5 | 🇺🇸 USA | Investments |
| #45 | Vladimir Lisin | 21.3 | 🇷🇺 Russia | Steel, Transportation |
| #46 | Susanne Klatten | 21 | 🇩🇪 Germany | Automotive, Pharma |
| #47 | Vagit Alekperov | 20.7 | 🇷🇺 Russia | Oil & Gas |
| #48 | Alexey Mordashov | 20.5 | 🇷🇺 Russia | Steel, Investments |
| #49 | Gennady Timchenko | 20.1 | 🇷🇺 Russia | Oil & Gas |
| #50 | Leonardo Del Vecchio | 19.8 | 🇮🇹 Italy | Eyewear |
The most recent billionaires list features Jeff Bezos at the top with $131 billion, although it’s likely his recent divorce announcement will provide an upcoming shakeup to the Bezos Empire.
Bezos is just one of 21 Americans that find themselves in the top 50 list, which means that 42% of the world’s top billionaires hail from the United States.
Billionaire Geography Over Time
If we compare the top 50 list to that from 1999, it’s interesting to see what has changed over time in terms of geographical distribution.
Here’s the distribution of top countries on both lists, compared:
| Citizenship | Top Billionaires (1999) | Top Billionaires (2019) | Change |
|---|---|---|---|
| 🇷🇺 Russia | 0 | 5 | +5 |
| 🇨🇳 China | 3 | 7 | +4 |
| 🇺🇸 United States | 18 | 21 | +3 |
| 🇧🇷 Brazil | 0 | 2 | +2 |
| 🇮🇳 India | 0 | 2 | +2 |
| 🇮🇹 Italy | 1 | 2 | +1 |
| 🇪🇸 Spain | 0 | 1 | +1 |
| 🇲🇽 Mexico | 1 | 1 | 0 |
| 🇨🇦 Canada | 1 | 1 | 0 |
| 🇧🇲 Bermuda | 1 | 0 | -1 |
| 🇯🇵 Japan | 3 | 2 | -1 |
| 🇫🇷 France | 5 | 3 | -2 |
| 🇸🇦 Saudi Arabia | 2 | 0 | -2 |
| 🇹🇼 Taiwan | 2 | 0 | -2 |
| 🇸🇪 Sweden | 3 | 0 | -3 |
| 🇨🇭Switzerland | 3 | 0 | -3 |
| 🇩🇪 Germany | 7 | 3 | -4 |
In the last 20 years, Russia and China have stockpiled the most top billionaires, adding five and four to the top 50 list respectively. The United States added three, going from 18 to 21 billionaires over the timeframe.
On the other end of the spectrum, Germany, Sweden, and Switzerland have lost the most billionaires from the top 50 ranking.
Markets
Visualizing $97 Trillion of Global Debt in 2023
Global debt has soared since the pandemic. Which countries have the biggest stockpile of debt outstanding in 2023?
