Global Household Debt Ranking: 35 Countries Where Debt Is Highest

The International Monetary Fund (IMF) recently released data ranking countries based on household debt, measured as a percentage of GDP. Household debt includes mortgages, car loans, credit cards, and personal loans. While moderate borrowing can boost spending and economic growth, excessive debt can increase financial vulnerability.

Top 35 Countries With the Most Household Debt

Using IMF data, Iswardi Ishak created a visualization of the 35 countries with the highest household debt. At the top are Switzerland, Australia, and Canada, often linked to overheated housing markets. At the lower end, Brazil and Italy have much smaller household debt relative to GDP.

Top 15 Household Debt Countries (as % of GDP):

• Switzerland – 125.4%

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• Australia – 112.2%

• Canada – 100.1%

• Netherlands – 93.6%

• New Zealand – 90.3%

• South Korea – 90.1%

• Norway – 88.6%

• Hong Kong – 88.0%

• Denmark – 85.2%

• Sweden – 82.7%

• United Kingdom – 76.2%

• Malaysia – 69.5%

• United States – 69.4%

• Japan – 65.1%

• Finland – 63.3%

Household Debt Rankings 16–35: Luxembourg, China, France, Cyprus, Belgium, Portugal, Germany, Malta, Chile, Singapore, Austria, Spain, Slovakia, Israel, India, Honduras, Greece, Estonia, Brazil, Italy.

Why High Household Debt Is a Risk

High household debt can limit economic growth because families may spend more on debt repayment than on consumption or saving. Rising interest rates make this even more critical. According to research from the Leibniz Institute for Financial Research, “In the event of economic shocks, high household debt levels result in non‑performing loans that weaken bank balance sheets and spread to other financial institutions through the contagion effect. This could result in an unstable financial sector that restricts lending to profitable investments and deserving households. Ultimately, household consumption and investment decrease, thereby lowering economic growth.”

Household Debt and Global Economic Trends

Anglophone nations such as the U.S., Canada, Australia, and the U.K. have higher debt levels due to strong property markets, homeownership culture, and financial liberalization. In countries like the U.S., household debt can vary significantly from state to state.

High household debt doesn’t always indicate immediate danger, but it requires careful monitoring, especially during economic slowdown or periods of rising interest rates.

Household Debt Statistics by Country

• Highest Household Debt: Switzerland (125%), Australia (112%), Canada (100%)

• Lowest Household Debt Among Top 35: Brazil (36%), Italy (36%)

Monitoring household debt is essential for maintaining financial stability at both household and national levels.