From Japan to Switzerland: Who is carrying the biggest debt burden across the world?
In Luxembourg, corporate debt stood at 358.8% of GDP, compared with 61.2% for households and 26.4% for the government.
- Sep 10, 2026,
- Updated Sep 10, 2026 12:00 PM IST
Countries may have high debt for very different reasons. Luxembourg’s debt is driven largely by companies, Japan’s by the government, while Switzerland has the highest household debt, according to Q4 2025 data from the Bank for International Settlements (BIS), Visual Capitalist reported on Tuesday.
The BIS data, covering 43 major economies, measures credit to the non-financial sector as a share of GDP and shows how debt is distributed across governments, households and companies. Financial corporations are excluded from the figures.
Luxembourg had the highest combined debt-to-GDP ratio in the dataset at 446.4%, followed by Hong Kong at 406.5% and Japan at 369.5%. But the composition of that debt varies considerably.
In Luxembourg, corporate debt stood at 358.8% of GDP, compared with 61.2% for households and 26.4% for the government.
Hong Kong recorded government debt of 78.0% of GDP, household debt of 87.8% and corporate debt of 240.7%. Japan, meanwhile, had government debt of 194.5%, household debt of 61.1% and corporate debt of 113.9%.
Singapore ranked fourth, with total debt at 337.4% of GDP. Government debt accounted for 166.2%, while corporate debt stood at 127.2% and household debt at 44.0%.
Don't Miss: Singapore PM Lawrence Wong to earn ₹26.9 crore after 64% salary hike: How much do Modi, Trump, Xi earn?
France followed with total debt of 331.5% of GDP. Its government debt was 116.0%, household debt 59.7% and corporate debt 155.8%.
Canada ranked sixth, with its debt spread more evenly across all three sectors. Government debt stood at 100.2% of GDP, household debt at 100.6% and corporate debt at 118.3%, taking the combined figure to 319.1%.
The Netherlands ranked seventh at 304.5%, followed by China at 300.1%, Belgium at 282.6% and Norway at 276.9%.
Government debt
Government debt is particularly high across Southern Europe and East Asia.
Greece recorded government debt of 146.5% of GDP, followed by Italy at 137.1%. France stood at 116.0%, Spain at 100.7% and Portugal at 89.7%. Japan recorded 194.5%, while Singapore stood at 166.2%.
Singapore’s government debt figure, however, needs some context. By law, the proceeds of Singapore Government Securities cannot be spent on the budget. Most are issued to the national pension fund and invested, leaving the state with more assets than debt and a AAA credit rating.
Only three economies feature in the top 10 of more than one debt category: Canada, Hong Kong and Singapore.
Canada is particularly notable because its government, household and corporate sectors each carry debt roughly equivalent to a year of GDP. Its government debt was 100.2%, household debt 100.6% and corporate debt 118.3%.
Household debt
Household debt is concentrated in wealthy economies with expensive housing and well-developed mortgage markets.
Switzerland topped the household debt ranking at 123.0% of GDP, followed by Australia at 114.0%, Canada at 100.6%, the Netherlands at 93.8% and New Zealand at 91.1%.
Switzerland’s position is particularly notable because the country has one of Europe’s lowest homeownership rates.
For decades, Swiss tax law taxed homeowners on the imputed rental value of their homes while allowing them to deduct mortgage interest. This encouraged homeowners to maintain mortgages rather than pay them down.
Voters abolished that system in September 2025, with the change taking effect no earlier than 2028.
Canada had the highest household debt ratio among the G7 at 100.6%, well ahead of the UK at 73.6% and the US at 68.1%.
The US figure has also changed significantly over time. American households owed 98.4% of GDP at the end of 2007. By Q4 2025, the ratio had fallen to 68.1%, while US government debt stood at 116.4% of GDP.
Corporate debt
Corporate borrowing is particularly high in Northern Europe and economies that host multinational financing structures.
Luxembourg topped the corporate debt ranking at 358.8% of GDP, followed by Hong Kong at 240.7% and the Netherlands at 166.3%. France stood at 155.8% and Sweden at 146.8%.
These figures need to be read carefully. A high corporate debt-to-GDP ratio in these economies does not necessarily mean that locally operating companies are carrying debt several times the size of the economy.
Luxembourg, Hong Kong and the Netherlands are major locations for multinational holding companies and corporate treasury operations. Intragroup loans booked through these entities can push corporate debt sharply higher relative to the host economy’s GDP.
Ireland has a similar pattern. Corporate debt stood at 92.4% of GDP, while government debt was 32.8% and household debt was 23.8%.
China recorded corporate debt of 142.8% of GDP, reflecting borrowing by state-owned enterprises and property developers, alongside the country’s expanding bond market. China ranked sixth in the corporate debt category and was the only large emerging economy in the top 10.
What the numbers show
Looking at total debt alone can obscure where the actual borrowing sits.
Japan’s debt burden is largely concentrated with the government, while Switzerland stands out for household borrowing. Luxembourg’s exceptionally high overall ratio, meanwhile, is overwhelmingly driven by corporate debt.
