Global ranking · 23 economies · World Bank data
Government Debt by Country 2026
23 economies ranked by government debt (% of GDP), 2026. Singapore leads at 167.8%. Free World Bank data — cite & download.
TL;DR — Singapore is the economy with the highest government debt (% of GDP) of the 23 ranked, at 167.8% (World Bank, 2024).
World Bank Open Data · World Bank Open Data · IMF World Economic Outlook · OECD Data | 23 entities | 968 words · 15 sections | data: CSV + JSON
Executive summary
This index ranks 23 of the world's largest economies by government debt (% of GDP), using World Bank Open Data for cross-country comparability, and goes beyond a single snapshot: it shows the nominal figure, a ten-year history, a regional breakdown and the biggest movers. Singapore leads at 167.8% (2024); United Arab Emirates is lowest among those ranked at 1.8%. Sweden is not in this ranking. As reference points, the EU stands at n/a, the OECD at n/a and the world at n/a. Every figure carries its World Bank series and reference year, and the complete dataset is free to download as CSV and JSON under a CC BY 4.0 licence.
Key findings
Singapore tops the ranking
Singapore has the highest government debt (% of GDP) among the 23 economies in this index at 167.8% (2024).
Source: World Bank Open Data · 2024 · confidence: High
Where Sweden ranks
Sweden is not in this ranking, above the OECD reference of n/a.
Source: World Bank Open Data · None · confidence: High
Top five
The five highest by government debt (% of GDP) are Singapore (167.8%), United Kingdom (130.7%), United States (115.8%), Spain (105.6%), South Africa (82.8%).
Source: World Bank Open Data · 2024 · confidence: High
Data vintage — August 2026
Figures reflect the most recent year available in the World Bank Open Data API for each economy (shown next to every value). This index of government debt as a share of GDP by country regenerates automatically as new data is published.
Overview
Government debt as a share of GDP is the standard gauge of a state's fiscal position — how large its accumulated borrowing is relative to the size of its economy. This index ranks countries by general-government debt-to-GDP where the World Bank reports it.
High debt is not automatically a crisis: what matters is the interest cost relative to growth, the currency the debt is issued in, and who holds it. Japan carries one of the world's highest debt ratios yet borrows cheaply in its own currency, while smaller emerging economies can face distress at far lower ratios.
What drives the ranking
Debt ratios rise when governments run persistent deficits, when growth is weak (shrinking the denominator), or when a crisis forces emergency spending. They fall through primary surpluses, faster nominal growth or, historically, inflation.
The sustainability of any given ratio depends on the gap between the interest rate a government pays and its economy's growth rate — the 'r minus g' that determines whether debt snowballs or stabilises.
What the data reveals
The field is moderately spread at the top: the leader, Singapore, at 167.8% is about 2.7× the median of 61.9% across the 23 economies, and 1.28× the second-placed United Kingdom. In other words, government debt (% of GDP) varies widely but without an extreme outlier.
The spread is wide: the upper quartile of economies clusters around 82.0% and the lower quartile around 46.5%, while the leader Singapore is 93.1× the lowest-ranked United Arab Emirates (1.8%). The quartile split is a cleaner read on typical government debt (% of GDP) than a simple average, which a few extreme values can distort.
Top 5 vs bottom 5
The five highest and five lowest economies on government debt (% of GDP) side by side — the clearest snapshot of the range across the 23 ranked economies.
| Top 5 | Value | Bottom 5 | Value |
|---|---|---|---|
| 1. Singapore | 167.8% | 19. Philippines | 43.4% |
| 2. United Kingdom | 130.7% | 20. Turkiye | 26.6% |
| 3. United States | 115.8% | 21. Switzerland | 22.3% |
| 4. Spain | 105.6% | 22. Russia | 17.9% |
| 5. South Africa | 82.8% | 23. United Arab Emirates | 1.8% |
Limitations & notes
This ranking uses the latest year each economy reports to the World Bank; reporting lags differ, so some countries carry data a year or two older than others (see the year column in the full table). It measures government debt (% of GDP) as the source defines it — not its causes, quality, or wider welfare implications, and not any single 'best' outcome. Every figure is an official World Bank series, not an Affärslivet estimate; the complete dataset with per-country years and sources is free to download and reproduce below.
