Markets
Mapped: GDP per Capita Worldwide
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Mapped: Visualizing GDP per Capita Worldwide
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GDP per capita has steadily risen globally over time, and in tandem, the standard of living worldwide has increased immensely.
This map using data from the IMF shows the GDP per capita (nominal) of nearly every country and territory in the world.
GDP per capita is one of the best measures of a country’s wealth as it provides an understanding of how each country’s citizens live on average, showing a representation of the quantity of goods and services created per person.
The Standard of Living Over Time
Looking at history, our standard of living has increased drastically. According to Our World in Data, from 1820 to 2018, the average global GDP per capita increased by almost 15x.
Literacy rates, access to vaccines, and basic education have also improved our quality of life, while things like child mortality rates and poverty have all decreased.
For example, in 1990, 1.9 billion people lived in extreme poverty, which was 36% of the world’s population at the time. Over the last 30 years, the number has been steadily decreasing — by 2030, an estimated 479 million people will be living in extreme poverty, which according to UN population estimates, will represent only 6% of the population.
That said, economic inequality between different regions is still prevalent. In fact, the richest country today (in terms of nominal GDP per capita), Luxembourg, is over 471x more wealthy than the poorest, Burundi.
Here’s a look at the 10 countries with the highest GDP per capita in 2021:
However, not all citizens in Luxembourg are extremely wealthy. In fact:
- 29% of people spend over 40% of their income on housing costs
- 31% would be at risk of falling into poverty if they had to forgo 3 months of income
The cost of living is expensive in Luxembourg — but the standard of living in terms of goods and services produced is the highest in the world. Additionally, only 4% of the population reports low life satisfaction.
Emerging Economies and Developing Countries
Although we have never lived in a more prosperous period, and poverty rates have been declining overall, this year global extreme poverty rose for the first time in over two decades.
About 120 million additional people are living in poverty as a result of the pandemic, with the total expected to rise to about 150 million by the end of 2021.
Many of the poorest countries in the world are also considered Least Developed Countries (LDCs) by the UN. In these countries, more than 75% of the population live below the poverty line.
Here’s a look at the 10 countries with the lowest GDP per capita:
Life in these countries offers a stark contrast compared to the top 10. Here’s a glance at the quality of life in the poorest country, Burundi:
- 80% of the population works in agriculture
- 1 in 3 Burundians are in need of urgent humanitarian assistance
- Average households spend up to two-thirds of their income on food
However, many of the world’s poorest countries can also be classified as emerging markets with immense economic potential in the future.
In fact, China has seen the opportunity in emerging economies. Their confidence in these regions is best exemplified in the Belt and Road initiative which has funneled massive investments into infrastructure projects across multiple African countries.
Continually Raising the Bar
Prosperity is a very recent reality only characterizing the last couple hundred years. In pre-modern societies, the average person was living in conditions that would be considered extreme poverty by today’s standards.
Overall, the standard of living for everyone today is immensely improved compared to even recent history, and some countries will be experiencing rapid economic growth in the future.
GDP per Capita in 2021: Full Dataset
Country | GDP per Capita (Nominal, 2021, USD) |
---|---|
🇱🇺 Luxembourg | $125,923 |
🇮🇪 Ireland | $90,478 |
🇨🇭 Switzerland | $90,358 |
🇳🇴 Norway | $76,408 |
🇺🇸 United States | $66,144 |
🇩🇰 Denmark | $63,645 |
🇸🇬 Singapore | $62,113 |
🇮🇸 Iceland | $58,371 |
🇳🇱 Netherlands | $58,029 |
🇸🇪 Sweden | $57,660 |
Australia | $57,211 |
Qatar | $55,417 |