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:
| Country | Gross Debt (B) | % of World Total | Debt to GDP |
|---|---|---|---|
| 🇺🇸 U.S. | $33,228.9 | 34.2% | 123.3% |
| 🇨🇳 China | $14,691.7 | 15.1% | 83.0% |
| 🇯🇵 Japan | $10,797.2 | 11.1% | 255.2% |
| 🇬🇧 UK | $3,468.7 | 3.6% | 104.1% |
| 🇫🇷 France | $3,353.9 | 3.5% | 110.0% |
| 🇮🇹 Italy | $3,141.4 | 3.2% | 143.7% |
| 🇮🇳 India | $3,056.7 | 3.1% | 81.9% |
| 🇩🇪 Germany | $2,919.3 | 3.0% | 65.9% |
| 🇨🇦 Canada | $2,253.3 | 2.3% | 106.4% |
| 🇧🇷 Brazil | $1,873.7 | 1.9% | 88.1% |
| 🇪🇸 Spain | $1,697.5 | 1.7% | 107.3% |
| 🇲🇽 Mexico | $954.6 | 1.0% | 52.7% |
| 🇰🇷 South Korea | $928.1 | 1.0% | 54.3% |
| 🇦🇺 Australia | $875.9 | 0.9% | 51.9% |
| 🇸🇬 Singapore | $835.0 | 0.9% | 167.9% |
| 🇧🇪 Belgium | $665.2 | 0.7% | 106.0% |
| 🇦🇷 Argentina | $556.5 | 0.6% | 89.5% |
| 🇮🇩 Indonesia | $552.8 | 0.6% | 39.0% |
| 🇳🇱 Netherlands | $540.9 | 0.6% | 49.5% |
| 🇵🇱 Poland | $419.4 | 0.4% | 49.8% |
| 🇬🇷 Greece | $407.2 | 0.4% | 168.0% |
| 🇹🇷 Türkiye | $397.2 | 0.4% | 34.4% |
| 🇷🇺 Russia | $394.8 | 0.4% | 21.2% |
| 🇦🇹 Austria | $393.6 | 0.4% | 74.8% |
| 🇪🇬 Egypt | $369.3 | 0.4% | 92.7% |
| 🇨🇭 Switzerland | $357.7 | 0.4% | 39.5% |
| 🇹🇭 Thailand | $314.5 | 0.3% | 61.4% |
| 🇮🇱 Israel | $303.6 | 0.3% | 58.2% |
| 🇵🇹 Portugal | $299.4 | 0.3% | 108.3% |
| 🇲🇾 Malaysia | $288.3 | 0.3% | 66.9% |
| 🇿🇦 South Africa | $280.7 | 0.3% | 73.7% |
| 🇵🇰 Pakistan | $260.9 | 0.3% | 76.6% |
| 🇸🇦 Saudi Arabia | $257.7 | 0.3% | 24.1% |
| 🇮🇪 Ireland | $251.7 | 0.3% | 42.7% |
| 🇵🇭 Philippines | $250.9 | 0.3% | 57.6% |
| 🇫🇮 Finland | $225.0 | 0.2% | 73.6% |
| 🇳🇴 Norway | $204.5 | 0.2% | 37.4% |
| 🇨🇴 Colombia | $200.1 | 0.2% | 55.0% |
| 🇹🇼 Taiwan | $200.0 | 0.2% | 26.6% |
| 🇸🇪 Sweden | $192.9 | 0.2% | 32.3% |
| 🇷🇴 Romania | $178.7 | 0.2% | 51.0% |
| 🇧🇩 Bangladesh | $175.9 | 0.2% | 39.4% |
| 🇺🇦 Ukraine | $152.8 | 0.2% | 88.1% |
| 🇨🇿 Czech Republic | $152.2 | 0.2% | 45.4% |
| 🇳🇬 Nigeria | $151.3 | 0.2% | 38.8% |
| 🇦🇪 UAE | $149.7 | 0.2% | 29.4% |
| 🇻🇳 Vietnam | $147.3 | 0.2% | 34.0% |
