Money
Charting the Relationship Between Wealth and Happiness, by Country
The Relationship Between Wealth and Happiness, by Country
Throughout history, the pursuit of happiness has been a preoccupation of humankind.
Of course, we humans are not just content with measuring our own happiness, but also our happiness in relation to the people around us—and even other people around the world. The annual World Happiness Report, which uses global survey data to report how people evaluate their own lives in more than 150 countries, helps us do just that.
The factors that contribute to happiness are as subjective and specific as the billions of humans they influence, but there are a few that have continued to resonate over time. Family. Love. Purpose. Wealth. The first three examples are tough to measure, but the latter can be analyzed in a data-driven way.
Does money really buy happiness? Let’s find out.
Wealth and Happiness
To crunch the numbers, we looked at data from Credit Suisse, which breaks down the average wealth per adult in various countries around the world.
The table below looks at 146 countries by their happiness score and wealth per adult:
Country | Median Wealth per Adult (US$) | Happiness Score |
---|---|---|
🇫🇮 Finland | 73,775 | 7.8 |
🇩🇰 Denmark | 165,622 | 7.6 |
🇮🇸 Iceland | 231,462 | 7.6 |
🇨🇭 Switzerland | 146,733 | 7.5 |
🇮🇱 Israel | 80,315 | 7.4 |
🇸🇪 Sweden | 89,846 | 7.4 |
🇳🇴 Norway | 117,798 | 7.4 |
🇳🇱 Netherlands | 136,105 | 7.4 |
🇱🇺 Luxembourg | 259,899 | 7.4 |
🇦🇹 Austria | 91,833 | 7.2 |
🇳🇿 New Zealand | 171,624 | 7.2 |
🇦🇺 Australia | 238,072 | 7.2 |
🇩🇪 Germany | 65,374 | 7.0 |
🇺🇸 United States | 79,274 | 7.0 |
🇮🇪 Ireland | 99,028 | 7.0 |
🇨🇦 Canada | 125,688 | 7.0 |
🇨🇿 Czech Republic | 23,794 | 6.9 |
🇬🇧 United Kingdom | 131,522 | 6.9 |
🇧🇪 Belgium | 230,548 | 6.8 |
🇫🇷 France | 133,559 | 6.7 |
🇧🇭 Bahrain | 14,520 | 6.6 |
🇨🇷 Costa Rica | 14,662 | 6.6 |
🇦🇪 United Arab Emirates | 21,613 | 6.6 |
🇸🇮 Slovenia | 67,961 | 6.6 |
🇸🇦 Saudi Arabia | 15,495 | 6.5 |
🇺🇾 Uruguay | 22,088 | 6.5 |
🇷🇴 Romania | 23,675 | 6.5 |
🇽🇰 Kosovo | 46,087 | 6.5 |
🇸🇬 Singapore | 86,717 | 6.5 |
🇹🇼 Taiwan | 93,044 | 6.5 |
🇪🇸 Spain | 105,831 | 6.5 |
🇮🇹 Italy | 118,885 | 6.5 |
🇱🇹 Lithuania | 29,679 | 6.4 |
🇸🇰 Slovakia | 45,853 | 6.4 |
🇶🇦 Qatar | 83,680 | 6.4 |
🇲🇹 Malta | 84,390 | 6.4 |
🇧🇷 Brazil | 3,469 | 6.3 |
🇵🇦 Panama | 13,147 | 6.3 |
🇬🇹 Guatemala | 30,586 | 6.3 |
