17 Countries Drowning in Debt

Though countries may appear to be well-to-do or economically thriving, many countries are actually drowning in significant amounts of debt. That includes the United States, which ranks fifth on this list, and Japan.

Read: The 50 Richest Countries in the World

In order to find the top 17 countries facing chunks of debt so big they nearly run out of zeroes, GOBankingRates drew from the International Monetary Fund’s (IMF) “Gross Debt Position: % of GDP” data for every country from its Fiscal Monitor.  The data reveals which countries had debt greater than their GDP, and looked at their approximate gross debt in U.S. dollars.

17. Brazil

The biggest chunk of Brazil's debt is comprised of private debt, about 120.75% of its GDP, and private debt, loans and securities, 74.33% of its GDP.

• Gross debt as % of GDP: 102.76%
• Gross Domestic Product: $1,431,624,000,000
• Approximate Total Gross Debt: $1,471,199,622,230

See: Global Catastrophes Jeff Bezos Could Fix and Still Be the Richest Man in the World

16. Angola

While little data is available on the source of Angola's debt, its overall balance of lending and borrowing is at -0.13%.

• Gross debt as % of GDP: 107.53%
• Gross Domestic Product: $68,072,000,000
• Approximate Total Gross Debt: $73,195,047,444

Find Out: What Are the World’s Best Tax Havens?

15. United Kingdom

The largest part of the United Kingdom's debt is in private debt, comprising 189.14% of its GDP.

• Gross debt as % of GDP: 111.52%
• Gross Domestic Product: $2,855,671,000,000
• Approximate Total Gross Debt: $3,184,502,643,989

More: How Rich Are Queen Elizabeth and the Rest of the British Royal Family?

14. Cyprus

Cyprus' biggest portion of debt is private debt at 355.01% of its GDP followed by private debt, loans and securities at 264.57% of GDP.

• Gross debt as % of GDP: 112.42%
• Gross Domestic Product: $26,599,000,000
• Approximate Total Gross Debt: $29,902,147,714

Read: The 50 Cheapest Countries To Retire To

13. Canada

Canada's largest share of debt is in private debt, at 265.13% of GDP followed by private debt, loans and securities, at 216.43% of GDP.

• Gross debt as % of GDP: 114.97%
• Gross Domestic Product: $1,763,046,000,000
• Approximate Total Gross Debt: $2,027,009,439,448

See: US Workers Rank Last in Benefits

12. Belgium

Belgium's largest debt is in private debt, at 251.68% of GDP and private debt, loans and securities are at 208.03% of GDP.

• Gross debt as % of GDP: 117.07%
• Gross Domestic Product: $576,768,000,000
• Approximate Total Gross Debt: $675,210,136,488

Find Out: The World’s Most Expensive Countries To Live In

11. France

France's largest debt is private debt, at 267.07% of its GDP. Other debts include nonfinancial corporate debts, at 150.18% of GDP and household debt, loans and securities, at 61.74% of GDP.

• Gross debt as % of GDP: 118.57%
• Gross Domestic Product: $2,917,668,000,000
• Approximate Total Gross Debt: $3,459,558,841,511

More: The World Economy Will Be ‘Back to Normal’ By End of Next Year

10. Zambia

What data is available only reveals that Zambia's private debt, loans and securities is 12% of its GDP.

• Gross debt as % of GDP: 119.57%
• Gross Domestic Product: $19,564,000,000
• Approximate Total Gross Debt: $23,392,152,228

Read: UN Report: Job Losses Four Times Greater Than in 2009 Financial Crisis

9. Spain

Spain's largest debt is private debt, at 190.26% of its GDP. Other debts include nonfinancial corporate debts, at 92.81% of GDP and household debt, loans and securities, at 56.9% of GDP.

• Gross debt as % of GDP: 121.31%
• Gross Domestic Product: $1,450,882,000,000
• Approximate Total Gross Debt: $1,760,068,282,124

See: The Richest Royals in the World

8. Mozambique

What data is available only reveals that Mozambique's private debt, loans and securities is 20.66% of its GDP.