How it has changed over time
The chart tracks government debt (% of GDP) for Singapore (the current leader) against Sweden over the past decade; the table below shows the top economies year by year.
| Country | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Singapore | 108.8% | 110.4% | 127.9% | 150.8% | 147.8% | 152.5% | 173.6% | 167.8% |
| United Kingdom | 160.1% | 156.8% | 159.0% | 194.7% | 183.8% | 138.2% | 136.1% | 130.7% |
| United States | 97.2% | 98.6% | 100.2% | 124.5% | 118.3% | 112.7% | 114.7% | 115.8% |
| Spain | 106.6% | 107.2% | 111.3% | 139.0% | 132.5% | 109.0% | 107.4% | 105.6% |
| South Africa | 56.3% | 59.1% | 64.6% | 75.7% | 74.1% | 76.2% | 79.4% | 82.8% |
| Hungary | 93.8% | 88.0% | 84.6% | 97.3% | 88.7% | 78.0% | 82.4% | 82.0% |
| Brazil | 83.7% | 86.6% | 92.6% | 98.7% | 85.0% | 79.1% | 83.0% | 81.9% |
| Iceland | 89.2% | 80.7% | 89.0% | 98.5% | 94.3% | 85.1% | 80.1% | — |
By region
Median government debt (% of GDP) by world region among the ranked economies. Regional medians reveal patterns the country ranking alone can hide.
| Region | Economies | Median | Highest | Lowest |
|---|---|---|---|---|
| Europe | 7 | 80.1% | 130.7% | 17.9% |
| Asia-Pacific | 8 | 54.9% | 167.8% | 43.4% |
| Americas | 5 | 71.2% | 115.8% | 50.3% |
| Middle East & Africa | 3 | 26.6% | 82.8% | 1.8% |
Biggest movers
The largest changes in government debt (% of GDP) over the available window — where the action has been.
| Country | Change | Δ | Period |
|---|---|---|---|
| Singapore | 127.9% → 167.8% | +39.9% | 2019–2024 |
| United Kingdom | 159.0% → 130.7% | -28.2% | 2019–2024 |
| Thailand | 38.6% → 61.9% | +23.2% | 2019–2024 |
| New Zealand | 32.8% → 52.0% | +19.2% | 2019–2024 |
| South Africa | 64.6% → 82.8% | +18.2% | 2019–2024 |
| United States | 100.2% → 115.8% | +15.5% | 2019–2024 |
| Malaysia | 52.4% → 64.6% | +12.1% | 2019–2024 |
| Ukraine | 70.3% → 58.7% | -11.5% | 2015–2020 |
Full ranking — 23 economies
Complete ranking by government debt (% of GDP), most recent World Bank data, with world region. Region aggregates (EU, OECD, World) appear in the At-a-glance box as reference points.
