Which Countries Have the Most Government Debt in 2026?
Key Takeaways
- Sudan has the highest government debt in 2026, at 334.4% of GDP, followed by Japan at 199.4%.
- The U.S. sits at 126.8%, while China’s debt has climbed from 59.9% in 2019 to 104.4% in 2026.
- Denmark’s debt is just 26.4% of GDP, roughly one-fifth the U.S. level despite its large public sector.
Government debt now exceeds annual economic output in many of the world’s largest economies. Yet the gap between the most and least indebted countries remains enormous, reflecting differences in borrowing, economic conditions, and public finances.
This graphic ranks countries by gross government debt as a share of GDP in 2026, using data from the IMF’s latest World Economic Outlook. Economies with fewer than one million people are excluded.
The World’s Most Indebted Countries
At the top of the ranking, Sudan’s government debt is estimated at 334.4% of GDP, far above every other country. Japan follows at 199.4%, while Singapore ranks third at 166.4%.
| Rank | Country | Debt as a Share of GDP (2026) |
|---|---|---|
| 1 | Sudan | 334.4% |
| 2 | Japan | 199.4% |
| 3 | Singapore | 166.4% |
| 4 | Bahrain | 162.8% |
| 5 | Lebanon | 139.4% |
| 6 | Italy | 137.9% |
| 7 | Greece | 136.0% |
| 8 | U.S. | 126.8% |
| 9 | Libya | 125.2% |
| 10 | France | 118.5% |
| 11 | Canada | 115.6% |
| 12 | Ukraine | 111.8% |
| 13 | Belgium | 109.8% |
| 14 | China | 104.4% |
| 15 | UK | 102.0% |
| 16 | Bolivia | 100.2% |
| 17 | Spain | 97.6% |
| 18 | Brazil | 97.0% |
| 19 | Sri Lanka | 95.2% |
| 20 | Mozambique | 91.0% |
Singapore’s position may be surprising. Unlike many highly indebted governments, Singapore holds substantial financial assets alongside its liabilities. Its borrowing is largely used for investment and domestic debt-market development rather than funding routine spending.
China’s government debt is estimated to have crossed 100% of GDP for the first time, amid a prolonged property downturn and mounting local-government liabilities.
The U.S. carries an even larger debt burden at 126.8% of GDP. Federal net interest payments are projected to reach $1 trillion in 2026 and are forecast to more than double by 2036.
Across Europe, five major economies exceed 100% of GDP: Italy, Greece, France, Belgium, and the UK. Italy leads the group at 137.9%, among the highest ratios in the developed world.
The World’s Least Indebted Countries
Several wealthy economies rank among the least indebted, including Denmark, Taiwan, and Hong Kong.
Denmark’s debt stands at just 26.4% of GDP, despite government spending accounting for about 44% of its economy. A 2.9% budget surplus in 2025 helped keep borrowing needs low.
| Rank | Country | Debt as a Share of GDP (2026) |
|---|---|---|
| 1 | Turkmenistan | 2.9% |
| 2 | Haiti | 10.5% |
| 3 | Timor-Leste | 13.9% |
| 4 | Hong Kong SAR | 14.1% |
| 5 | Azerbaijan | 16.5% |
| 6 | Kosovo | 18.1% |
| 7 | Puerto Rico | 18.2% |
| 8 | Tajikistan | 18.3% |
| 9 | Russia | 19.3% |
| 10 | Taiwan | 21.1% |
| 11 | Türkiye | 22.5% |
| 12 | DR Congo | 23.7% |
| 13 | Kazakhstan | 23.8% |
| 14 | Cambodia | 25.1% |
| 15 | Denmark | 26.4% |
| 16 | Kuwait | 26.6% |
| 17 | Estonia | 27.5% |
| 18 | Guatemala | 27.5% |
| 19 | Uzbekistan | 27.6% |
| 20 | Vietnam | 28.3% |
However, low debt does not necessarily signal fiscal strength. Haiti’s ratio is just 10.5%, illustrating how limited access to credit and borrowing capacity can also produce very low debt levels.
Ultimately, a government’s ability to manage its debt depends not only on how much it owes, but also on its assets, borrowing costs, and economic growth. As interest costs rise, heavily indebted economies face increasingly difficult trade-offs between servicing past borrowing and funding future growth.
Learn More on the Voronoi App
To learn more about this topic, explore this graphic showing the countries with the most government debt per person.