| 🇭🇺 Hungary | $140.0 | 0.1% | 68.7% |
| 🇨🇱 Chile | $132.2 | 0.1% | 38.4% |
| 🇩🇰 Denmark | $126.7 | 0.1% | 30.1% |
| 🇮🇶 Iraq | $125.5 | 0.1% | 49.2% |
| 🇩🇿 Algeria | $123.5 | 0.1% | 55.1% |
| 🇳🇿 New Zealand | $115.0 | 0.1% | 46.1% |
| 🇮🇷 Iran | $112.1 | 0.1% | 30.6% |
| 🇲🇦 Morocco | $102.7 | 0.1% | 69.7% |
| 🇶🇦 Qatar | $97.5 | 0.1% | 41.4% |
| 🇵🇪 Peru | $89.7 | 0.1% | 33.9% |
| 🇦🇴 Angola | $79.6 | 0.1% | 84.9% |
| 🇰🇪 Kenya | $79.1 | 0.1% | 70.2% |
| 🇸🇰 Slovakia | $75.4 | 0.1% | 56.7% |
| 🇩🇴 Dominican Republic | $72.1 | 0.1% | 59.8% |
| 🇪🇨 Ecuador | $65.9 | 0.1% | 55.5% |
| 🇸🇩 Sudan | $65.5 | 0.1% | 256.0% |
| 🇬🇭 Ghana | $65.1 | 0.1% | 84.9% |
| 🇰🇿 Kazakhstan | $60.7 | 0.1% | 23.4% |
| 🇪🇹 Ethiopia | $59.0 | 0.1% | 37.9% |
| 🇧🇭 Bahrain | $54.5 | 0.1% | 121.2% |
| 🇨🇷 Costa Rica | $53.9 | 0.1% | 63.0% |
| 🇭🇷 Croatia | $51.2 | 0.1% | 63.8% |
| 🇺🇾 Uruguay | $47.0 | 0.0% | 61.6% |
| 🇯🇴 Jordan | $46.9 | 0.0% | 93.8% |
| 🇸🇮 Slovenia | $46.8 | 0.0% | 68.5% |
| 🇨🇮 Côte d'Ivoire | $45.1 | 0.0% | 56.8% |
| 🇵🇦 Panama | $43.5 | 0.0% | 52.8% |
| 🇲🇲 Myanmar | $43.0 | 0.0% | 57.5% |
| 🇴🇲 Oman | $41.4 | 0.0% | 38.2% |
| 🇹🇳 Tunisia | $39.9 | 0.0% | 77.8% |
| 🇷🇸 Serbia | $38.5 | 0.0% | 51.3% |
| 🇧🇴 Bolivia | $37.8 | 0.0% | 80.8% |
| 🇹🇿 Tanzania | $35.8 | 0.0% | 42.6% |
| 🇺🇿 Uzbekistan | $31.7 | 0.0% | 35.1% |
| 🇿🇼 Zimbabwe | $30.9 | 0.0% | 95.4% |
| 🇧🇾 Belarus | $30.4 | 0.0% | 44.1% |
| 🇬🇹 Guatemala | $29.1 | 0.0% | 28.3% |
| 🇱🇹 Lithuania | $28.7 | 0.0% | 36.1% |
| 🇸🇻 El Salvador | $25.8 | 0.0% | 73.0% |
| 🇺🇬 Uganda | $25.3 | 0.0% | 48.3% |
| 🇸🇳 Senegal | $25.2 | 0.0% | 81.0% |
| 🇨🇾 Cyprus | $25.2 | 0.0% | 78.6% |
| 🇱🇺 Luxembourg | $24.6 | 0.0% | 27.6% |
| 🇭🇰 Hong Kong SAR | $23.5 | 0.0% | 6.1% |
| 🇧🇬 Bulgaria | $21.7 | 0.0% | 21.0% |
| 🇨🇲 Cameroon | $20.6 | 0.0% | 41.9% |
| 🇲🇿 Mozambique | $19.7 | 0.0% | 89.7% |
| 🇵🇷 Puerto Rico | $19.6 | 0.0% | 16.7% |
| 🇳🇵 Nepal | $19.3 | 0.0% | 46.7% |
| 🇱🇻 Latvia | $18.9 | 0.0% | 40.6% |
| 🇮🇸 Iceland | $18.7 | 0.0% | 61.2% |
| 🇵🇾 Paraguay | $18.1 | 0.0% | 40.9% |
