The chart below ranks government debt around the world. To put that in context, the US owes as much money as the next four countries with the highest debt including China ($14 trillion), Japan ($10.2 trillion), France ($3.1 trillion) and Italy ($2.9 trillion). Washington’s debt now stands at $31.4 trillion, raising further concerns about US government spending and borrowing costs. The United States has the world’s highest national debt with $30.1 trillion owed to creditors as of the first quarter of 2023. The IIF’s Global Debt Monitor covers 21 mature market economies including the eurozone as well as 30 emerging market countries.
Government debt represents the outstanding financial liabilities of a country, made up of different categories such as loans and debt securities. The IIF predicts that global debt will continue to rise as government borrowing remains high, affected by factors such as ageing populations, geopolitical tensions, increased costs of healthcare and disparities in climate finance. Of the $305 trillion of debt, corporations account for $161.7 trillion (53 percent), governments owe $85.7 trillion (28 percent) and individuals comprise $57.6 trillion (19 percent). Global debt is the total amount of money owed by corporations, governments and individuals around the world.
Global debt currently stands at $305 trillion, $45 trillion higher than before the COVID-19 pandemic, according to the Institute of International Finance (IIF) – a global association of the financial industry.
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