Not all default crises, however, are created equal. By entering your email address, you consent to receive communications from Evolytics. Ireland has had the highest debt > external > per capita since 2005. United States of America (National Debt: $19.23 trillion (USD)) Spain (National Debt: €1.09 trillion ($1.24 USD)) Singapore (National Debt: $350 billion ($254 billion US)) Japan, with its population of 127,185,332, has the highest national debt in the world at 234.18% of its GDP, followed by Greece at 181.78%.

Copyright © 2014 Debtors often inherit the faults of their fathers,  as when loans incurred by governments and regimes no longer in power fall to a subsequent administration. But opting out of some of these cookies may have an effect on your browsing experience. Here is the list of countries that owe the most to foreign creditors in 2019. In constant US dollars, 2005=100, debt per capita goes from $35 thousand in Italy, up to $436 thousand in Ireland, against an average of $40 thousand for the Euro zone. The economic ripples will be felt across entire regions and beyond. You may unsubscribe at any time by clicking the unsubscribe link located at the bottom of any email. Many others, often small and already impoverished, will be forced to contract even more debts to pay for the loss of trade, tourism and the destruction caused by climate change, a problem primarily created by greenhouse gas emissions from richer nations. Sources: JEDH for external debt, and United Nations Population Division for population estimates. This may surprise many of you (it did us), but this puts the United States all the way down at 30th worldwide in this measure. There has been a rise in the per capita debt on March 31, 2016 as compared to March 31, 2015. document.write(' areppim AG - All Rights Reserved. By submitting this form, I acknowledge that I have read and understand the Evolytics Privacy Policy. Copyright © 2020 Evolytics. The most indebted nations are, in fact, the richest ones. Global Finance is a media partner of: This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Source: World Bank's Quarterly External Debt Statistics SDDS, 10/17/19 update. 11. Global Finance presents its 27th annual listing of the best banks globally, regionally and in more than 150 countries. According to estimates of the Institute of International Finance (IIF), the Washington-based global association of the financial industry, overall international borrowing rose to more than $246 trillion in the first trimester of 2019, nearly 320% of worldwide GDP.

Countries resort to foreign borrowing to maintain financial liquidity and stimulate growth. This is gross (total) external debt. We used IMF’s October 2019 World Economic Outlook Update for our data. document.write('©' ); This category only includes cookies that ensures basic functionalities and security features of the website. This may be a fairer way to compare debt between countries because it provides some insight into each country’s ability to cover their debts. Uganda has ranked second last for debt > external > per capita since 2006. Line chart and statistics of the external debt per capita in real US dollars (2005=100) for the so-called PIIGS countries (Portugal, Ireland, Italy, Greece, Spain) from 2002 to 2011. The amount owed per person in each country varies … In the case of the United States, the $52,170 debt per capita ranked 17 th around the world. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. The record is not flattering. document.write(new Date().getFullYear()); All rights Reserved. The United States numbers mentioned above were current as of July 2013. 2 of the top 5 countries by debt > external > per capita are Densely populated. In the PIIGS (Portugal, Ireland, Italy, Greece, Spain) area, as in the rest of the world, babies are not asked whether they wish to be born — for good or for bad, they just happen by their parents' decree. What compounds the problem is that most of the debt is accounted for by the banking system and the government, on which common citizens have limited, if any controlling power. "Debt is like any other trap," the 19th century American author Josh Billings has said: "Easy enough to get into, but hard enough to get out of." Digital Analytics Platform Implementation, This site uses cookies. We also use third-party cookies that help us analyze and understand how you use this website. I will also list each country’s total debt, total debt per capita, and total debt to GDP ratios so that you can find country with the highest debt or highest debt per person. There has been a rise in the per capita debt on March 31, 2016 as compared to March 31, 2015. Roy Bahat is head of Bloomberg Beta, a venture capital fund investing in artificial intelligence (AI)-based solutions to reshape the workplace and global markets. In the case of the United States, the $52,170 debt per capita ranked 17 th around the world. Switzerland has ranked #2 in debt > external > per capita since 2006. Add NationMaster content to your website.