🇪🇪 Estonia | 38,901 | 6.3 |
🇳🇮 Nicaragua | 3,694 | 6.2 |
🇰🇿 Kazakhstan | 12,029 | 6.2 |
🇷🇸 Serbia | 14,954 | 6.2 |
🇨🇱 Chile | 17,747 | 6.2 |
🇱🇻 Latvia | 33,884 | 6.2 |
🇨🇾 Cyprus | 35,300 | 6.2 |
🇺🇿 Uzbekistan | 7,821 | 6.1 |
🇸🇻 El Salvador | 11,372 | 6.1 |
🇲🇽 Mexico | 13,752 | 6.1 |
🇵🇱 Poland | 23,550 | 6.1 |
🇭🇺 Hungary | 24,126 | 6.1 |
🇲🇺 Mauritius | 27,456 | 6.1 |
🇰🇼 Kuwait | 28,698 | 6.1 |
🇭🇷 Croatia | 34,945 | 6.1 |
🇦🇷 Argentina | 2,157 | 6.0 |
🇭🇳 Honduras | 15,380 | 6.0 |
🇵🇹 Portugal | 61,306 | 6.0 |
🇯🇵 Japan | 122,980 | 6.0 |
🇵🇭 Philippines | 3,155 | 5.9 |
🇯🇲 Jamaica | 5,976 | 5.9 |
🇲🇩 Moldova | 7,577 | 5.9 |
🇹🇭 Thailand | 8,036 | 5.9 |
🇬🇷 Greece | 57,595 | 5.9 |
🇰🇷 South Korea | 89,671 | 5.9 |
🇰🇬 Kyrgyzstan | 2,238 | 5.8 |
🇲🇳 Mongolia | 2,546 | 5.8 |
🇨🇴 Colombia | 4,854 | 5.8 |
🇧🇾 Belarus | 12,168 | 5.8 |
🇧🇦 Bosnia and Herzegovina | 15,283 | 5.8 |
🇲🇾 Malaysia | 8,583 | 5.7 |
🇩🇴 Dominican Republic | 22,701 | 5.7 |
🇵🇾 Paraguay | 3,644 | 5.6 |
🇧🇴 Bolivia | 3,804 | 5.6 |
🇵🇪 Peru | 5,445 | 5.6 |
🇨🇳 China | 24,067 | 5.6 |
🇻🇳 Vietnam | 4,559 | 5.5 |
🇷🇺 Russia | 5,431 | 5.5 |
🇪🇨 Ecuador | 5,444 | 5.5 |
🇹🇲 Turkmenistan | 9,030 | 5.5 |
🇲🇪 Montenegro | 30,739 | 5.5 |
🇳🇵 Nepal | 1,437 | 5.4 |
🇹🇯 Tajikistan | 1,844 | 5.4 |
🇦🇲 Armenia | 9,411 | 5.4 |
🇧🇬 Bulgaria | 17,403 | 5.4 |
🇭🇰 Hong Kong SAR | 173,768 | 5.4 |
🇱🇾 Libya | 6,512 | 5.3 |
🇧🇩 Bangladesh | 3,062 | 5.2 |
🇿🇦 South Africa | 4,523 | 5.2 |
🇮🇩 Indonesia | 4,693 | 5.2 |
🇦🇿 Azerbaijan | 5,022 | 5.2 |
🇨🇮 Côte d'Ivoire | 6,621 | 5.2 |
🇦🇱 Albania | 15,363 | 5.2 |
🇲🇰 North Macedonia | 51,788 | 5.2 |
🇬🇲 The Gambia | 658 | 5.2 |
🇱🇷 Liberia | 1,464 | 5.1 |
🇱🇦 Laos | 1,610 | 5.1 |
🇩🇿 Algeria | 2,302 | 5.1 |
🇺🇦 Ukraine | 2,529 | 5.1 |
🇲🇦 Morocco | 3,874 | 5.1 |
🇨🇬 Congo | 582 | 5.1 |
🇸🇳 Senegal | 1,570 | 5.0 |
🇬🇪 Georgia | 4,223 | 5.0 |
🇬🇦 Gabon | 4,685 | 5.0 |
🇲🇿 Mozambique | 345 | 5.0 |
🇳🇪 Niger | 492 | 5.0 |
🇨🇲 Cameroon | 941 | 5.0 |
🇬🇭 Ghana | 2,198 | 4.9 |
🇮🇶 Iraq | 6,378 | 4.9 |
🇻🇪 Venezuela | 7,341 | 4.9 |
🇮🇷 Iran | 7,621 | 4.9 |
🇬🇳 Guinea | 938 | 4.9 |
🇹🇷 Turkey | 8,001 | 4.7 |
🇧🇫 Burkina Faso | 622 | 4.7 |
🇰🇲 Comoros | 1,466 | 4.6 |
🇳🇬 Nigeria | 1,474 | 4.6 |
🇰🇭 Cambodia | 2,031 | 4.6 |
🇺🇬 Uganda | 646 | 4.6 |
🇧🇯 Benin | 890 | 4.6 |
🇵🇰 Pakistan | 2,187 | 4.5 |
🇳🇦 Namibia | 3,677 | 4.5 |
🇰🇪 Kenya | 3,683 | 4.5 |
🇹🇳 Tunisia | 6,177 | 4.5 |
🇲🇱 Mali | 869 | 4.5 |
🇲🇲 Myanmar | 2,458 | 4.4 |
