Top 10 countries with the highest debt-to-GDP in October 2025: 2 Asian countries make the list; where do India, the US, and China rank?

Global debt-GDP ratio in 2025 and 2030. (Source: IMF Datamapper)

As of October 2025, IMF data shows that the world’s general government gross debt stands at 94.7 per cent of GDP, up slightly from 92.4 per cent in 2024.

Top 10 countries with the highest general government gross debt, in per cent of GDP: October 2025

Two Asian nations top the global debt rankings this year: Japan and Singapore.

Japan holds the world’s highest debt-to-GDP ratio at 222.2 per cent, driven by persistent fiscal deficits and an ageing population.

Sudan follows closely in second place with 222.1 per cent, reflecting years of economic instability and internal conflict.

Singapore ranks third with 178.7 per cent, largely due to its unique fiscal structure and strong sovereign investment model.

Where do the US, China, and India stand?

The largest global economy, the US, ranks eighth globally with a high debt-to-GDP ratio of 125 per cent.

China and India have public debt ratios of 96.3 per cent and 81.4 per cent, respectively, which are comparatively lower than those of other developed nations, ranking them at No. 21 and No. 35, respectively.