Top 20 Countries with the Largest Government Debt

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Top 20 Countries with the Largest Government Debt in 2025

1. United States – $38.3 Trillion
The United States continues to hold the largest government debt globally, surpassing $38 trillion this year. This substantial figure reflects ongoing fiscal challenges, increased military and infrastructure spending, and economic stimulus packages aimed at fostering recovery and growth amid fluctuating global markets. Many analysts warn that the mounting debt could impact future economic stability if not managed carefully.

2. China – $18.7 Trillion
China ranks second with a national debt of approximately $18.7 trillion. The country’s rapid economic growth over the past decades has contributed to its significant debt load, driven by infrastructure projects, corporate borrowing, and efforts to sustain internal economic expansion. Experts note that China’s debt-to-GDP ratio remains a concern for policymakers.

3. Japan – $9.8 Trillion
Japan’s debt levels continue to be among the highest in the world relative to its GDP, with a total debt of nearly $9.8 trillion. Persistent demographic issues, including an aging population, have necessitated expansive government spending and social programs, fueling its debt accumulation.

4. United Kingdom – $4.1 Trillion
Britain carries a debt totaling about $4.1 trillion, driven partly by post-Brexit economic adjustments and pandemic recovery efforts. The UK government has prioritized boosting infrastructure and public services, contributing to its high debt figures.

5. France – $3.9 Trillion
France’s government debt stands at approximately $3.9 trillion. Ongoing social programs and public sector investments, combined with economic slowdown factors, have sustained high fiscal deficits.

6. Italy – $3.5 Trillion
Italy’s debt of about $3.5 trillion has been a long-standing economic issue, exacerbated by slow growth and high public spending. The nation continues to grapple with balancing budget constraints and social welfare commitments.

7. Germany – $3.0 Trillion
Germany, Europe’s economic powerhouse, holds around $3 trillion in government debt. Its commitment to social stability and infrastructure development keeps debt levels high in the context of its robust economy.

8. India – $2.8 Trillion
India’s growing economy has led to a debt total of roughly $2.8 trillion. With infrastructure expansion and social spending priorities, India’s debt-to-GDP ratio remains manageable but steadily rising.

9. Canada – $2.4 Trillion
Canada’s government debt hovers around $2.4 trillion, bolstered by investments in social programs and infrastructure, along with pandemic-related spending.

10. Spain – $2.1 Trillion
Spain, recovering from economic upheavals, reports government debt of approximately $2.1 trillion. The nation continues to focus on economic reforms and social investments.

11. Brazil – $2.0 Trillion
Brazil’s debt levels, close to $2 trillion, reflect economic volatility, political uncertainty, and social welfare expenditure. Managing inflation and growth remains a priority.

12. South Korea – $1.8 Trillion
South Korea’s debt of about $1.8 trillion highlights heavy investments in technological sectors and social infrastructure to sustain its economic momentum.

13. Australia – $1.6 Trillion
Australia’s government debt, totaling approximately $1.6 trillion, supports healthcare, social security, and infrastructure, particularly in the wake of recent economic shifts.

14. Mexico – $1.1 Trillion
Mexico maintains a government debt of roughly $1.1 trillion—an essential factor for funding development projects and social programs amidst ongoing economic reforms.

15. Indonesia – $0.9 Trillion
Indonesia’s debt at approximately $0.9 trillion reflects its expanding economy, with investments aimed at infrastructure and social development.

16. Turkey – $0.8 Trillion
Turkey’s government debt of around $0.8 trillion underscores its focus on infrastructure, military, and economic resilience amid regional uncertainties.

17. Netherlands – $0.7 Trillion
The Netherlands maintains a debt level of about $0.7 trillion, supporting social welfare, environmental initiatives, and innovation.

18. Poland – $0.6 Trillion
Poland’s government debt stands at roughly $0.6 trillion, with investments tailored toward modernization and social programs.

19. Saudi Arabia – $0.4 Trillion
Saudi Arabia’s debt, near $0.4 trillion, is part of its economic diversification efforts under Vision 2030 to reduce reliance on oil revenues.

20. Russia – $0.4 Trillion
Russia’s government debt remains stable at around $0.4 trillion, with focus on strategic investments and maintaining fiscal discipline amid geopolitical tensions.

Figures are rounded and based on IMF data for the year 2025.
Understanding these debt levels provides insight into each country’s economic health and policy priorities.