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Ranked: The World’s Wealthiest Cities, by Number of Millionaires

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Infographic showing a ranking of the world's wealthiest cities

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The Top 20 Cities for the World’s Ultra-Wealthy

How many millionaires, centimillionaires, and billionaires live in the world’s wealthiest cities?

While such metrics are not all encompassing, these measurements of private wealth do help put the financial health and economic activity of some of the world’s wealthiest cities in perspective.

This infographic uses information from the Henley Global Citizens Report, in partnership with New World Wealth, to rank the world’s wealthiest cities. It leverages a comprehensive data set that tracks the movements and spending habits of high-net-worth individuals in over 150 cities around the world.

Which cities and regions have the biggest concentrations of millionaires around the world, each with a net worth greater than $1 million (USD)?

Millionaires and Billionaires in the Wealthiest Cities

In the latest edition of the ranking, North America has a strong showing with seven of the wealthiest cities, by number of millionaires.

In particular, the United States claims five of the cities in the top 10, including the very top spot with New York City.

RankCityCountryMillionairesBillionaires
#1New York๐Ÿ‡บ๐Ÿ‡ธ United States345,60059
#2Tokyo๐Ÿ‡ฏ๐Ÿ‡ต Japan304,90012
#3San Francisco๐Ÿ‡บ๐Ÿ‡ธ United States276,40062
#4London๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom272,40038
#5Singapore๐Ÿ‡ธ๐Ÿ‡ฌ Singapore249,80026
#6Los Angeles๐Ÿ‡บ๐Ÿ‡ธ United States192,40034
#7Chicago๐Ÿ‡บ๐Ÿ‡ธ United States160,10028
#8Houston๐Ÿ‡บ๐Ÿ‡ธ United States132,60025
#9Beijing๐Ÿ‡จ๐Ÿ‡ณ China131,50044
#10Shanghai๐Ÿ‡จ๐Ÿ‡ณ China130,10042
#11Sydney๐Ÿ‡ฆ๐Ÿ‡บ Australia129,50016
#12Hong Kong๐Ÿ‡ญ๐Ÿ‡ฐ China (SAR)125,10028
#13Frankfurt๐Ÿ‡ฉ๐Ÿ‡ช Germany117,40014
#14Toronto๐Ÿ‡จ๐Ÿ‡ฆ Canada116,10017
#15Zurich๐Ÿ‡จ๐Ÿ‡ญ Switzerland105,10012
#16Seoul๐Ÿ‡ฐ๐Ÿ‡ท South Korea102,10025
#17Melbourne๐Ÿ‡ฆ๐Ÿ‡บ Australia97,30012
#18Dallas๐Ÿ‡บ๐Ÿ‡ธ United States92,30018
#19Geneva๐Ÿ‡จ๐Ÿ‡ญ Switzerland90,30016
#20Paris๐Ÿ‡ซ๐Ÿ‡ท France88,60015
Top 20 Cities3,259,600543

Asia is the region with the second most millionaires with six cities in the mix. Not surprisingly, China is home to three of these cities, including Hong Kong (SAR).

Europe comes in third with five cities, though only London makes into the top 10 portion of the ranking. Finally, Oceania has two cities on the list, both located in Australia.

How Top Cities Stack Up

Let’s take a closer look at some of the top-ranking cities making the list.

#1: New York

New York is the wealthiest city in the worldโ โ€”home to 345,600 millionaires with a total private wealth that exceeds $3 trillion.

New York is home to many Fortune 500 companies and is the financial heart of the United States, with the New York Stock Exchange and NASDAQ located in the Big Apple. Additionally, the city’s real estate market is known for being expensive, with sky-high property values and rents.

#2: Tokyo

Tokyo is the economic hub of Japan and is one of the most important cities in the world for business and finance. It is home to 304,900 resident millionaires, making it the city with the second most millionaires in the world.

Japan’s largest city is home to the Tokyo Stock Exchange, which is one of the largest stock exchanges in Asia by market capitalization. Tokyo is also a major center for banking and insurance, and is home to many multinational companies like Honda and Sony.