| 🇱🇦 Lao P.D.R. | $17.3 | 0.0% | 121.7% |
| 🇭🇳 Honduras | $15.7 | 0.0% | 46.3% |
| 🇵🇬 Papua New Guinea | $15.7 | 0.0% | 49.5% |
| 🇹🇹 Trinidad and Tobago | $14.6 | 0.0% | 52.5% |
| 🇦🇱 Albania | $14.5 | 0.0% | 62.9% |
| 🇨🇬 Republic of Congo | $14.1 | 0.0% | 97.8% |
| 🇦🇿 Azerbaijan | $14.1 | 0.0% | 18.2% |
| 🇾🇪 Yemen | $14.0 | 0.0% | 66.4% |
| 🇯🇲 Jamaica | $13.6 | 0.0% | 72.3% |
| 🇲🇳 Mongolia | $13.1 | 0.0% | 69.9% |
| 🇧🇫 Burkina Faso | $12.7 | 0.0% | 61.2% |
| 🇬🇦 Gabon | $12.5 | 0.0% | 64.9% |
| 🇬🇪 Georgia | $11.9 | 0.0% | 39.6% |
| 🇲🇺 Mauritius | $11.8 | 0.0% | 79.7% |
| 🇦🇲 Armenia | $11.8 | 0.0% | 47.9% |
| 🇧🇸 Bahamas | $11.7 | 0.0% | 84.2% |
| 🇲🇱 Mali | $11.0 | 0.0% | 51.8% |
| 🇲🇹 Malta | $11.0 | 0.0% | 54.1% |
| 🇰🇭 Cambodia | $10.9 | 0.0% | 35.3% |
| 🇧🇯 Benin | $10.6 | 0.0% | 53.0% |
| 🇲🇼 Malawi | $10.4 | 0.0% | 78.6% |
| 🇪🇪 Estonia | $9.0 | 0.0% | 21.6% |
| 🇨🇩 Democratic Republic of Congo | $9.0 | 0.0% | 13.3% |
| 🇷🇼 Rwanda | $8.8 | 0.0% | 63.3% |
| 🇳🇦 Namibia | $8.5 | 0.0% | 67.6% |
| 🇲🇬 Madagascar | $8.5 | 0.0% | 54.0% |
| 🇳🇪 Niger | $8.3 | 0.0% | 48.7% |
| 🇲🇰 North Macedonia | $8.2 | 0.0% | 51.6% |
| 🇧🇦 Bosnia and Herzegovina | $7.7 | 0.0% | 28.6% |
| 🇲🇻 Maldives | $7.7 | 0.0% | 110.3% |
| 🇬🇳 Guinea | $7.3 | 0.0% | 31.6% |
| 🇳🇮 Nicaragua | $7.2 | 0.0% | 41.5% |
| 🇧🇧 Barbados | $7.2 | 0.0% | 115.0% |
| 🇹🇬 Togo | $6.1 | 0.0% | 67.2% |
| 🇰🇬 Kyrgyz Republic | $6.0 | 0.0% | 47.0% |
| 🇲🇩 Moldova | $5.6 | 0.0% | 35.1% |
| 🇹🇩 Chad | $5.4 | 0.0% | 43.2% |
| 🇰🇼 Kuwait | $5.4 | 0.0% | 3.4% |
| 🇲🇷 Mauritania | $5.1 | 0.0% | 49.5% |
| 🇭🇹 Haiti | $5.1 | 0.0% | 19.6% |
| 🇬🇾 Guyana | $4.9 | 0.0% | 29.9% |
| 🇲🇪 Montenegro | $4.6 | 0.0% | 65.8% |
| 🇫🇯 Fiji | $4.6 | 0.0% | 83.6% |
| 🇹🇲 Turkmenistan | $4.2 | 0.0% | 5.1% |
| 🇹🇯 Tajikistan | $4.0 | 0.0% | 33.5% |
| 🇧🇼 Botswana | $3.9 | 0.0% | 18.7% |
| 🇬🇶 Equatorial Guinea | $3.8 | 0.0% | 38.3% |
| 🇸🇷 Suriname | $3.8 | 0.0% | 107.0% |
| 🇸🇸 South Sudan | $3.8 | 0.0% | 60.4% |
| 🇧🇹 Bhutan | $3.3 | 0.0% | 123.4% |
| 🇦🇼 Aruba | $3.2 | 0.0% | 82.9% |
