Which country has most debt?
At the top is Japan, whose national debt has remained above 100% of its GDP for two decades, reaching 255% in 2023.
At the top is Japan, whose national debt has remained above 100% of its GDP for two decades, reaching 255% in 2023.
- Japan. Japan held $1.15 trillion in Treasury securities as of January 2024, beating out China as the largest foreign holder of U.S. debt. ...
- China. China gets a lot of attention for holding a big chunk of the U.S. government's debt. ...
- The United Kingdom. ...
- Luxembourg. ...
- Canada.
15, 2023, and $32 trillion on June 15, 2023, hitting this accelerated pace. Before that, the $1 trillion move higher from $31 trillion took about eight months. U.S. debt, which is the amount of money the federal government borrows to cover operating expenses, now stands at nearly $34.4 trillion, as of Wednesday.
- Brunei. 3.2%
- Afghanistan. 7.8%
- Kuwait. 11.5%
- Democratic Republic of Congo. 15.2%
- Eswatini. 15.5%
- Palestine. 16.4%
- Russia. 17.8%
It began rising at a fast rate in the 1980's and was accelerated through events like the Iraq Wars and the 2008 Great Recession. Most recently, the debt made another big jump thanks to the pandemic with the federal government spending significantly more than it took in to keep the country running.
Economists at the Penn Wharton Budget Model estimate that financial markets cannot sustain more than twenty additional years of deficits. At that point, they argue, no amount of tax increases or spending cuts would suffice to avert a devastating default.
Of the $33T of debt, roughly 78% is owned by the public (70% US vs 30% International). The major US public owners include the FED ($6T, but they are no longer buyers), mutual funds, banks, states, pension funds and insurance companies.
Of the total held by foreign countries, Japan and Mainland China held the greatest portions, with China holding 797.7 billion U.S. dollars in U.S. securities. Other foreign holders included oil exporting countries and Caribbean banking centers.
The national debt is the total amount of money the U.S. owes its creditors, which includes “the public” (individual investors, businesses, commercial banks, pension funds, mutual funds, state and local governments, the Federal Reserve System and foreign governments) as well as other parts of the federal government, ...
How much is Russia in debt?
Russia National Government Debt reached 281.6 USD bn in Feb 2024, compared with 287.8 USD bn in the previous month. Russia National Government Debt data is updated monthly, available from May 2009 to Feb 2024. The data reached an all-time high of 384.2 USD bn in Jun 2022 and a record low of 86.1 USD bn in May 2009.
The financial position of the United States includes assets of at least $269 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP).
The United States has the world's highest national debt at $31.4 trillion. Global debt currently stands at $305 trillion, $45 trillion higher than before the COVID-19 pandemic, according to the Institute of International Finance (IIF) – a global association of the financial industry.
India takes the top spot. Its $39.7bn debt towards the WB recorded at the end of 2021 is double that of the next biggest debtor, Indonesia, with $19.6bn. Pakistan and Bangladesh follow with $18.3bn and $17.8bn, respectively, according to WB figures.
There is only one “debt-free” country as per the IMF database. For many countries, the unusually low national debt could be due to failing to report actual figures to the IMF.
- Bonds. Using Debt to Pay Debt. ...
- Interest Rates. Maintaining interest rates at low levels can help stimulate the economy, generate tax revenue, and, ultimately, reduce the national debt. ...
- Spending Cuts. From 1921 to 1974, the President led the government budgeting process. ...
- Raising Taxes. ...
- Bailout or Default.
A nation saddled with debt will have less to invest in its own future. Rising debt means fewer economic opportunities for Americans. Rising debt reduces business investment and slows economic growth. It also increases expectations of higher rates of inflation and erosion of confidence in the U.S. dollar.
Nearly half of mandatory spending in 2022 was for Social Security and other income support programs such as the Child Tax Credit, food and nutrition assistance, and federal employee benefits (figure 3). Most of the remainder paid for the two major government health programs, Medicare and Medicaid.
The value of U.S. Treasury securities held by residents of Russia amounted to 33 million U.S. dollars in June 2023, the lowest over the period under consideration. Furthermore, in March 2020, the figure decreased sharply to 3.85 billion U.S. dollars, down from 12.6 billion U.S. dollars one month prior.
As previously stated the UK's war debt to the US was finally paid off in 2006, every last dollar. It has always been a point of contention that the US delayed it's entry into both World Wars until it could no longer find reasons to avoid joining.
