The key facts

  • Countries are compared not by absolute debt but by its ratio to GDP; countries with populations under one million are not included in the ranking.
  • In the US, public debt is 126.8% of GDP; the federal government's net interest spending in 2026 could reach $1 trillion.
  • In Italy, debt is estimated at 137.9% of GDP; in Russia it is 19.3%, in Denmark 26.4% of GDP.

Debt is measured not in dollars, but as a percentage of GDP

An infographic by Visual Capitalist, prepared on the basis of the International Monetary Fund's World Economic Outlook report, compares countries by the ratio of public debt to GDP, rather than by its absolute size. States with populations of less than one million people were not included in the ranking. This approach makes it possible to compare economies of different scales: debt of hundreds of billions can be heavy for a small country and moderate for a large one.

Who owes more than they produce in a year

In the United States, public debt reaches 126.8% of GDP. According to the cited forecast, the federal government's net interest spending on debt servicing will reach one trillion dollars in 2026 and could more than double by 2036. In Europe, debt exceeds annual GDP in Italy, Greece, France, Belgium and the United Kingdom; in Italy the figure is estimated at 137.9%. In China, the debt-to-GDP ratio has exceeded 100%, which, as noted, is linked to the prolonged crisis in the real estate market and growing debt obligations of local authorities.

Why high debt does not always mean a problem

Singapore stands out from the rest: along with substantial debt obligations, the country holds significant financial assets, so an assessment of gross debt without taking assets into account does not give the full picture. Borrowed funds there are directed mainly toward investment and the development of the domestic government bond market, rather than toward financing current budget expenditures as in many other countries.

Countries with low debt burdens

In Denmark, public debt stands at 26.4% of GDP with government spending of about 44% of the size of the economy; the country ended 2025 with a budget surplus of 2.9% of GDP, which reduces the need for borrowing. In Russia, debt equals 19.3% of GDP; Taiwan and Hong Kong are also named among the economies with low debt burdens. The source emphasizes that a low figure does not always indicate financial health: for example, in Haiti debt is 10.5% of GDP, which is explained not only by small obligations but also by limited ability to attract loans and funds.