By total amount, the United States has the most national debt in the world — about $39 trillion. But measured against the size of its economy, Japan is the most indebted, with debt above 200% of GDP. The two measures tell very different stories.
Which countries have the most national debt?
There are two ways to rank national debt, and they produce different leaders. By the total dollar amount, the United States owes far more than any other country. By debt as a share of the economy — which shows how heavy the burden is — Japan tops the list. Both matter.
By total debt (US dollars)
| Rank | Country | Government debt |
|---|---|---|
| 1 | United States | ~$39 trillion |
| 2 | China | ~$15 trillion |
| 3 | Japan | ~$8.4 trillion |
| 4 | United Kingdom | ~$3.7 trillion |
| 5 | Italy | ~$3.2 trillion |
| 6 | France | ~$3.0 trillion |
| 7 | Germany | ~$2.1 trillion |
Source: US Treasury (US figure) and IMF general government gross debt (others), 2026.
By debt as a share of GDP
Size of the economy changes the picture entirely. Japan’s debt is around 204% of its GDP — the highest of any major economy — followed by Italy (~138%), Greece (~137%), the United States (~126%) and France (~118%). The IMF says 23 countries now owe more than 100% of their annual output. A high ratio matters because it signals how hard the debt is to service relative to what the country earns.
Key takeaways
- The US has the most national debt by amount, about $39 trillion.
- Japan has the highest debt relative to its economy, over 200% of GDP.
- Total global debt across all sectors has reached about $348 trillion (IIF).
- Debt is the accumulated total of past deficits, not a single year’s shortfall.
Debt versus deficit
The two terms are often confused. A deficit is the gap in a single year between what a government spends and what it collects. Debt is the running total of all past deficits added together. Each yearly deficit adds to the debt stock — the United States, for example, added roughly $3 trillion to its debt in a single recent year. Worldwide, total debt across governments, companies and households has climbed to about $348 trillion (Institute of International Finance).
Frequently asked questions
Which country has the most national debt?
By total amount, the United States, which owes about $39 trillion — far more than any other country. By debt relative to the size of the economy, Japan is the most indebted, at over 200% of GDP.
Is China’s debt higher than the US?
No. In absolute terms the United States owes far more — about $39 trillion versus roughly $15 trillion for China. China’s debt is growing quickly, but it remains well below the US total.
What is the difference between debt and deficit?
A deficit is one year’s shortfall, when a government spends more than it takes in. The national debt is the sum of all past deficits — the total amount a government still owes from years of borrowing.
Sources
- US Treasury, Debt to the Penny — retrieved 2026-07-05 — fiscaldata.treasury.gov
- IMF, Government debt as a share of GDP — retrieved 2026-07-05 — imf.org
- Institute of International Finance, Global Debt Monitor — retrieved 2026-07-05 — iif.com
Last updated: July 4, 2026
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