#3: San Francisco Bay Area

The San Francisco Bay Area boasts 276,400 millionaires. Itโ€™s known as the mecca of tech innovation, and as a result, the region has a high concentration of wealthy individuals. San Francisco also has the highest median household income in the country.

The number of millionaires has been growing steadily over the last 10 years, and if the trends of recent years hold, San Francisco could become the number one millionaire hub by 2040.

#4: London

London has been the world’s wealthiest city for years, but over the past decade there has been an outflow of millionaires.

Today, with 272,400 millionaires, the city holds a more humble position. London is known for its financial and business sectors, and it attracts a significant number of high-earning professionals who contribute to its reputation as a hub of wealth and luxury.

#5: Singapore

Singapore is home to 249,800 millionaires making it the second richest city in Asia after Tokyo.

Singapore has one of the highest densities of millionaire households in Asia, with over 5% of households having at least $1 million USD in net financial assets. This is due in part to the country’s strong economic growth and favorable business environment, which has attracted many wealthy individuals and families to the country. In addition, Singapore’s political stability, low crime rate, and high standard of living have also contributed to its appeal as a place to live and work.

Fastest Growing Cities for the Rich

The cities shown in our visualization are already well-established locations for high-net-worth individuals. Some of them have topped the rankings for decades, while some others are less well-known. But what are the fastest growing cities for the rich?

In 2022, cities with strong oil and gas industries like Riyadh, Sharjah, Dubai, Luanda, Abu Dhabi, Doha, and Lagos grew exceptionally. Cities in the UAE became millionaire magnets, attracting over 4,000 millionaires in 2022. In the U.S., a few tax-friendly states like Texas and Florida became home to American companies moving their head offices there.

Looking to the future, companies and high-net-worth individuals will inevitably move where they are treated best. Countries that want to attract wealthy individuals will have to apply tax-friendly policies along with other factors such as quality of life, safety, education, and access to amenities that ultra-wealthy residents value.

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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?

