U.S. tops the list of the world’s biggest government debtors

According to the International Monetary Fund’s April 2026 World Economic Outlook, U.S. government debt is expected to reach $40.7 trillion. That is about $9 trillion more than the country’s projected annual economic output and almost twice the combined debt of China and Japan.

China ranks second with $22.3 trillion, followed by Japan with $9 trillion. Together, the three countries account for approximately $72 trillion in government debt.

The gap becomes even more striking further down the ranking. The United Kingdom follows with $4.4 trillion, while France is projected to owe $4.3 trillion. Italy’s debt is estimated at $3.8 trillion, with Germany and India each carrying about $3.5 trillion.

However, the country that owes the most is not necessarily the one under the greatest relative burden.

When debt is measured against the size of the economy, Japan moves to the top. Its government debt is projected to equal 204% of GDP, meaning it will be more than twice the value of everything the country produces in a year.

Singapore follows at 172%, with Sudan at 169%, Bahrain at 152%, Italy at 138% and Greece at 137%.

The United States is projected to have a debt-to-GDP ratio of 126%, while China’s debt is expected to reach 107% of its economy.

Kazakhstan remains far from the world’s most indebted economies. Its general government gross debt is forecast at 24.9% of GDP in 2026, placing it just below the IMF map’s lowest debt category threshold of 25%.

Government debt consists of the financial obligations accumulated by central, regional and local authorities, as well as social security funds. Unlike household debt, it does not have to be repaid all at once: governments regularly refinance their obligations by issuing new bonds.

Earlier, Qazinform News Agency reported that Singapore had also topped the Henley Passport Index at the beginning of 2026, maintaining its position as the holder of the world’s most powerful passport.