🇱🇰 Sri Lanka | 8,802 | 4.4 |
🇨🇩 DR Congo | 356 | 4.4 |
🇪🇬 Egypt | 6,329 | 4.3 |
🇹🇩 Chad | 355 | 4.3 |
🇲🇬 Madagascar | 666 | 4.3 |
🇲🇷 Mauritania | 1,037 | 4.2 |
🇾🇪 Yemen | 1,223 | 4.2 |
🇪🇹 Ethiopia | 1,527 | 4.2 |
🇯🇴 Jordan | 10,842 | 4.2 |
🇹🇬 Togo | 468 | 4.1 |
🇮🇳 India | 3,194 | 3.8 |
🇲🇼 Malawi | 606 | 3.8 |
🇿🇲 Zambia | 692 | 3.8 |
🇹🇿 Tanzania | 1,433 | 3.7 |
🇭🇹 Haiti | 193 | 3.6 |
🇸🇱 Sierra Leone | 370 | 3.6 |
🇧🇼 Botswana | 3,680 | 3.5 |
🇱🇸 Lesotho | 264 | 3.5 |
🇷🇼 Rwanda | 1,266 | 3.3 |
🇱🇧 Lebanon | 18,159 | 3.0 |
🇸🇸 South Sudan | 2,677 | 2.9 |
🇦🇫 Afghanistan | 734 | 2.4 |
While the results don’t definitively point to wealth contributing to happiness, there is a strong correlation across the board. Broadly speaking, the world’s poorest countries have the lowest happiness scores, and the richest report being the most happy.
Regional and Country-Level Observations
While many of the countries follow an obvious trend (more wealth = more happiness), there are nuances and outliers worth exploring.
- In Latin America, people self-report more happiness than the trend between wealth and happiness would predict.
- On the flip side, many nations in the Middle East report slightly less happiness than levels of wealth would predict.
- Political turmoil, an economic crisis, and the devastating explosion in Beirut have resulted in Lebanon scoring far worse than would be expected. Over the past decade, the country’s score has fallen by nearly two full points.
- Hong Kong has seen its happiness score sink for years now. Inequality, protests, instability, and now COVID-19 outbreaks have placed the region in an unusual zone on the chart: rich and unhappy.
Examining Inequality and Happiness
We’ve looked at the relationship between wealth and happiness between countries, but what about within countries?
The Gini Coefficient is a tool that allows us to do just that. This measure looks at income distribution across a population, and applies a score to that population. Simply put, a score of 0 would be “perfect equality”, and 1 would be “perfect inequality” (i.e. an individual or group of recipients is receiving the entire income distribution).
Combined with the same happiness scale as before, this is how countries shape up.
While there is no ironclad conclusion that can be derived from this dataset, there are big picture observations worth highlighting.
