Ranked: Countries With the Most Debt Per Person

Which Countries Have the Most Debt Per Person?

Global borrowing extends far beyond government budgets. Mortgages, business loans, and corporate bonds all contribute to the trillions of dollars owed across the world’s economies.

This visualization by Valerii Emelianov ranks 39 economies by debt per resident, combining borrowing by governments, households, and non-financial companies.

The figures use Q1 2026 data from the Bank for International Settlements’ Credit to the Non-Financial Sector, divided by population estimates from the UN World Population Prospects 2024.

Which Countries Have the Most Debt Per Person?

The following table uses Q1 2026 data:

Rank	Country	Debt Per Person ($)
		Household	Government	Corporate (Non-Financial)	Total Debt
1	Switzerland	153,138	31,994	157,108	342,240
2	Norway	88,108	48,775	136,973	273,856
3	Netherlands	69,724	29,973	124,460	224,157
4	United States	60,103	99,103	64,826	224,032
5	Denmark	65,957	20,070	109,337	195,365
6	Canada	58,021	56,323	68,910	183,254
7	Sweden	54,142	22,484	101,633	178,259
8	Belgium	35,895	63,541	73,687	173,123
9	France	30,627	56,669	80,440	167,736
10	Australia	83,473	37,381	45,140	165,995
11	Finland	35,894	48,682	64,903	149,479
12	Israel	29,932	52,473	52,051	134,456
13	Austria	27,036	49,837	55,722	132,595
14	United Kingdom	42,202	50,267	32,455	124,923
15	Germany	30,146	36,936	54,660	121,741
16	Japan	20,947	60,496	38,896	120,339
17	New Zealand	44,463	26,154	33,968	104,585
18	Italy	15,932	60,895	25,877	102,704
19	Spain	17,492	40,542	31,632	89,667
20	South Korea	30,173	15,910	37,697	83,781
21	Portugal	18,684	30,596	25,618	74,898
22	Greece	10,930	41,923	17,252	70,105
23	Czechia	12,232	16,331	21,136	49,699
24	Hungary	5,173	20,619	19,633	45,424
25	China	8,367	14,700	21,316	44,384
26	Saudi Arabia	11,636	11,805	17,118	40,558
27	Poland	6,208	16,939	9,838	32,984
28	Chile	8,114	7,677	16,254	32,045
29	Malaysia	9,693	9,105	12,462	31,261
30	Russia	3,897	3,571	15,494	22,962
31	Brazil	4,414	10,668	6,341	21,423
32	Thailand	7,065	4,893	5,642	17,599
33	Argentina	798	10,800	3,021	14,619
34	Mexico	2,584	7,447	3,151	13,182
35	Türkiye	1,748	3,939	6,736	12,423
36	Colombia	2,445	6,285	2,776	11,506
37	South Africa	2,353	5,506	2,344	10,204
38	India	1,226	2,085	1,398	4,708
39	Indonesia	760	2,027	1,225	4,012

Switzerland’s $342,000 per-person total is roughly 25% higher than Norway’s $274,000, the second-highest figure. The Netherlands narrowly outranks the United States, with just $125 separating their per-resident totals.

The gap between the top and bottom of the ranking is enormous. India’s $4,700 and Indonesia’s $4,000 per resident are less than 2% of Switzerland’s figure.

Why Do Wealthy Countries Have More Debt?

Advanced economies dominate the upper rankings, reflecting deeper credit markets, higher property values, and greater access to financing.

Switzerland’s position is particularly striking because government borrowing represents less than 10% of its total. Non-financial corporate debt accounts for roughly $157,000 per resident, while household debt contributes another $153,000.

The United States has a different profile. Government debt accounts for approximately 44% of its $224,000 per-person total, compared with just 9% in Switzerland. This illustrates how countries can have very different borrowing patterns.

Does Higher Debt Mean Greater Financial Risk?

Higher debt does not necessarily translate to greater financial risk. Debt per resident measures the size of outstanding obligations, not whether borrowers can repay them.

Japan, for example, ranks 16th by debt per person at $120,000 but first among these 39 economies by debt relative to GDP. China ranks 25th per person at $44,000, yet fourth by debt-to-GDP.

Borrowing costs also matter. Countries paying more interest on government debt may face greater fiscal pressure even with lower debt balances.

Why Debt Per Person Doesn’t Tell the Whole Story

Debt per person offers a useful snapshot of borrowing across economies, but it doesn’t account for differences in income, assets, or repayment capacity.

A country with high household borrowing may also have expensive housing and substantial household wealth. Similarly, large corporate debt balances can reflect extensive business investment and access to deep financial markets.

For a fuller picture, debt-to-GDP ratios, borrowing costs, and balance-sheet assets all matter. The OECD’s household debt indicator and IMF debt statistics provide additional context for comparing financial conditions across countries.

Learn More on the Voronoi App

For a closer look at public borrowing specifically, explore Ranked: Countries With the Most Government Debt Per Person on Voronoi.

• Source: https://www.visualcapitalist.com/cp/ranked-countries-with-the-most-debt-per-person/