| # | Country | Government Debt (% Of Gdp) | Region | Year |
|---|---|---|---|---|
| 1 | Singapore | 167.8% | Asia-Pacific | 2024 |
| 2 | United Kingdom | 130.7% | Europe | 2024 |
| 3 | United States | 115.8% | Americas | 2024 |
| 4 | Spain | 105.6% | Europe | 2024 |
| 5 | South Africa | 82.8% | Middle East & Africa | 2024 |
| 6 | Hungary | 82.0% | Europe | 2024 |
| 7 | Brazil | 81.9% | Americas | 2024 |
| 8 | Iceland | 80.1% | Europe | 2023 |
| 9 | Colombia | 71.2% | Americas | 2024 |
| 10 | Malaysia | 64.6% | Asia-Pacific | 2024 |
| 11 | Canada | 64.1% | Americas | 2024 |
| 12 | Thailand | 61.9% | Asia-Pacific | 2024 |
| 13 | Ukraine | 58.7% | Europe | 2020 |
| 14 | Australia | 57.9% | Asia-Pacific | 2022 |
| 15 | New Zealand | 52.0% | Asia-Pacific | 2024 |
| 16 | Mexico | 50.3% | Americas | 2024 |
| 17 | South Korea | 47.8% | Asia-Pacific | 2024 |
| 18 | India | 46.5% | Asia-Pacific | 2018 |
| 19 | Philippines | 43.4% | Asia-Pacific | 2014 |
| 20 | Turkiye | 26.6% | Middle East & Africa | 2024 |
| 21 | Switzerland | 22.3% | Europe | 2024 |
| 22 | Russia | 17.9% | Europe | 2024 |
| 23 | United Arab Emirates | 1.8% | Middle East & Africa | 2013 |
Scoreboard (machine-readable data)
Every headline indicator with its value, period, source and confidence. Free to reuse under CC BY 4.0.
| Indicator | Value | Period | Source | Conf. |
|---|---|---|---|---|
| Singapore | 167.8 % | 2024 | World Bank Open Data | High |
| United Kingdom | 130.74 % | 2024 | World Bank Open Data | High |
| United States | 115.77 % | 2024 | World Bank Open Data | High |
| Spain | 105.64 % | 2024 | World Bank Open Data | High |
| South Africa | 82.76 % | 2024 | World Bank Open Data | High |
| Hungary | 81.99 % | 2024 | World Bank Open Data | High |
| Brazil | 81.86 % | 2024 | World Bank Open Data | High |
| Iceland | 80.09 % | 2023 | World Bank Open Data | High |
| Colombia | 71.2 % | 2024 | World Bank Open Data | High |
| Malaysia | 64.57 % | 2024 | World Bank Open Data | High |
| Canada | 64.13 % | 2024 | World Bank Open Data | High |
| Thailand | 61.86 % | 2024 | World Bank Open Data | High |
| Ukraine | 58.72 % | 2020 | World Bank Open Data | High |
| Australia | 57.88 % | 2022 | World Bank Open Data | High |
| New Zealand | 51.99 % | 2024 | World Bank Open Data | High |
| Mexico | 50.27 % | 2024 | World Bank Open Data | High |
| South Korea | 47.81 % | 2024 | World Bank Open Data | High |
| India | 46.52 % | 2018 | World Bank Open Data | High |
| Philippines | 43.43 % | 2014 | World Bank Open Data | High |
| Turkiye | 26.62 % | 2024 | World Bank Open Data | High |
| Switzerland | 22.28 % | 2024 | World Bank Open Data | High |
| Russia | 17.85 % | 2024 | World Bank Open Data | High |
| United Arab Emirates | 1.8 % | 2013 | World Bank Open Data | High |
Methodology & verification
Economies are ranked by government debt (% of GDP) using the World Bank Open Data API, which harmonises national statistics for cross-country comparison. Each value is the most recent year available for that economy, shown alongside the figure; the trend table uses each economy's reported history. Economies with no reported value are omitted rather than estimated. Region aggregates (EU, euro area, OECD, World) are reference points, not ranked. The World Bank reports general-government debt for a limited set of countries, so this ranking is not exhaustive; definitions (gross vs net, general vs central government) vary and affect comparability. Confidence: High (official multilateral source).
Data dictionary
| Field | Type | Description |
|---|---|---|
| metric | string | World Bank indicator code : country ISO3 |
| label | string | Country name |
| value | number | government debt (% of GDP) value |
| unit | string | % |
| period | string | Reference year |
| geography | string | Country |
| source_url | string | World Bank indicator page |
Frequently asked questions
Which country has the highest government debt (% of GDP)?