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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
๐Ÿ‡บ๐Ÿ‡ธ U.S.$33,228.934.2%123.3%
๐Ÿ‡จ๐Ÿ‡ณ China$14,691.715.1%83.0%
๐Ÿ‡ฏ๐Ÿ‡ต Japan$10,797.211.1%255.2%
๐Ÿ‡ฌ๐Ÿ‡ง UK$3,468.73.6%104.1%
๐Ÿ‡ซ๐Ÿ‡ท France$3,353.93.5%110.0%
๐Ÿ‡ฎ๐Ÿ‡น Italy$3,141.43.2%143.7%
๐Ÿ‡ฎ๐Ÿ‡ณ India$3,056.73.1%81.9%
๐Ÿ‡ฉ๐Ÿ‡ช Germany$2,919.33.0%65.9%
๐Ÿ‡จ๐Ÿ‡ฆ Canada$2,253.32.3%106.4%
๐Ÿ‡ง๐Ÿ‡ท Brazil$1,873.71.9%88.1%
๐Ÿ‡ช๐Ÿ‡ธ Spain$1,697.51.7%107.3%
๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico$954.61.0%52.7%
๐Ÿ‡ฐ๐Ÿ‡ท South Korea$928.11.0%54.3%
๐Ÿ‡ฆ๐Ÿ‡บ Australia$875.90.9%51.9%
๐Ÿ‡ธ๐Ÿ‡ฌ Singapore$835.00.9%167.9%
๐Ÿ‡ง๐Ÿ‡ช Belgium$665.20.7%106.0%
๐Ÿ‡ฆ๐Ÿ‡ท Argentina$556.50.6%89.5%
๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia$552.80.6%39.0%
๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands$540.90.6%49.5%
๐Ÿ‡ต๐Ÿ‡ฑ Poland$419.40.4%49.8%
๐Ÿ‡ฌ๐Ÿ‡ท Greece$407.20.4%168.0%
๐Ÿ‡น๐Ÿ‡ท Tรผrkiye$397.20.4%34.4%
๐Ÿ‡ท๐Ÿ‡บ Russia$394.80.4%21.2%
๐Ÿ‡ฆ๐Ÿ‡น Austria$393.60.4%74.8%
๐Ÿ‡ช๐Ÿ‡ฌ Egypt$369.30.4%92.7%
๐Ÿ‡จ๐Ÿ‡ญ Switzerland$357.70.4%39.5%
๐Ÿ‡น๐Ÿ‡ญ Thailand$314.50.3%61.4%
๐Ÿ‡ฎ๐Ÿ‡ฑ Israel$303.60.3%58.2%
๐Ÿ‡ต๐Ÿ‡น Portugal$299.40.3%108.3%
๐Ÿ‡ฒ๐Ÿ‡พ Malaysia$288.30.3%66.9%
๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa$280.70.3%73.7%
๐Ÿ‡ต๐Ÿ‡ฐ Pakistan$260.90.3%76.6%
๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia$257.70.3%24.1%
๐Ÿ‡ฎ๐Ÿ‡ช Ireland$251.70.3%42.7%
๐Ÿ‡ต๐Ÿ‡ญ Philippines$250.90.3%57.6%
๐Ÿ‡ซ๐Ÿ‡ฎ Finland$225.00.2%73.6%
๐Ÿ‡ณ๐Ÿ‡ด Norway$204.50.2%37.4%
๐Ÿ‡จ๐Ÿ‡ด Colombia$200.10.2%55.0%
๐Ÿ‡น๐Ÿ‡ผ Taiwan$200.00.2%26.6%
๐Ÿ‡ธ๐Ÿ‡ช Sweden$192.90.2%32.3%
๐Ÿ‡ท๐Ÿ‡ด Romania$178.70.2%51.0%
๐Ÿ‡ง๐Ÿ‡ฉ Bangladesh$175.90.2%39.4%
๐Ÿ‡บ๐Ÿ‡ฆ Ukraine$152.80.2%88.1%