A country that lives persistently beyond its means will eventually become unable to make good on its fiscal promises, defaulting on its debt. Surely, one remarks an obvious dip of the debt per capita in all countries as from 2009. We need money to operate the site, and almost all of it comes from our online advertising. Poor fiscal responsibility is not the only culprit. '); ¹ All years show 4th Quarter values, except 2011 that is 3rd Quarter. The debtors can be governments, corporations and private citizens; the creditors include governments, commercial banks and international financial institutions such as the International Monetary Fund and the World Bank. In this article we are going to talk about most indebted countries in the world. In fact, the nearly 17 Trillion dollars represents the largest external debt in the world. External debt data reported by SDDS subscribers (extended to a number of GDDS economies in early 2008), with additional details on currency composition, debt service profile, and other presentations that facilitate cross-country data analysis. There is, however, a well-known problem with debts: borrowing money is easier than paying it back.

In the case of the United States, the $52,170 debt per capita ranked 17 th around the world. All numbers used in this infographic are from this list of countries by external debt, which compiled the numbers from several sources. This might be good news if other factors, such as economic growth, employment, income per capita, social benefits or tax deductions remained the same. Euro zone debt per capita amounts to $40 thousand. 104 of the top 189 … External debt—also called "foreign" or "sovereign debt"—is the total capital that is owed to creditors outside of a country's border. Prospects are gloomy : PIIGS newly born citizens will find it hard to bring down the problem to manageable proportions soon enough to be able to enjoy the good things of life. Palantir and Asana go public in direct listings as the IPO market heats up. Canada ranks number eleven for having the most debt of all countries in the world, and the fifteenth for the highest nominal per capita income. The United States leads, followed by the Euro area and the United Kingdom. The ballooning external debt in the world's largest economies poses yet a different, and perhaps more immediate and greater in scale, danger. The United States numbers mentioned above were current as of July 2013. What can possibly go wrong? Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. The first thing that occurs when you borrow too much and too often is that loans and interests repayments undermine the very purpose for which such loans were taken in the first place: boosting economic productivity. Please add to your ad blocking whitelist or disable your adblocking software. These cookies do not store any personal information.

It is widely known that the United States holds a difficult-to-fathom amount of debt. All rights reserved. Global Finance Magazine. Global Finance sat virtually with Bahat to discuss AI, the future of work and venture investing. The chart shows how the Gross external debt per capita evolved from 2002 to 2011 for each country, except Ireland which simply is out of scale, and for the Euro zone as a comparison baseline. Accounting for close to half of global liabilities, the top three borrowers in the world are the United States, the European Union and the United Kingdom. Follow us on Facebook to get interesting stats: All of the top 2 countries by debt > external > per capita are Tourist destination. Canada – Total debt: $1,791,870,000,000.

The 2008 financial crisis and the resulting credit crunch substantially altered the situation, not for better, but for worse. It is mandatory to procure user consent prior to running these cookies on your website. We've detected that you are using AdBlock Plus or some other adblocking software which is preventing the page from fully loading. The United States numbers mentioned above were current as of July 2013. Meanwhile, economic wealth as measured by GDP, also in real US dollars, lagged behind with average rates of between 4.3% (Italy) and 7% (Greece). What can policymakers do to ensure their nations—and the world—prosper after the Covid crisis passes? In other words, indebtedness ran much faster than wealth. The day the United States reached a deal to end the government shutdown and avoid a possible default, we took a look at the debt by country all over the world. External debt per capita increased at annual average rates of over 5% in Portugal and Italy (doubling time 13 years), around 10% in Greece and Spain (doubling time 7 years), and above 13% in Ireland (doubling time 5.5 years). We do not implement these annoying types of ads!

This year’s winners are hoping their investment in new technology helps them weather the Covid-19 crisis. Simply put, the world borrows over three times more than it produces. This post is curated content from the Evolytics staff, bringing you the most interesting news in data and analysis from around the web. These cookies will be stored in your browser only with your consent. Many of the world's richest countries are also the world's smallest. This is gross (total) external debt. You also have the option to opt-out of these cookies. Just ask the Greeks, the Argentinians or the Venezuelans. The larger is the exposure to cross-border capital flows, the smaller is the ability of a country to withstand external shocks: the contagion effect, if any of these giants would finally show to have feet of clay, would be devastating.