Top 10 countries with the highest government debt

According to the most recent data from the International Monetary Fund, government debt has reached an all-time high, surpassing $110.9 trillion in 2025. Although every country has some level of public debt, big economies shoulder the bulk of it. Using the International Monetary Fund’s most recent World Economic Outlook (October 2025), this ranking examines the top 10 countries with the highest general government gross debt in absolute dollar terms, and what explains their standing.
It needs to be noted that travel is also linked to a country’s economy and public expenditure. One cannot separate travel policy from these two factors. With global government debt expected to hit record levels, a handful of nations now dominate the world’s debt landscape. Data sourced from Visual Capitalist.

The United States continues to be the world’s biggest government borrower, holding slightly more than one-third of global public debt. Over the past year, the federal government added close to USD 2.9 trillion to the national debt, fuelled by ongoing fiscal deficits, higher interest payments and long-term spending obligations. Despite the scale of its borrowing, the country is still able to raise funds at relatively favourable rates, aided by the dollar’s status as the world’s dominant reserve currency.

China ranks second, with government debt standing at close to $18.7 trillion. Although this figure remains well below that of the United States, China recorded the fastest annual increase in public debt worldwide in 2025, expanding by 13.6%. Around $2.2 trillion was added in a single year, a surge largely fuelled by ongoing state-driven investment, the financing requirements of local governments, and measures aimed at stabilising the economy.

Japan has been a longtime outlier, with one of the highest debt levels compared to GDP, at around 230 percent, which is actually the highest among major economies. Its government debt totals to $9.83 trillion in absolute terms. As regarding the debt growth in 2025, it was modest, which was around $200 billion, or a bit more than 2%, allowing the burden relative to GDP to ease slightly.

The United Kingdom currently has approximately $4 trillion worth of public debt. Through many years of expanding the economy through fiscal policies, as well as borrowing during the pandemic, the national debt has witnessed a steady rise. Despite recent efforts to cut the national debt, the amount of borrowing is currently higher compared to the past.

France is close behind with $3.92 trillion in government debt. Structural spending on pensions, healthcare, and social welfare, alongside slower economic growth, has kept debt high. France remains one of Europe’s most indebted major economies, both in absolute and relative terms.

Italy’s owes $3.48 trillion, reflecting decades of high borrowing and weak growth. While debt accumulation has slowed recently, Italy still carries one of the heaviest debt burdens in the eurozone relative to the size of its economy.

The seventh position is held by India, having a government debt amounting to $3.36 trillion. Although the total debt is substantial on the one hand, it is justified by the scale of the world’s fastest-growing major economy on the other.

Germany’s government debt stands at $3.23 trillion. Despite its reputation for fiscal prudence, Germany ranks high due to the sheer size of its economy. Debt rose during economic support measures and energy-related spending, though Germany maintains relatively lower debt ratios than many of its peers.

The Canadian government’s debt amounts to $2.6 trillion, making it the ninth largest in the world. Debt levels have risen due to federal stimulus programs, provincial borrowing, and increased interest costs, although Canada’s fiscal outlook is still more robust than that of many other advanced economies.

With a total governmental debt of $2.06 trillion, Brazil is the concluding member of the top 10 involving governmental debts. Brazil has long been recognized as the leading economy in Latin America for many decades. The governmental debts of Brazil reflect the economic deficits, social expenditures, and the growth rate of the country.