October 30, 2025 | 07:04 pm
TEMPO.CO, Jakarta - For most countries worldwide, debt is arguably inevitable. Whether they are developing nations or mighty, powerful ones, governments generally opt for this measure in order to open gates to a brighter future for both their people and economies.
However, the amount of global borrowing today is staggering. According to Visual Capitalist, government debt has reached an astronomical US$110.9 trillion in 2025. Within this massive figure are countries with the most debt, which are now confronted with the fact that what once promised prosperity has instead transformed into a growing economic burden.
Leaders in Debt
At the top, the United States leads the pack of countries with the most debt in 2025. With government debt soaring to US$38.27 trillion as of this writing, the figure has climbed by US$2.9 trillion this year alone and now exceeds 125% of its GDP in 2025. Of which, as noted by the Peter G. Peterson Foundation, around 80% is held by the public, while the remaining 20% is intragovernmental.
Just behind is China, one of the most powerful countries in the world, carrying US$18.68 trillion in the 2025 government debt. Despite its absolute US$2.2 trillion increase being smaller than that of the US, China’s debt grew faster, expanding by 13.6% compared to the United States’ 8.4%. This rapid expansion occurs even as numerous countries still owe China significant sums.
Rounding out the top three is Japan, with a staggering debt-to-GDP ratio of roughly 230%. This towering figure reflects decades of persistent fiscal deficits and sluggish economic growth. Both are factors closely tied to Japan’s rapidly aging population and one of the lowest fertility rates in the world, as noted by the Federal Reserve Bank of St. Louis.
For a clearer picture, below is the complete list of the top 10 countries with the most debt in 2025.
2025 Ranking: 10 Countries with the Most Debt
United States - US$38.27 trillion
China - US$18.68 trillion
Japan - US$9.83 trillion
United Kingdom - US$4.09 trillion
France - US$3.92 trillion
Italy - US$3.48 trillion
India - US$3.36 trillion
Germany - US$3.23 trillion
Canada - US$2.60 trillion
Brazil - US$2.06 trillion
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