Austria | $54,820 |
Finland | $54,817 |
Germany | $51,967 |
Belgium | $50,051 |
Macao SAR | $48,207 |
Hong Kong SAR | $47,990 |
Canada | $45,871 |
France | $44,770 |
San Marino | $44,676 |
Israel | $43,439 |
United Kingdom | $42,236 |
New Zealand | $41,793 |
Japan | $40,733 |
Italy | $35,062 |
United Arab Emirates | $32,686 |
South Korea | $32,305 |
Malta | $32,099 |
The Bahamas | $31,532 |
Puerto Rico | $31,207 |
Spain | $31,178 |
Europe | $31,022 |
Cyprus | $29,686 |
Taiwan | $28,890 |
Slovenia | $28,734 |
Estonia | $26,378 |
Brunei | $26,274 |
Czech Republic | $25,991 |
Portugal | $25,097 |
Bahrain | $23,710 |
Kuwait | $23,138 |
Lithuania | $22,752 |
Aruba | $22,710 |
Slovakia | $21,606 |
Saudi Arabia | $20,742 |
Greece | $20,521 |
Latvia | $19,934 |
Hungary | $17,645 |
Barbados | $17,472 |
Poland | $16,740 |
Trinidad and Tobago | $16,622 |
Saint Kitts and Nevis | $16,491 |
Croatia | $16,402 |
Uruguay | $16,297 |
Romania | $14,916 |
Antigua and Barbuda | $14,748 |
Oman | $14,675 |
Panama | $14,390 |
Chile | $14,209 |
Maldives | $14,194 |
Palau | $13,180 |
Seychelles | $12,648 |
Costa Rica | $11,805 |
China | $11,713 |
Malaysia | $11,378 |
Bulgaria | $11,349 |
Russia | $10,793 |
Saint Lucia | $10,636 |
Grenada | $10,211 |
Guyana | $9,913 |
Nauru | $9,865 |
Mauritius | $9,630 |
Kazakhstan | $9,454 |
Montenegro | $9,152 |
Argentina | $9,095 |
Turkmenistan | $8,874 |
Serbia | $8,444 |
Mexico | $8,403 |
Dominica | $8,111 |
Equatorial Guinea | $8,000 |
Gabon | $7,785 |
Dominican Republic | $7,740 |
Thailand | $7,675 |
Iran | $7,668 |
Turkey | $7,659 |
Saint Vincent and the Grenadines | $7,401 |
Botswana | $7,036 |
North Macedonia | $6,933 |
Brazil | $6,728 |
Bosnia and Herzegovina | $6,536 |
Belarus | $6,513 |
Peru | $6,229 |
Jamaica | $5,643 |
Ecuador | $5,589 |
Colombia | $5,457 |
South Africa | $5,236 |
Paraguay | $5,207 |
Albania | $5,161 |
Tonga | $4,949 |
Suriname | $4,921 |
Fiji | $4,822 |
Iraq | $4,767 |
Kosovo | $4,753 |
Libya | $4,733 |
Georgia | $4,714 |
Moldova | $4,527 |
Armenia | $4,427 |
Namibia | $4,412 |
Azerbaijan | $4,404 |
Guatemala | $4,385 |
Jordan | $4,347 |
Tuvalu | $4,296 |
Indonesia | $4,287 |
Mongolia | $4,139 |
Marshall Islands | $4,092 |
Samoa | $4,053 |
El Salvador | $4,023 |
Micronesia | $3,995 |
Belize | $3,968 |
Sri Lanka | $3,928 |
Vietnam | $3,759 |
Eswatini | $3,697 |
Cabo Verde | $3,675 |
Bolivia | $3,618 |
Ukraine | $3,615 |
Egypt | $3,606 |
Philippines | $3,602 |
North Africa | $3,560 |
Algeria | $3,449 |
Bhutan | $3,447 |
Morocco | $3,409 |
Tunisia | $3,380 |
Djibouti | $3,275 |
West Bank and Gaza | $3,060 |
Vanuatu | $2,967 |
Laos | $2,614 |
Papua New Guinea | $2,596 |
Honduras | $2,593 |
Côte d'Ivoire | $2,571 |
Solomon Islands | $2,501 |
Ghana | $2,300 |
Republic of Congo | $2,271 |
Nigeria | $2,209 |
São Tomé and Príncipe | $2,133 |
Angola | $2,130 |
Kenya | $2,122 |
India | $2,031 |
Bangladesh | $1,990 |
Uzbekistan | $1,836 |
Nicaragua | $1,828 |
Kiribati | $1,817 |
Mauritania | $1,782 |
Cambodia | $1,680 |
Cameroon | $1,657 |
Senegal | $1,629 |
Venezuela | $1,586 |
Myanmar | $1,441 |
Comoros | $1,431 |
Benin | $1,400 |
Timor-Leste | $1,273 |
Kyrgyzstan | $1,270 |
Nepal | $1,166 |
Tanzania | $1,132 |
Guinea | $1,067 |
Lesotho | $1,018 |
Zambia | $1,006 |
Mali | $992 |
Uganda | $971 |
Ethiopia | $918 |
Tajikistan | $851 |
Burkina Faso | $851 |
Guinea-Bissau | $844 |
Rwanda | $820 |
The Gambia | $809 |
Togo | $759 |
Sudan | $714 |
Chad | $710 |
Haiti | $698 |
Liberia | $646 |
Eritrea | $632 |
Yemen | $573 |
Niger | $567 |
Madagascar | $554 |
Central African Republic | $522 |
Zimbabwe | $516 |
Afghanistan | $506 |
Democratic Republic of the Congo | $478 |
Sierra Leone | $471 |
Mozambique | $431 |
Malawi | $397 |
South Sudan | $323 |
Burundi | $267 |
Editor’s note: Readers have rightly pointed out that Monaco is one of the world’s richest countries in GDP per capita (nominal) terms. This is true, but the IMF dataset excludes Monaco and lists it as “No data” each year. As a result, it is excluded from the visualization(s) above.
Debt
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 Global Debt in 2023
Global 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 companies 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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