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Debt to GDP Ratio by Country Rankings in 2026: Japan leads, Singapore close behind
Top 10 Countries with the Highest Debt-to-GDP Ratios in 2026: Top 10 countries with the highest debt-to-GDP ratios in 2026: Explore the 2026 global debt-to-GDP rankings as Japan hits record highs, Singapore ranks second, and over 20 economies surpass the 100% debt threshold.
Japan records the highest debt-to-GDP ratio globally in 2026 at 204.4%, its financial risk remains controlled since the majority of this debt is yen-denominated and owned by domestic investors. (Photo Credit: unsplash)
Highest Debt-to-GDP Ratios Country List: The debt-to-GDP ratio compares what a country owes to what it earns, showing how easily it can pay off its debts. The International Monetary Fund’s World Economic Outlook has released a report on the countries with the highest debt-to-GDP ratios in 2026.
A high debt-to-GDP ratio means a government owes far more than its economy makes in a year. When this ratio exceeds 100 per cent, the country’s debt is bigger than its yearly income, which can trigger financial trouble.
According to the report, there are many contradictory insights on the world’s debt map in 2026. Hence, it is necessary to evaluate them using the metrics economists rely on: a government’s debt weighed against the size of its economy. Little can be learned from raw dollar totals, as a large economy can handle far more debt than a small one can. The ranking looks at a country’s total debt without subtracting its savings or assets. As a result, it can make a nation look like it is in worse financial shape than it really is, such as Singapore.
Although Japan records the highest debt-to-GDP ratio globally in 2026 at 204.4 per cent, its financial risk remains controlled since the majority of this debt is yen-denominated and owned by domestic investors. Singapore ranks second globally with a debt-to-GDP ratio of 171.9 per cent. However, because its financial assets surpass its total liabilities, the government maintains a net-zero debt position under its official reporting.
Countries around the world are taking on heavier debt burdens. The IMF estimates that global debt was around 94 per cent of world GDP in 2025 and will likely near 100 per cent by 2029, with more than 20 countries already owing more than their entire yearly economic output.
After Japan and Singapore in first and second place, Sudan, Bahrain, and Italy rank third, fourth, and fifth, respectively. Greece, Senegal, and the Maldives rank sixth, seventh, and eighth. The United States ranks ninth, while Ukraine rounds out the top 10 list.
| Rank | Country | 2026 (% of GDP) |
| 1 | Japan | 204.4% |
| 2 | Singapore | 171.9% |
| 3 | Sudan | 169.1% |
| 4 | Bahrain | 152.4% |
| 5 | Italy | 138.4% |
| 6 | Greece | 136.9% |
| 7 | Senegal | 132.3% |
| 8 | Maldives | 129.4% |
| 9 | United States | 125.8% |
| 10 | Ukraine | 122.6% |
Source: MF April 2026 World Economic Outlook / Fiscal Monitor, general government gross debt (% of GDP), 2026 projection
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