That distinction matters because government, household and corporate debt carry different risks for an economy. A high overall debt ratio, therefore, does not necessarily tell the same story in every country.
Countries may have high debt for very different reasons. Luxembourg’s debt is driven largely by companies, Japan’s by the government, while Switzerland has the highest household debt, according to Q4 2025 data from the Bank for International Settlements (BIS), Visual Capitalist reported on Tuesday.
The BIS data, covering 43 major economies, measures credit to the non-financial sector as a share of GDP and shows how debt is distributed across governments, households and companies. Financial corporations are excluded from the figures.
Luxembourg had the highest combined debt-to-GDP ratio in the dataset at 446.4%, followed by Hong Kong at 406.5% and Japan at 369.5%. But the composition of that debt varies considerably.
In Luxembourg, corporate debt stood at 358.8% of GDP, compared with 61.2% for households and 26.4% for the government.
Hong Kong recorded government debt of 78.0% of GDP, household debt of 87.8% and corporate debt of 240.7%. Japan, meanwhile, had government debt of 194.5%, household debt of 61.1% and corporate debt of 113.9%.
Singapore ranked fourth, with total debt at 337.4% of GDP. Government debt accounted for 166.2%, while corporate debt stood at 127.2% and household debt at 44.0%.
Don't Miss: Singapore PM Lawrence Wong to earn ₹26.9 crore after 64% salary hike: How much do Modi, Trump, Xi earn?
France followed with total debt of 331.5% of GDP. Its government debt was 116.0%, household debt 59.7% and corporate debt 155.8%.
Canada ranked sixth, with its debt spread more evenly across all three sectors. Government debt stood at 100.2% of GDP, household debt at 100.6% and corporate debt at 118.3%, taking the combined figure to 319.1%.
The Netherlands ranked seventh at 304.5%, followed by China at 300.1%, Belgium at 282.6% and Norway at 276.9%.
Government debt
Government debt is particularly high across Southern Europe and East Asia.
Greece recorded government debt of 146.5% of GDP, followed by Italy at 137.1%. France stood at 116.0%, Spain at 100.7% and Portugal at 89.7%. Japan recorded 194.5%, while Singapore stood at 166.2%.
Singapore’s government debt figure, however, needs some context. By law, the proceeds of Singapore Government Securities cannot be spent on the budget. Most are issued to the national pension fund and invested, leaving the state with more assets than debt and a AAA credit rating.
Only three economies feature in the top 10 of more than one debt category: Canada, Hong Kong and Singapore.
Canada is particularly notable because its government, household and corporate sectors each carry debt roughly equivalent to a year of GDP. Its government debt was 100.2%, household debt 100.6% and corporate debt 118.3%.
Household debt
Household debt is concentrated in wealthy economies with expensive housing and well-developed mortgage markets.
Switzerland topped the household debt ranking at 123.0% of GDP, followed by Australia at 114.0%, Canada at 100.6%, the Netherlands at 93.8% and New Zealand at 91.1%.
Switzerland’s position is particularly notable because the country has one of Europe’s lowest homeownership rates.
For decades, Swiss tax law taxed homeowners on the imputed rental value of their homes while allowing them to deduct mortgage interest. This encouraged homeowners to maintain mortgages rather than pay them down.
Voters abolished that system in September 2025, with the change taking effect no earlier than 2028.
Canada had the highest household debt ratio among the G7 at 100.6%, well ahead of the UK at 73.6% and the US at 68.1%.
The US figure has also changed significantly over time. American households owed 98.4% of GDP at the end of 2007. By Q4 2025, the ratio had fallen to 68.1%, while US government debt stood at 116.4% of GDP.
Corporate debt
Corporate borrowing is particularly high in Northern Europe and economies that host multinational financing structures.
Luxembourg topped the corporate debt ranking at 358.8% of GDP, followed by Hong Kong at 240.7% and the Netherlands at 166.3%. France stood at 155.8% and Sweden at 146.8%.
These figures need to be read carefully. A high corporate debt-to-GDP ratio in these economies does not necessarily mean that locally operating companies are carrying debt several times the size of the economy.
Luxembourg, Hong Kong and the Netherlands are major locations for multinational holding companies and corporate treasury operations. Intragroup loans booked through these entities can push corporate debt sharply higher relative to the host economy’s GDP.
Ireland has a similar pattern. Corporate debt stood at 92.4% of GDP, while government debt was 32.8% and household debt was 23.8%.
China recorded corporate debt of 142.8% of GDP, reflecting borrowing by state-owned enterprises and property developers, alongside the country’s expanding bond market. China ranked sixth in the corporate debt category and was the only large emerging economy in the top 10.
What the numbers show
Looking at total debt alone can obscure where the actual borrowing sits.
Japan’s debt burden is largely concentrated with the government, while Switzerland stands out for household borrowing. Luxembourg’s exceptionally high overall ratio, meanwhile, is overwhelmingly driven by corporate debt.
That distinction matters because government, household and corporate debt carry different risks for an economy. A high overall debt ratio, therefore, does not necessarily tell the same story in every country.