Singapore, at 167.8% (2024). Source: World Bank Open Data.
Where does Sweden rank by government debt (% of GDP)?
Sweden is not in this ranking. Source: World Bank.
What are the top five by government debt (% of GDP)?
Singapore (167.8%), United Kingdom (130.7%), United States (115.8%), Spain (105.6%), South Africa (82.8%). Source: World Bank.
How is government debt (% of GDP) defined?
Government debt (% of GDP), as reported by the World Bank. See the methodology and glossary for details.
How many economies are ranked?
23 of the world's largest economies, plus the EU, OECD and World aggregates as reference points.
What is the caveat with this metric?
The World Bank reports general-government debt for a limited set of countries, so this ranking is not exhaustive; definitions (gross vs net, general vs central government) vary and affect comparability.
Where does the data come from?
The World Bank Open Data API, which harmonises national statistics for cross-country comparison. Every figure shows its reference year and links to its World Bank indicator page.
How current is it, and how often does it update?
Each figure is the latest year the World Bank reports for that economy. The index regenerates automatically as new data is released.
Can I download this ranking?
Yes — the full ranking is available as CSV and JSON under a CC BY 4.0 licence, free to reuse with attribution to Affärslivet.
Which countries rank in the top 5 of the Government Debt by Country?
The top five are Singapore, United Kingdom, United States, Spain and South Africa, based on the Government Debt by Country (Affärslivet, 2026-08-19).
How many countries are ranked in the Government Debt by Country?
23 economies are included in the Government Debt by Country (2026-08-19). Full data is free to download as CSV or JSON under CC BY 4.0.
Glossary
- Government Debt (% Of Gdp)
- Government debt (% of GDP) — as reported by the World Bank. ↗
- World Bank Open Data
- A free, authoritative database of harmonised economic indicators for every country. ↗
- Purchasing-power parity (PPP)
- A conversion that equalises the price of a comparable basket of goods across countries, so output and incomes can be compared in real terms rather than at market exchange rates. ↗
- Nominal (current US$)
- A value converted at prevailing market exchange rates and not adjusted for differences in price levels. ↗
- GNI per capita
- Gross national income per person — like GDP per capita but including net income earned abroad; useful where cross-border corporate flows are large. ↗
- Reference year
- The year a figure applies to; it can differ across countries because national statistics are published on different schedules. ↗
- Region aggregate
- A World Bank grouping (e.g. European Union, OECD, World) whose value is a weighted regional total or average, shown here for reference rather than ranked. ↗
Embed & cite this report
Free to reuse under CC BY 4.0. Embed the live-updating widget on your site, or cite the report directly — always with attribution to Affärslivet.
Embed (HTML) — auto-updating
<iframe src="https://xn--affrslivet-s5a.com/en/embed/government-debt-by-country" width="100%" height="520" style="border:1px solid #e3e3e6" title="Government Debt by Country 2026 — Affärslivet" loading="lazy"></iframe> <p style="font:12px sans-serif">Source: <a href="https://xn--affrslivet-s5a.com/en/reports/government-debt-by-country">Affärslivet</a></p>
APA
Affärslivet Research. (2026). Government Debt by Country 2026. Affärslivet. Version 1.1. https://xn--affrslivet-s5a.com/en/reports/government-debt-by-country
MLA
Affärslivet Research. "Government Debt by Country 2026." Affärslivet, 2026-07-01, https://xn--affrslivet-s5a.com/en/reports/government-debt-by-country.
BibTeX
@techreport{affarslivet_government_debt_by_country,
title = {Government Debt by Country 2026},
author = {{Affärslivet Research}},
year = {2026},
note = {Version 1.1},
url = {https://xn--affrslivet-s5a.com/en/reports/government-debt-by-country}
} License CC BY 4.0 — free to cite, embed and republish with attribution to Affärslivet. Data also as CSV / JSON.