Countries With the Lowest Debt to GDP in 2025
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Key Takeaways
- Asia holds nine of the top 20 countries or jurisdictions with the lowest debt-to-GDP ratios in the world.
- Kuwait has the lowest debt in the Middle East, while Liechtenstein is the least debt-burdened in Europe.
While global debt stands at 94.7% of GDP in 2025, some countries are managing to avoid this systemic burden.
Asia, for instance, is home to several countries with the lowest debt worldwide. In many ways, these are small economies with shrinking debt burdens and stable growth. In Europe, Liechtenstein is a clear outlier, with a debt-to-GDP ratio of just 0.5%.
This graphic shows the countries (and some other jurisdictions) with the lowest government debt ratios in 2025, based on data from the IMF’s latest World Economic Outlook.
The Top 20 Countries With the Lowest Debt
Below, we show which countries have a debt-to-GDP ratio of less than 25%:
| Rank | Country | Government Gross Debt % of GDP in 2025 |
Region |
|---|---|---|---|
| 1 |  Macao SAR |
0.0 | Asia |
| 2 |  Liechtenstein |
0.5 | Europe |
| 3 |  Brunei Darussalam |
2.3 | Asia |
| 4 |  Tuvalu |
3.6 | Oceania |
| 5 |  Turkmenistan |
3.9 | Asia |
| 6 |  Kuwait |
7.3 | Middle East |
| 7 |  Kiribati |
8.7 | Oceania |
| 8 |  Hong Kong SAR |
11.7 | Asia |
| 9 |  Haiti |
11.8 | Latin America and Caribbean |
| 10 |  Timor-Leste |
13.9 | Asia |
| 11 |  Nauru |
15.0 | Oceania |
| 12 |  Kosovo |
17.6 | Europe |
| 13 |  DRC |
19.1 | Africa |
| 14 |  Samoa |
20.9 | Oceania |
| 15 |  Tajikistan |
22.0 | Asia |
| 16 |  Azerbaijan |
22.4 | Asia |
| 17 |  Russia |
23.1 | Europe |
| 18 |  Taiwan |
23.4 | Asia |
| 19 |  Solomon Islands |
23.7 | Oceania |
| 20 |  Türkiye |
24.3 | Asia |
As the world’s biggest gambling hub, Macao SAR has zero debt, bolstered by billions in gaming revenue and healthy financial reserves.
Liechtenstein ranks in second, with virtually no debt and the only country in Europe ranking in the top 10. As a financial center, it had more job postings than its total population in early 2025. Similarly, the number of corporate entities outnumbers its residents, which stands around 41,000.
Ranking in sixth is Kuwait, with a debt-to-GDP ratio of 7.3%. In 2024, the oil-rich country generated about $70 billion in oil revenues, equal to roughly 80% of government revenues.
Like Kuwait, Russia’s debt position has been boosted by its oil exports, despite Western sanctions. With debt standing at 23.1% of GDP in 2025, Russia’s wartime economy has surprisingly prospered, driven by tight fiscal policies and ample foreign exchange reserves.
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To learn more about this topic, check out this graphic on government debt to GDP around the world.