๐Ÿ‡จ๐Ÿ‡ฟ Czech Republic$152.20.2%45.4%
๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria$151.30.2%38.8%
๐Ÿ‡ฆ๐Ÿ‡ช UAE$149.70.2%29.4%
๐Ÿ‡ป๐Ÿ‡ณ Vietnam$147.30.2%34.0%
๐Ÿ‡ญ๐Ÿ‡บ Hungary$140.00.1%68.7%
๐Ÿ‡จ๐Ÿ‡ฑ Chile$132.20.1%38.4%
๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark$126.70.1%30.1%
๐Ÿ‡ฎ๐Ÿ‡ถ Iraq$125.50.1%49.2%
๐Ÿ‡ฉ๐Ÿ‡ฟ Algeria$123.50.1%55.1%
๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand$115.00.1%46.1%
๐Ÿ‡ฎ๐Ÿ‡ท Iran$112.10.1%30.6%
๐Ÿ‡ฒ๐Ÿ‡ฆ Morocco$102.70.1%69.7%
๐Ÿ‡ถ๐Ÿ‡ฆ Qatar$97.50.1%41.4%
๐Ÿ‡ต๐Ÿ‡ช Peru$89.70.1%33.9%
๐Ÿ‡ฆ๐Ÿ‡ด Angola$79.60.1%84.9%
๐Ÿ‡ฐ๐Ÿ‡ช Kenya$79.10.1%70.2%
๐Ÿ‡ธ๐Ÿ‡ฐ Slovakia$75.40.1%56.7%
๐Ÿ‡ฉ๐Ÿ‡ด Dominican Republic$72.10.1%59.8%
๐Ÿ‡ช๐Ÿ‡จ Ecuador$65.90.1%55.5%
๐Ÿ‡ธ๐Ÿ‡ฉ Sudan$65.50.1%256.0%
๐Ÿ‡ฌ๐Ÿ‡ญ Ghana$65.10.1%84.9%
๐Ÿ‡ฐ๐Ÿ‡ฟ Kazakhstan$60.70.1%23.4%
๐Ÿ‡ช๐Ÿ‡น Ethiopia$59.00.1%37.9%
๐Ÿ‡ง๐Ÿ‡ญ Bahrain$54.50.1%121.2%
๐Ÿ‡จ๐Ÿ‡ท Costa Rica$53.90.1%63.0%
๐Ÿ‡ญ๐Ÿ‡ท Croatia$51.20.1%63.8%
๐Ÿ‡บ๐Ÿ‡พ Uruguay$47.00.0%61.6%
๐Ÿ‡ฏ๐Ÿ‡ด Jordan$46.90.0%93.8%
๐Ÿ‡ธ๐Ÿ‡ฎ Slovenia$46.80.0%68.5%
๐Ÿ‡จ๐Ÿ‡ฎ Cรดte d'Ivoire$45.10.0%56.8%
๐Ÿ‡ต๐Ÿ‡ฆ Panama$43.50.0%52.8%
๐Ÿ‡ฒ๐Ÿ‡ฒ Myanmar$43.00.0%57.5%
๐Ÿ‡ด๐Ÿ‡ฒ Oman$41.40.0%38.2%
๐Ÿ‡น๐Ÿ‡ณ Tunisia$39.90.0%77.8%
๐Ÿ‡ท๐Ÿ‡ธ Serbia$38.50.0%51.3%
๐Ÿ‡ง๐Ÿ‡ด Bolivia$37.80.0%80.8%
๐Ÿ‡น๐Ÿ‡ฟ Tanzania$35.80.0%42.6%
๐Ÿ‡บ๐Ÿ‡ฟ Uzbekistan$31.70.0%35.1%
๐Ÿ‡ฟ๐Ÿ‡ผ Zimbabwe$30.90.0%95.4%
๐Ÿ‡ง๐Ÿ‡พ Belarus$30.40.0%44.1%
๐Ÿ‡ฌ๐Ÿ‡น Guatemala$29.10.0%28.3%
๐Ÿ‡ฑ๐Ÿ‡น Lithuania$28.70.0%36.1%
๐Ÿ‡ธ๐Ÿ‡ป El Salvador$25.80.0%73.0%
๐Ÿ‡บ๐Ÿ‡ฌ Uganda$25.30.0%48.3%
๐Ÿ‡ธ๐Ÿ‡ณ Senegal$25.20.0%81.0%
๐Ÿ‡จ๐Ÿ‡พ Cyprus$25.20.0%78.6%
๐Ÿ‡ฑ๐Ÿ‡บ Luxembourg$24.60.0%27.6%
๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong SAR$23.50.0%6.1%
๐Ÿ‡ง๐Ÿ‡ฌ Bulgaria$21.70.0%21.0%
๐Ÿ‡จ๐Ÿ‡ฒ Cameroon$20.60.0%41.9%