| 🇸🇱 Sierra Leone | $3.1 | 0.0% | 88.9% |
| 🇨🇻 Cabo Verde | $2.9 | 0.0% | 113.1% |
| 🇧🇮 Burundi | $2.3 | 0.0% | 72.7% |
| 🇱🇷 Liberia | $2.3 | 0.0% | 52.3% |
| 🇽🇰 Kosovo | $2.2 | 0.0% | 21.3% |
| 🇸🇿 Eswatini | $2.0 | 0.0% | 42.4% |
| 🇧🇿 Belize | $1.9 | 0.0% | 59.3% |
| 🇱🇨 Saint Lucia | $1.8 | 0.0% | 74.2% |
| 🇬🇲 Gambia | $1.7 | 0.0% | 72.3% |
| 🇩🇯 Djibouti | $1.6 | 0.0% | 41.8% |
| 🇦🇬 Antigua and Barbuda | $1.6 | 0.0% | 80.5% |
| 🇸🇲 San Marino | $1.5 | 0.0% | 74.0% |
| 🇬🇼 Guinea-Bissau | $1.5 | 0.0% | 73.9% |
| 🇱🇸 Lesotho | $1.5 | 0.0% | 61.3% |
| 🇦🇩 Andorra | $1.4 | 0.0% | 37.7% |
| 🇨🇫 Central African Republic | $1.4 | 0.0% | 50.1% |
| 🇸🇨 Seychelles | $1.3 | 0.0% | 60.8% |
| 🇻🇨 Saint Vincent and the Grenadines | $0.9 | 0.0% | 86.2% |
| 🇬🇩 Grenada | $0.8 | 0.0% | 60.2% |
| 🇩🇲 Dominica | $0.7 | 0.0% | 93.9% |
| 🇰🇳 Saint Kitts and Nevis | $0.6 | 0.0% | 53.2% |
| 🇻🇺 Vanuatu | $0.5 | 0.0% | 46.8% |
| 🇰🇲 Comoros | $0.5 | 0.0% | 33.3% |
| 🇸🇹 São Tomé and Príncipe | $0.4 | 0.0% | 58.5% |
| 🇸🇧 Solomon Islands | $0.4 | 0.0% | 22.2% |
| 🇧🇳 Brunei Darussalam | $0.3 | 0.0% | 2.3% |
| 🇼🇸 Samoa | $0.3 | 0.0% | 36.2% |
| 🇹🇱 Timor-Leste | $0.3 | 0.0% | 16.4% |
| 🇵🇼 Palau | $0.2 | 0.0% | 85.4% |
| 🇹🇴 Tonga | $0.2 | 0.0% | 41.1% |
| 🇫🇲 Micronesia | $0.1 | 0.0% | 12.5% |
| 🇲🇭 Marshall Islands | $0.1 | 0.0% | 18.1% |
| 🇳🇷 Nauru | <$0.1 | 0.0% | 29.1% |
| 🇰🇮 Kiribati | <$0.1 | 0.0% | 13.1% |
| 🇹🇻 Tuvalu | <$0.1 | 0.0% | 8.0% |
| 🇲🇴 Macao SAR | <$0.1 | 0.0% | 0.0% |
| 🌐 World | $97,129.8 | 100% | 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?
| Region | Gross Debt (B) | % of World Total | Debt to GDP |
|---|---|---|---|
| North America | $36,451.8 | 37.5% | 117.6% |
| Asia and Pacific | $34,257.4 | 35.3% | 92.5% |
| Europe | $20,123.4 | 20.7% | 79.1% |
| South America | $3,164.9 | 3.3% | 77.2% |
| Africa | $1,863.6 | 1.9% | 65.2% |
| Other/Rest of World | $1,269.1 | 1.3% | 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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