Hong Kong ranks first with total debt equal to 380% of GDP, followed by Japan at 372%The U.S. ranks seventh at 264%, led by government debt (123%) and corporate debt (73%
Hong Kong Tops the Ranking
With a total debt burden of 380%, Hong Kong has the world’s highest total debt. This small special administrative region (SAR) of China is highly developed and urbanized, counting roughly 7.5 million inhabitants
While its government debt is a relatively slim 67% and its total household debt of 86% hovers around global developed-country standards, Hong Kong’s corporate debt is a staggering 227% of GDP, making up nearly the entirety of its total debt burden.
The table below shows the total debt burden and breakdowns for household, corporate, and government debt to GDP:
Japan’s Government Debt Nears 200% of GDP
In contrast, Japan’s corporate debt (113%) is relatively in line with other OECD and developed peers; however, the government’s sprawling government debt of just shy of 200% of GDP is higher than many countries’ total debt burden.