๐Ÿ‡ฒ๐Ÿ‡ฟ Mozambique$19.70.0%89.7%
๐Ÿ‡ต๐Ÿ‡ท Puerto Rico$19.60.0%16.7%
๐Ÿ‡ณ๐Ÿ‡ต Nepal$19.30.0%46.7%
๐Ÿ‡ฑ๐Ÿ‡ป Latvia$18.90.0%40.6%
๐Ÿ‡ฎ๐Ÿ‡ธ Iceland$18.70.0%61.2%
๐Ÿ‡ต๐Ÿ‡พ Paraguay$18.10.0%40.9%
๐Ÿ‡ฑ๐Ÿ‡ฆ Lao P.D.R.$17.30.0%121.7%
๐Ÿ‡ญ๐Ÿ‡ณ Honduras$15.70.0%46.3%
๐Ÿ‡ต๐Ÿ‡ฌ Papua New Guinea$15.70.0%49.5%
๐Ÿ‡น๐Ÿ‡น Trinidad and Tobago$14.60.0%52.5%
๐Ÿ‡ฆ๐Ÿ‡ฑ Albania$14.50.0%62.9%
๐Ÿ‡จ๐Ÿ‡ฌ Republic of Congo$14.10.0%97.8%
๐Ÿ‡ฆ๐Ÿ‡ฟ Azerbaijan$14.10.0%18.2%
๐Ÿ‡พ๐Ÿ‡ช Yemen$14.00.0%66.4%
๐Ÿ‡ฏ๐Ÿ‡ฒ Jamaica$13.60.0%72.3%
๐Ÿ‡ฒ๐Ÿ‡ณ Mongolia$13.10.0%69.9%
๐Ÿ‡ง๐Ÿ‡ซ Burkina Faso$12.70.0%61.2%
๐Ÿ‡ฌ๐Ÿ‡ฆ Gabon$12.50.0%64.9%
๐Ÿ‡ฌ๐Ÿ‡ช Georgia$11.90.0%39.6%
๐Ÿ‡ฒ๐Ÿ‡บ Mauritius$11.80.0%79.7%
๐Ÿ‡ฆ๐Ÿ‡ฒ Armenia$11.80.0%47.9%
๐Ÿ‡ง๐Ÿ‡ธ Bahamas$11.70.0%84.2%
๐Ÿ‡ฒ๐Ÿ‡ฑ Mali$11.00.0%51.8%
๐Ÿ‡ฒ๐Ÿ‡น Malta$11.00.0%54.1%
๐Ÿ‡ฐ๐Ÿ‡ญ Cambodia$10.90.0%35.3%
๐Ÿ‡ง๐Ÿ‡ฏ Benin$10.60.0%53.0%
๐Ÿ‡ฒ๐Ÿ‡ผ Malawi$10.40.0%78.6%
๐Ÿ‡ช๐Ÿ‡ช Estonia$9.00.0%21.6%
๐Ÿ‡จ๐Ÿ‡ฉ Democratic Republic of Congo$9.00.0%13.3%
๐Ÿ‡ท๐Ÿ‡ผ Rwanda$8.80.0%63.3%
๐Ÿ‡ณ๐Ÿ‡ฆ Namibia$8.50.0%67.6%
๐Ÿ‡ฒ๐Ÿ‡ฌ Madagascar$8.50.0%54.0%
๐Ÿ‡ณ๐Ÿ‡ช Niger$8.30.0%48.7%
๐Ÿ‡ฒ๐Ÿ‡ฐ North Macedonia$8.20.0%51.6%
๐Ÿ‡ง๐Ÿ‡ฆ Bosnia and Herzegovina$7.70.0%28.6%
๐Ÿ‡ฒ๐Ÿ‡ป Maldives$7.70.0%110.3%
๐Ÿ‡ฌ๐Ÿ‡ณ Guinea$7.30.0%31.6%
๐Ÿ‡ณ๐Ÿ‡ฎ Nicaragua$7.20.0%41.5%
๐Ÿ‡ง๐Ÿ‡ง Barbados$7.20.0%115.0%
๐Ÿ‡น๐Ÿ‡ฌ Togo$6.10.0%67.2%
๐Ÿ‡ฐ๐Ÿ‡ฌ Kyrgyz Republic$6.00.0%47.0%
๐Ÿ‡ฒ๐Ÿ‡ฉ Moldova$5.60.0%35.1%
๐Ÿ‡น๐Ÿ‡ฉ Chad$5.40.0%43.2%
๐Ÿ‡ฐ๐Ÿ‡ผ Kuwait$5.40.0%3.4%
๐Ÿ‡ฒ๐Ÿ‡ท Mauritania$5.10.0%49.5%
๐Ÿ‡ญ๐Ÿ‡น Haiti$5.10.0%19.6%
๐Ÿ‡ฌ๐Ÿ‡พ Guyana$4.90.0%29.9%
๐Ÿ‡ฒ๐Ÿ‡ช Montenegro$4.60.0%65.8%
๐Ÿ‡ซ๐Ÿ‡ฏ Fiji$4.60.0%83.6%
๐Ÿ‡น๐Ÿ‡ฒ Turkmenistan$4.20.0%5.1%
๐Ÿ‡น๐Ÿ‡ฏ Tajikistan$4.00.0%33.5%
๐Ÿ‡ง๐Ÿ‡ผ Botswana$3.90.0%18.7%
๐Ÿ‡ฌ๐Ÿ‡ถ Equatorial Guinea$3.80.0%38.3%
