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Biggest Government Debts by Country in 2026, Ranked
4 min read
Last updated November 13, 2026
New International Monetary Fund figures rank government debt by country for 2026. The United States leads the list, owing about $41.4 trillion in total.
Key Points
- China and Japan follow the United States in total government debt by country.
- Japan owes the most compared with the size of its economy among large nations.
- Across the world, government debt equals about 94.6 percent of yearly economic output.
Good to know. Government debt is money a country owes to lenders, including its own citizens and banks. It affects interest rates, taxes and public spending.
Government Debt by Country in 2026
Visual Capitalist ranked countries by total debt in a new chart this week. Its figures come from the International Monetary Fund.
The fund released its latest World Economic Outlook on October 13, 2026. Its debt numbers for 2026 are estimates, not final totals.
| Rank | Country | Debt in dollars | Debt as share of economy |
|---|---|---|---|
| 1 | United States | $41.4 trillion | 126.8% |
| 2 | China | $22.5 trillion | 104.4% |
| 3 | Japan | $8.7 trillion | 199.4% |
| 4 | United Kingdom | $4.4 trillion | 102.0% |
| 5 | France | $4.2 trillion | 118.5% |
| 6 | Italy | $3.7 trillion | 137.9% |
| 7 | Germany | $3.5 trillion | 64.6% |
| 8 | India | $3.4 trillion | 83.1% |
| 9 | Canada | $2.9 trillion | 115.6% |
| 10 | Brazil | $2.6 trillion | 97.0% |
Digieh checked each share against the fund’s debt data. We worked out dollar totals from the fund’s debt and economy size figures, rounded to one decimal.
Why the United States Leads
The United States has the world’s largest economy, so its debt is also the largest in dollars. Its debt equals about 126.8 percent of its yearly output.
The fund counts federal, state and local government debt together. The United States Treasury tracks federal debt alone, updating its Debt to the Penny data every business day.
199.4%Japan’s government debt compared with the size of its economy in 2026, according to International Monetary Fund data.
Debt Compared With Economy Size
Total dollars only tell part of the story. Economists also compare debt with a country’s yearly economic output.
By that measure, Japan stands out among big economies. Its debt is nearly twice the value of everything it produces in a year.
Some smaller countries rank even higher. Fund data shows Sudan at 334.4 percent, Singapore at 166.4 percent and Bahrain at 162.8 percent.
A high share does not always mean a crisis. Interest costs, growth and who holds the debt matter too.
How much do you worry about your country’s government debt?
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Where Pakistan and Other Economies Stand
Pakistan’s government debt equals about 69.8 percent of its economy, fund data shows. That works out to roughly $314 billion.
Spain owes about $2.0 trillion, which is 97.6 percent of its economy. Germany carries a lower share than most rich nations, at 64.6 percent.
Poorer nations face their own pressures. Our report on record developing country debt explains why interest bills are rising.
Why It Matters
When governments borrow more, they often pay more interest. That money cannot go to schools, roads or health care.
Heavy borrowing can also push up interest rates for everyone. That can raise the cost of mortgages, car loans and credit cards.
For savers, higher rates can mean better returns on cash. Our guide to high-yield savings accounts explains how they work.
This article is for information only and is not financial advice.
What to Watch Next
The fund usually updates its outlook each April and October. Budget plans and interest rates could change these numbers.
Thinking long term? Our beginner guide to index fund investing covers simple ways to grow savings.
Try this today. Look up your own country in the fund’s debt data. Compare its share with the world average of 94.6 percent.
Test Yourself
Which large economy has the highest debt compared with its size in 2026?
- United States
- Italy
- Japan
Japan’s debt equals about 199.4 percent of its economy, the highest among large nations.
Frequently Asked Questions
Which country has the most government debt in 2026?
The United States, with about $41.4 trillion based on fund figures.
Which country has the highest debt compared with its economy?
Sudan has the highest share in fund data, at 334.4 percent. Among large economies, Japan leads at 199.4 percent.
Is government debt the same as national debt?
People often use the terms the same way. The fund’s measure includes all levels of government, not just the national one.
The Bottom Line
The United States, China and Japan carry the biggest government debts in 2026. Japan stands out for debt compared with the size of its economy.
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Editor’s Note
This article is accurate as of November 13, 2026. Figures are fund estimates for 2026 and may change in future updates.
Spot an error in this article? Please contact us at support@digieh.com or read our Corrections Policy.
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