• Gross debt as % of GDP: 123.51%
• Gross Domestic Product: $14,142,000,000
• Approximate Total Gross Debt: $17,466,986,577

See: 20 Highest-Paying Jobs That Let You Travel the World

7. Portugal

Portugal's largest debt is private debt, at 237.83% of its GDP. Other debts include nonfinancial corporate debts, at 96.64% of GDP and household debt, loans and securities, at 63.9% of GDP.

• Gross debt as % of GDP: 130.05%
• Gross Domestic Product: $257,055,000,000
• Approximate Total Gross Debt: $334,292,981,852

Find Out: 15 Luxurious Vacation Spots Beloved by the Rich and Famous

6. Singapore

Of the data available, Singapore's largest debt is private debt, loans and securities, at 159.1% of its GDP. Other debts include nonfinancial corporate debts, at 107.32% of GDP and household debt, loans and securities, at 51.77% of GDP.

• Gross debt as % of GDP: 132.35%
• Gross Domestic Product: $362,524,000,000
• Approximate Total Gross Debt: $479,810,311,028

More: How Animal Conservation Can Save the World Money

5. United States

Of the data available, the United States' largest debt is private debt, at 219.2% of GDP, followed by private debt loans and securities, at 150.26% of its GDP.

• Gross debt as % of GDP: 133.64%
• Gross Domestic Product: $21,921,585,000,000
• Approximate Total Gross Debt: $29,296,039,982,837

Read: Experts Predict What Will Happen To the Economy in 2020

4. Italy

Italy's largest debt is private debt, at 161.8% of GDP, followed by private debt loans and securities, at 109.67% of its GDP.

• Gross debt as % of GDP: 158.31%
• Gross Domestic Product: $2,111,649,000,000
• Approximate Total Gross Debt: $3,342,850,880,550

See: 30 Beautiful Places To Visit Before They Disappear

3. Greece

Greece's biggest chunk of debt is private debt, at 120.4% of GDP, followed by private debt loans and securities, at 107.6% of its GDP.

• Gross debt as % of GDP: 200.53%
• Gross Domestic Product: $219,012,000,000
• Approximate Total Gross Debt: $439,191,107,729

Find Out: Here Are the Most and Least Tax-Friendly Countries

2. Sudan

Of what little data is available, Sudan's private debt consists of 8.8% of GDP.

• Gross debt as % of GDP: 250.71%
• Gross Domestic Product: $32,476,000,000
• Approximate Total Gross Debt: $81,421,486,905

See: The World’s 2,000 Billionaires Have More Wealth Than Almost 5 Billion People Combined

1. Japan

Japan's biggest chunk of debt is private debt, at 206.62% of GDP, followed by private debt loans and securities, at 164.1% of its GDP.

• Gross debt as % of GDP: 263.97%
• Gross Domestic Product: $5,103,175,000,000
• Approximate Total Gross Debt: $13,470,740,001,135

More From GOBankingRates

• How Long $1 Million in Savings Will Last in Every State
• 37 Life Hacks That Will Save You Money
• 27 Ugly Truths About Retirement
• 30 Biggest Do’s and Don’ts When Buying a Car

Methodology: In order to find the countries that are drowning in debt, GOBankingRates looked at the International Monetary Fund’s (IMF) “Gross Debt Position: % of GDP” data for every country from its Fiscal Monitor. From this dataset, GOBankingRates identified the 17 countries which had 2021 Gross Debt 100% or more of their Gross Domestic Product (GDP), meaning they had a higher debt than GDP. For these 17 countries, GOBankingRates found: (1) gross debt as a percent of GDP; (2) GDP; and (3) total approximate gross debt in USD. The countries were ranked against each other with factor (1) being the only consideration. All data was collected on and up to date as of Feb. 17, 2021.

About the Author

Jordan Rosenfeld

Jordan Rosenfeld is a freelance writer and author of nine books. She holds a B.A. from Sonoma State University and an MFA from Bennington College. Her articles and essays about finances and other topics has appeared in a wide range of publications and clients, including The Atlantic, The Billfold, Good Magazine, GoBanking Rates, Daily Worth, Quartz, Medical Economics, The New York Times, Ozy, Paypal, The Washington Post and for numerous business clients. As someone who had to learn many of her lessons about money the hard way, she enjoys writing about personal finance to empower and educate people on how to make the most of what they have and live a better quality of life.

 

Read More