Which country has the highest debt ranking? (2024)

Which country has the highest debt ranking?

From 20 economies analyzed, 11 have a debt-to-GDP ratio

of over 100%. At the top is Japan, whose national debt has remained above 100% of its GDP for two decades, reaching 255% in 2023.

Which country has highest debt in the world?

United States. The United States boasts both the world's biggest national debt in terms of dollar amount and its largest economy, which resolves to a debt-to GDP ratio of approximately 128.13%.

Is the US the highest in debt?

In December 2021, debt held by the public was estimated at 96.19% of GDP, and approximately 33% of this public debt was owned by foreigners (government and private). The United States has the largest external debt in the world.

How does US debt compare to other countries?

As of 2023, the United States' debt-to-GDP ratio is among the highest in the developed world, behind only Japan and Italy. However, the United States has long been the world's largest economy, with no record of defaulting on its debt. Moreover, the U.S. dollar has been the world's reserve currency since the 1940s.

What countries owe the US money?

Why is U.S. debt so high?

It began rising at a fast rate in the 1980's and was accelerated through events like the Iraq Wars and the 2008 Great Recession. Most recently, the debt made another big jump thanks to the pandemic with the federal government spending significantly more than it took in to keep the country running.

What country is the US most in debt to?

With $1.1 trillion in Treasury holdings, Japan is the largest foreign holder of U.S. debt.

Can US pay off its debt?

Under current policy, the United States has about 20 years for corrective action after which no amount of future tax increases or spending cuts could avoid the government defaulting on its debt whether explicitly or implicitly (i.e., debt monetization producing significant inflation).

Which countries are debt free?

What states are debt free?

The least indebted state is Oklahoma, according to the report, followed by Iowa and a tie for third with New Hampshire and Nebraska. The fifth best state in the category is Ohio. The next five best states, from best to worst, are Wyoming, Indiana, and Wisconsin, with Vermont and South Dakota tied in their ranking.

Who does US owe 31 trillion to?

Intragovernmental debt accounts for 26 percent or $5.9 trillion. The public includes foreign investors and foreign governments. These two groups account for 30 percent of the debt. Individual investors and banks represent 15 percent of the debt.

What state has the lowest debt?

“Idaho has the lowest per capita government debt in the nation, at $3,107.52, which accounts for 5.43% of the state's total GDP,” the report added. These numbers do not include the federal debt burden, which recently surpassed $100,000 per American, as The Center Square previously reported.

What is USA worth?

The financial position of the United States includes assets of at least $269 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP).

What happens if China dumps US bonds?

If China “dumped” USA treasuries, they would take a serious monetary loss. The price of the treasuries would drop, effective raising the return for those who bought the bonds.

Does the US owe money to anyone?

There are two kinds of national debt: intragovernmental and public. Intragovernmental is debt held by the Federal Reserve and Social Security and other government agencies. Public debt is held by the public: individual investors, institutions, foreign governments.

How much does Mexico owe USA?

On the other hand, Mexico holds about $34B of US debt. So if we were to make a balance, Mexico owes the US $134B, more or less, or about 8% of what it makes in a year.

Who does the US borrow money from?

Federal Borrowing

The federal government borrows money from the public by issuing securities—bills, notes, and bonds—through the Treasury. Treasury securities are attractive to investors because they are: Backed by the full faith and credit of the United States government.

Who do we owe the US debt to?

In total, other territories hold about $7.4 trillion in U.S. debt. Japan owns the most at $1.1 trillion, followed by China, with $859 billion, and the United Kingdom at $668 billion. In isolation, this $7.4 trillion amount is a lot, said Scott Morris, a senior fellow at the Center for Global Development.

What will happen if US debt keeps rising?

Rising debt reduces business investment and slows economic growth. It also increases expectations of higher rates of inflation and erosion of confidence in the U.S. dollar. The federal government should not allow budget imbalances to harm the economy and families across the country.

Which US city has the most debt?

With a population exceeding 8 million and a GDP rivaling that of many countries, New York City is a powerhouse of commerce and culture. However, it also carries a significant debt burden, with one of the highest debts per capita in the US.

Which country borrows the most money from World Bank?

India takes the top spot. Its $39.7bn debt towards the WB recorded at the end of 2021 is double that of the next biggest debtor, Indonesia, with $19.6bn.

Is China in more debt than the US?

Debt as a share of GDP has risen to about the same level as in the United States, while in dollar terms China's total debt ($47.5 trillion) is still markedly below that of the United States (close to $70 trillion). As for non-financial corporate debt, China's 28 percent share is the largest in the world.

Does debt go away after 7 years in USA?

According to the Fair Credit Reporting Act (FCRA), negative items can appear on your credit report for up to 7 years (and possibly more). These include items such as debt collections and late payments. The time frame begins from the original date of the delinquency (the date of the missed payment).

What happens if US don't pay debt?

The dollar is a global reserve currency and U.S. bonds are seen as one of the most stable investments on the planet. So if the U.S. cannot pay its creditors, interest rates on U.S. debt would go up, creating a cascade of higher interest rates. So mortgage rates, credit card rates, car loan rates.

What does the US spend the most money on?