The 15 Countries With Highest Income Inequality
Countries with High inequality | Happiness Score | Gini Score |
---|---|---|
🇿🇦 South Africa | 5.2 | 0.63 |
🇳🇦 Namibia | 4.5 | 0.59 |
🇿🇲 Zambia | 3.8 | 0.57 |
🇨🇴 Colombia | 5.8 | 0.54 |
🇲🇿 Mozambique | 5.0 | 0.54 |
🇧🇼 Botswana | 3.5 | 0.53 |
🇿🇼 Zimbabwe | 3.0 | 0.50 |
🇵🇦 Panama | 6.3 | 0.50 |
🇨🇷 Costa Rica | 6.6 | 0.49 |
🇧🇷 Brazil | 6.3 | 0.49 |
🇬🇹 Guatemala | 6.3 | 0.48 |
🇭🇳 Honduras | 6.0 | 0.48 |
🇧🇫 Burkina Faso | 4.7 | 0.47 |
🇪🇨 Ecuador | 5.5 | 0.47 |
🇨🇲 Cameroon | 5.0 | 0.47 |
Average | 5.2 | 52 |
First, countries with lower income inequality tend to also report more happiness. The 15 countries in this dataset with the highest inequality (shown above) have an average happiness score 1.3 lower than the 15 countries with the lowest inequality (shown below).
The 15 Countries With Lowest Income Inequality
Countries with low inequality | Happy Score | Gini Score |
---|---|---|
🇸🇰 Slovakia | 6.4 | 23.2 |
🇧🇾 Belarus | 5.8 | 24.4 |
🇸🇮 Slovenia | 6.6 | 24.4 |
🇦🇲 Armenia | 5.4 | 25.2 |
🇨🇿 Czech Republic | 6.9 | 25.3 |
🇺🇦 Ukraine | 5.1 | 25.6 |
🇲🇩 Moldova | 5.9 | 26 |
🇦🇪 United Arab Emirates | 6.6 | 26 |
🇮🇸 Iceland | 7.6 | 26.1 |
🇧🇪 Belgium | 6.8 | 27.2 |
🇩🇰 Denmark | 7.6 | 27.7 |
🇫🇮 Finland | 7.8 | 27.7 |
🇳🇴 Norway | 7.4 | 27.7 |
🇰🇿 Kazakhstan | 6.2 | 27.8 |
🇭🇷 Croatia | 6.1 | 28.9 |
Average | 6.5 | 26 |
Next, interesting regional differences emerge.
Despite high income inequality, many Latin American countries report levels of happiness similar to many much-wealthier European nations.
The Bottom Line
People have been seeking understanding on happiness for millennia now, and it’s unlikely that slicing and dicing datasets will crack the code. Still though, much like the pursuit of happiness, the pursuit of understanding is human nature.
And, in more concrete terms, the more policymakers and the public understand the link between wealth and happiness, the more likely we can shape societies that give us a better chance at living a happy life.
Where does this data come from?
Source: Credit Suisse Global Wealth Databook 2021, World Happiness Report 2022, World Bank
Data notes: This visualization includes countries that had available data for both happiness and wealth per adult. Credit Suisse notes that due to incomplete data, the following countries are estimates of average wealth per adult: North Macedonia, Kosovo, Guatemala, Dominican Republic, Honduras, Uzbekistan, Côte d’Ivoire, and South Sudan. Happiness data for countries is from the 2022 report, with the exception of: Qatar, DRC, Haiti, and South Sudan, which pull from the 2019 report. For Gini Coefficient calculations, only countries with data from 2014 onward were included. As a result, major economies such as India and Japan are excluded from that visualization.
Chart note: The wealth axis was plotted logarithmically to better show the trend visually. This approach is often used when a small number of results skew the visualization, making it harder to glean insight from. In this case, there are large extremes between the richest and poorest countries around the world.
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 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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