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The $150T Global Debt Market

Published

September 29, 2025 6:33 am

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By

Jenna Ross

Editing

  • Julia Wendling

Design

  • Jennifer West

The following content is sponsored by Terzo

The $150T Global Debt Market

Key Takeaways

  • Global non-household debt climbed to $150T in Q1 2025.
  • U.S. governments and institutions account for the largest share, at $58.8T (39%).
  • China follows with $26.1T, while Japan ranks third at $11.1T.

Non-household debt across the world continues to climb, reaching $150 trillion in Q1 2025. Which countries carry the heaviest burdens?

This Markets in a Minute graphic, created in partnership with Terzo, breaks down the monumental global non-household debt market.

Global Debt Levels Are on the Rise

In the first quarter of 2025, the worldwide debt market reached $150 trillion—a striking figure given that the World Bank estimates global GDP in 2024 at just $111 trillion, nearly $40 trillion less. Debt levels are also up nearly 6% from Q1 2024, when they stood at $142 trillion. 

Driving this increase are lingering pandemic-related spending needs, heightened defense expenditures amid geopolitical tensions, and fiscal measures aimed at jumpstarting sluggish economic growth. 

Which Countries Carry the Heaviest Debt Burdens?

The vast majority of the world’s top debt holders are Developed Markets. In fact, 14 of the countries on our list fall into this category, while only three (China, Brazil, and Mexico) are classified as Emerging Markets.

The U.S. holds the largest share of global non-household debt at $58.8 trillion (39%). Of this, government borrowing makes up the bulk ($31.8 trillion), followed by debt from financial corporations ($18.1 trillion) and non-financial corporations ($8.7 trillion).

Country Total Debt ($ trillions)
U.S. 58.8
China 26.1
Japan 11.1
France 6.5
UK 6.3
Germany 4.7
Canada 4.3
Italy 3.8
Brazil 3.1
Netherlands 2.5
South Korea 2.5
Spain 2.4
Australia 2.4
Mexico 1.2
Luxembourg 1.0
Ireland 1.0
Belgium 1.0
Other 11.0

China ranks second with $26.1 trillion and Japan third with $11.1 trillion, both driven primarily by government debt. France ($6.5 trillion) and the UK ($6.3 trillion) complete the top five.

Informed Investing

For investors, it’s crucial to understand which countries are driving the surge in non-household debt. High debt levels can create vulnerabilities that shape growth prospects and drive fiscal and monetary policy decisions on taxation, spending, and interest rates. They also influence the stability of financial markets worldwide.

Stay in tune with your company’s spending with Terzo’s AI-powered financial platform.

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