Country with the highest per capita debt in the world
In 2024, several countries experienced significant changes in their public debt per capita. Notably, Singapore, the US, Israel, the UK, and France saw the largest increases, while Japan, Cyprus, Denmark, Iceland, and Norway recorded decreases.
Singapore's high gross debt-to-GDP ratio can be attributed to efforts to develop a domestic debt market for long-term infrastructure projects. Despite this, Singapore maintains a zero net debt due to assets outweighing liabilities. The US saw a surge in public debt due to stimulus packages during the pandemic, with ongoing budget deficits and potential economic growth and inflation contributing to the rise.
The UK's response to the pandemic and Brexit-related economic uncertainty have contributed to increased debt levels. France faces economic challenges, including high unemployment and slow growth, which strain public finances and increase debt. Israel's public debt increase is likely due to a combination of economic growth challenges, defense spending, and budgetary decisions.
Japan's sovereign debt per capita decreased by 4,300 dollars, reaching 76,900 dollars. Cyprus reduced its public debt per capita by 1,700 dollars, and Iceland recorded a decrease of 511 dollars. Denmark and Norway also saw decreases in their public debt per capita.
Interestingly, Argentina reduced its debt the most, by 10,000 dollars, while Kazakhstan's total public debt increased by 6.5%. Sovereign debt per capita increased in 134 countries in 2024, while it decreased in 48 countries.
In 2024, Singapore and the United States had the highest public debt per capita, exceeding 100,000 dollars. The US public debt per capita rose by 5,800 dollars, surpassing the 100,000-dollar mark for the first time, reaching 103,700 dollars. Russia ranked 99th in terms of public debt per capita in 2024.
This analysis underscores the complex interplay of economic policies, global events, and fiscal decisions that influence public debt levels across the globe. As nations continue to navigate these challenges, understanding these factors will be crucial in shaping future economic strategies.
In the context of economic strategies, Singapore's finance sector is heavily invested in developing a domestic debt market for long-term infrastructure projects, despite maintaining a zero net debt due to assets outweighing liabilities. On the other hand, the US finance sector has been impacted by stimulus packages during the pandemic, leading to a surge in public debt per capita.
