Countries With the Most Government Debt in 2026

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Key Takeaways

• The U.S. is projected to hold $40.7 trillion in government debt in 2026, the highest total worldwide.

• Japan has the world's highest government debt relative to the size of its economy, at 204% of GDP.

• Several European economies rank among the world's most indebted by GDP despite carrying much smaller total debt than the U.S. or China.

The countries with the largest government debt totals are not necessarily those carrying the heaviest debt burdens. The picture changes considerably depending on whether debt is measured in dollar terms or relative to the size of a country's economy.

This graphic uses 2026 projections from the International Monetary Fund (IMF) to compare the world's 30 most indebted governments using both measures.

The U.S. Has the World's Largest Government Debt

At $40.7 trillion, the U.S. is projected to hold by far the world's largest stock of government debt in 2026. That figure exceeds the combined debt of China, Japan, the United Kingdom, and France, highlighting the extraordinary scale of U.S. borrowing.

The table below ranks the 30 countries with the highest government debt by total value in 2026.