๐Ÿ‡ธ๐Ÿ‡ท Suriname$3.80.0%107.0%
๐Ÿ‡ธ๐Ÿ‡ธ South Sudan$3.80.0%60.4%
๐Ÿ‡ง๐Ÿ‡น Bhutan$3.30.0%123.4%
๐Ÿ‡ฆ๐Ÿ‡ผ Aruba$3.20.0%82.9%
๐Ÿ‡ธ๐Ÿ‡ฑ Sierra Leone$3.10.0%88.9%
๐Ÿ‡จ๐Ÿ‡ป Cabo Verde$2.90.0%113.1%
๐Ÿ‡ง๐Ÿ‡ฎ Burundi$2.30.0%72.7%
๐Ÿ‡ฑ๐Ÿ‡ท Liberia$2.30.0%52.3%
๐Ÿ‡ฝ๐Ÿ‡ฐ Kosovo$2.20.0%21.3%
๐Ÿ‡ธ๐Ÿ‡ฟ Eswatini$2.00.0%42.4%
๐Ÿ‡ง๐Ÿ‡ฟ Belize$1.90.0%59.3%
๐Ÿ‡ฑ๐Ÿ‡จ Saint Lucia$1.80.0%74.2%
๐Ÿ‡ฌ๐Ÿ‡ฒ Gambia$1.70.0%72.3%
๐Ÿ‡ฉ๐Ÿ‡ฏ Djibouti$1.60.0%41.8%
๐Ÿ‡ฆ๐Ÿ‡ฌ Antigua and Barbuda$1.60.0%80.5%
๐Ÿ‡ธ๐Ÿ‡ฒ San Marino$1.50.0%74.0%
๐Ÿ‡ฌ๐Ÿ‡ผ Guinea-Bissau$1.50.0%73.9%
๐Ÿ‡ฑ๐Ÿ‡ธ Lesotho$1.50.0%61.3%
๐Ÿ‡ฆ๐Ÿ‡ฉ Andorra$1.40.0%37.7%
๐Ÿ‡จ๐Ÿ‡ซ Central African Republic$1.40.0%50.1%
๐Ÿ‡ธ๐Ÿ‡จ Seychelles$1.30.0%60.8%
๐Ÿ‡ป๐Ÿ‡จ Saint Vincent and the Grenadines$0.90.0%86.2%
๐Ÿ‡ฌ๐Ÿ‡ฉ Grenada$0.80.0%60.2%
๐Ÿ‡ฉ๐Ÿ‡ฒ Dominica$0.70.0%93.9%
๐Ÿ‡ฐ๐Ÿ‡ณ Saint Kitts and Nevis$0.60.0%53.2%
๐Ÿ‡ป๐Ÿ‡บ Vanuatu$0.50.0%46.8%
๐Ÿ‡ฐ๐Ÿ‡ฒ Comoros$0.50.0%33.3%
๐Ÿ‡ธ๐Ÿ‡น Sรฃo Tomรฉ and Prรญncipe$0.40.0%58.5%
๐Ÿ‡ธ๐Ÿ‡ง Solomon Islands$0.40.0%22.2%
๐Ÿ‡ง๐Ÿ‡ณ Brunei Darussalam$0.30.0%2.3%
๐Ÿ‡ผ๐Ÿ‡ธ Samoa$0.30.0%36.2%
๐Ÿ‡น๐Ÿ‡ฑ Timor-Leste$0.30.0%16.4%
๐Ÿ‡ต๐Ÿ‡ผ Palau$0.20.0%85.4%
๐Ÿ‡น๐Ÿ‡ด Tonga$0.20.0%41.1%
๐Ÿ‡ซ๐Ÿ‡ฒ Micronesia$0.10.0%12.5%
๐Ÿ‡ฒ๐Ÿ‡ญ Marshall Islands$0.10.0%18.1%
๐Ÿ‡ณ๐Ÿ‡ท Nauru<$0.10.0%29.1%
๐Ÿ‡ฐ๐Ÿ‡ฎ Kiribati<$0.10.0%13.1%
๐Ÿ‡น๐Ÿ‡ป Tuvalu<$0.10.0%8.0%
๐Ÿ‡ฒ๐Ÿ‡ด Macao SAR<$0.10.0%0.0%
๐ŸŒ 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 worldโ€™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 debtโ€”debt owed to foreign lendersโ€”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 Canadaโ€™sโ€”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 currenciesโ€”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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