Countries with the most government debt in 2026: Where India stands in the global rankings

The United States is projected to remain the world's most indebted government in 2026, with total government debt of $40.7 trillion, according to International Monetary Fund (IMF) projections. However, when debt is measured relative to the size of an economy, Japan tops the rankings with government debt equivalent to 204.4% of GDP, highlighting how debt rankings can change depending on the metric used.

The IMF projections compare the world's 30 most indebted governments using two measures—total debt in dollar terms and debt as a percentage of gross domestic product (GDP). While total debt reflects the overall size of government borrowings, debt-to-GDP provides a comparison against the size of a country's economy.

US tops total government debt rankings

The United States is projected to hold $40.74 trillion in government debt in 2026, more than the combined debt of China, Japan, the United Kingdom and France.

China ranks second with $22.29 trillion, followed by Japan at $8.95 trillion. The United Kingdom is projected to have $4.42 trillion in government debt, ahead of France ($4.26 trillion), Italy ($3.79 trillion) and Germany ($3.52 trillion).

India is projected to have $3.46 trillion in government debt in 2026, making it the eighth most indebted country in the world in absolute terms, according to IMF projections. However, India does not feature among the countries with the highest debt-to-GDP ratios, indicating that its debt burden is lower relative to the size of its economy than several advanced and emerging economies.

Canada follows with $2.78 trillion, while Brazil rounds out the top ten with $2.54 trillion.

Despite leading the world in total government debt, the United States ranks lower when debt is measured against the size of its economy. At around 125.8% of GDP, it trails countries including Japan, Singapore, Italy and Greece.

The source notes that the US also benefits from issuing the world's primary reserve currency, helping sustain global demand for dollar-denominated assets. US Treasury securities are widely regarded as among the world's safest investments.

Countries with the Most Government Debt (2026 Projections)

Rank	Country	Government Debt (US$ Billion)
1	United States	40,737
2	China	22,317
3	Japan	8,951
4	United Kingdom	4,418
5	France	4,257
6	Italy	3,791
7	Germany	3,523
8	India	3,467
9	Canada	2,761
10	Brazil	2,571
11	Spain	2,117
12	Mexico	1,317
13	Singapore	1,131
14	Australia	1,077
15	South Korea	1,048
16	Belgium	848
17	Poland	755
18	Netherlands	638
19	Indonesia	639
20	Austria	528
21	Russia	507
22	Israel	503
23	Argentina	488
24	Saudi Arabia	447
25	Switzerland	442
26	Greece	428
27	Türkiye	418
28	Thailand	387
29	South Africa	379
30	Egypt	374

Japan leads debt-to-GDP rankings

When debt is measured as a share of GDP, Japan remains a clear outlier. Its government debt is projected at 204.4% of GDP in 2026, the highest among the countries ranked.

Singapore follows with 171.9%, while Sudan ranks third at 169.1%. Bahrain's debt is projected at 152.4% of GDP, followed by Italy at 138.4% and Greece at 136.9%.

The United States ranks ninth with debt equivalent to 125.8% of GDP, while France stands at 118.4%, Canada at 110.7% and Belgium at 109.2%.

The data also notes that debt-to-GDP ratios alone do not indicate how much trust financial markets place in a government. Investors also consider factors such as a government's fiscal record, credit rating, political stability and access to financing.

Countries with the Highest Government Debt-to-GDP (2026 Projections)

Rank	Country	Debt (% of GDP)
1	Japan	204%
2	Singapore	172%
3	Sudan	169%
4	Bahrain	152%
5	Italy	138%
6	Greece	137%
7	Senegal	132%
8	Maldives	129%
9	United States	126%
10	Ukraine	123%
11	Bhutan	120%
12	Saint Vincent & the Grenadines	120%
13	France	118%
14	Canada	111%
15	Belgium	109%
16	China	107%
17	Mozambique	106%
18	Bolivia	103%
19	Dominica	98%
20	Spain	98%
21	Brazil	97%
22	Cabo Verde	96%
23	Finland	93%
24	Republic of the Congo	91%
25	Barbados	90%
26	Suriname	87%
27	Egypt	87%
28	Mauritius	87%
29	Gabon	86%

Europe's debt picture

Among Europe's largest economies, Greece and Italy both have government debt exceeding 135% of GDP. Italy's total government debt of $3.8 trillion is lower than the debt held by France and the United Kingdom, even though its debt-to-GDP ratio is higher.

France's debt stands at 118.4% of GDP, while the United Kingdom's is 104%. Spain's government debt is projected at $2.1 trillion, equivalent to about 98% of GDP, giving it a lower debt burden than several other major European economies.

Germany, meanwhile, is projected to hold $3.5 trillion in government debt in 2026—less than France, Italy and the UK. The IMF data notes that Germany has used a constitutional "debt brake" to limit structural deficits.

The projections show that while countries such as the United States and China dominate in terms of the absolute size of government debt, the rankings change considerably when debt is measured relative to economic output, with Japan remaining the world's most indebted country on a debt-to-GDP basis.