In terms of raw dollars, the country with the highest debt in the world is unquestionably the United States, whose national debt is more than twice that of any other country.
Norway is the country with the highest level of household debt based on OECD data followed by Denmark and the Netherlands.
The United States has the world's highest national debt with $30.1 trillion owed to creditors as of the first quarter of 2023.
According to usafacts.org, as of January 2023, Japan owned $1.1 trillion in US Treasuries, making it the largest foreign holder of the national debt.
An Associated Press analysis of a dozen countries most indebted to China — including Pakistan, Kenya, Zambia, Laos and Mongolia — found paying back that debt is consuming an ever-greater amount of the tax revenue needed to keep schools open, provide electricity and pay for food and fuel.
Australia also partners with the World Bank Group on specific development programs which support Australia's development policy priorities. Over the last five years, Australia's annual average contributions to the WBG (core and non-core) has been around USD400 million.
U.S. debt to China comes in the form of U.S. Treasuries, largely due to their safety and stability. Although there are worries about China selling off U.S. debt, which would hamper economic growth, doing so in large amounts poses risks for China as well, making it unlikely to happen.
Denmark. Denmark's state debt remains at its lowest levels despite the pandemic, Central Bank notes. Its debt has been shrinking due to a budget surplus in 2022.
A flurry of big spending packages and ballooning social welfare costs for a rapidly ageing population have left Japan with a debt pile 263% the size of its economy - double the ratio for the United States and the highest among major economies.
As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).
India takes the top spot. Its $39.7bn debt towards the WB recorded at the end of 2021 is double that of the next biggest debtor, Indonesia, with $19.6bn.
estimates China's total government debt is about $23 trillion, a figure that includes the hidden borrowing of thousands of financing companies set up by provinces and cities.
So if the U.S. cannot pay its creditors, interest rates on U.S. debt would go up, creating a cascade of higher interest rates. So mortgage rates, credit card rates, car loan rates. All would become more expensive. Finally, there is a real concern about the economy — that a default could spark a recession.
China External Debt reached 2,452.8 USD bn in Dec 2022, compared with 2,481.5 USD bn in the previous quarter. China External Debt: USD mn data is updated quarterly, available from Jun 2003 to Dec 2022. The data reached an all-time high of 2,746.6 USD bn in Dec 2021 and a record low of 182.6 USD bn in Jun 2003.
Top 10 territories that own the most U.S. debt
Japan owns the most at $1.1 trillion, followed by China, with $859 billion, and the United Kingdom at $668 billion.
Flashpoints that greatly contributed to the debt over the past 50 years include the wars in Iraq and Afghanistan, the 2008 financial crisis and the 2020 COVID-19 pandemic -- the latter two prompting sweeping stimulus measures from Congress that cost trillions of dollars.
Total public debt consists of borrowing on various levels: federal, state and municipality. While federal and municipal debt levels were up by the end of 2022, all but one of Germany's 16 states had lowered their debt obligations, by a total of 5% — €31.7 billion.
The countries issue bonds in exchange for the debt. However, owing to an insufficient cash inflow, the country often fails to pay back the principal amount as well as the interest amount of the loan to domestic or international creditors as well as organizations like the International Monetary Fund (IMF).
There is nearly $83 trillion in the total global money supply, $48.9 trillion of which is M1.
Bilateral debt is the money India owes to foreign governments. As on 31 March 2021, India had a total bilateral debt of $31.0 billion.
If the China bloc disposes of net foreign assets amounting to more than 20% of GDP by offloading US bloc bonds over 10 years, the IMF finds that the China bloc's domestic interest rates would fall by four basis points.
Yes, when China sells U.S. Treasuries in bond markets, that pushes the prices of bonds down generally. And cheaper prices for bonds means higher bond “yields,” or interest rates. So China's sales do piggyback onto similar sales by the Federal Reserve to implement its policy of raising short-term interest rates.
How much does Russia owe? About $40 billion US in foreign bonds, about half of that to foreigners.