What happens if China dumps US bonds?
If China (or any other nation that has a trade surplus with the U.S.) stops buying U.S. Treasuries or even starts dumping its U.S. forex reserves, its trade surplus would become a trade deficit—something which no export-oriented economy would want, as they would be worse off as a result.
The federal government needs to borrow money to pay its bills when its ongoing spending activities and investments cannot be funded by federal revenues alone. Decreases in federal revenue are largely due to either a decrease in tax rates or individuals or corporations making less money.
Printing more money is a non-starter because it'd break our economy. “It would take care of the debt but at a price that's far too high to pay,” Snaith says.
Many people believe that much of the U.S. national debt is owed to foreign countries like China and Japan, but the truth is that most of it is owed to Social Security and pension funds right here in the U.S. This means that U.S. citizens own most of the national debt.
Nations like China typically hold US debt in the form of various US Treasury debt, including bonds and other notes. None of these instruments allow debt holders to simply demand repayment…you get the terms and conditions associated with the bond and there's little flexibility to “calling in all of their debts”.
References
- https://www.taxpolicycenter.org/briefing-book/how-does-federal-government-spend-its-money
- https://www.hdfcbank.com/personal/resources/learning-centre/save/know-what-is-nre-account-and-its-benefits
- https://www.icicibank.com/nri-banking/nriedge/nri-articles/sending-money-to-india-from-abroad-a-guide-for-nris
- https://www.forbes.com/advisor/in/banking/nre-savings-account-for-nri/
- https://www.buddyloan.com/blog/top-10-banks-in-india/
- https://en.wikipedia.org/wiki/Financial_position_of_the_United_States
- https://worldpopulationreview.com/country-rankings/countries-by-national-debt
- https://tax2win.in/guide/income-tax-on-loan-taken-from-friends-or-relatives
- https://www.screener.in/screens/214278/debt-free-companies/
- https://edurev.in/question/1577842/Which-among-the-following-is-the-Biggest-Borrower-
- https://www.cbsnews.com/minnesota/news/good-question-how-did-the-u-s-debt-get-so-high/
- https://www.chittorgarh.com/compare-nri-accounts/icicidirect-vs-hdfc-securities/1/6/
- https://wallethub.com/personal-loans/quick
- https://www.hdfcbank.com/nri-banking/save/nri-accounts
- https://thewire.in/government/imf-warns-india-on-debt-concerns-says-it-may-exceed-100-of-gdp-centre-disagrees
- https://commodity.com/data/debt-clock/
- https://www.linkedin.com/pulse/who-going-buy-all-us-debt-rod-khleif-gdete
- https://www.hdfcbank.com/nri-banking/save/nri-accounts/savings-account
- https://lendingplate.com/blog/lending-money-to-friends-important-things-to-keep-in-mind
- https://unacademy.com/content/general-awareness/list-of-top-10-finance-companies-in-india/
- https://sbnri.com/blog/nri-bank-accounts/indian-banks-in-usa
- https://www.hdfcbank.com/nri-banking/correspondent-banks
- https://www.fool.com/the-ascent/personal-loans/how-to-borrow-large-sum/
- https://groww.in/p/nri-account
- https://www.hdfcbank.com/personal/resources/learning-centre/save/what-is-average-monthly-balance-and-its-benefits
- https://www.rocketloans.com/learn/personal-loan-basics/easiest-loan-to-get
- https://www.stilt.com/loans/india-home-loans/
- https://www.thehindubusinessline.com/money-and-banking/icici-bank-surpasses-hdfc-banks-valuations-after-q3-show/article67768928.ece
- https://ktktld.edu.vn/which-bank-gives-personal-loan-easily-philippines.html
- https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/
- https://www.cadtm.org/In-9-Charts-India-s-Growing-Debt-Problem-Has-Crisis-Like-Symptoms
- https://www.forbesindia.com/article/explainers/top-10-banks-india-by-market-cap/87913/1
- https://www.vedantu.com/commerce/debt-free-countries
- https://lazypay.in/personal-loan
- https://www.hdfcbank.com/personal/resources/learning-centre/pay/money-transfer-limit-for-nris
- https://dea.gov.in/sites/default/files/India%27s%20Quarterly%20External%20Debt%20Report%20for%20quarter%20ending%20September%202023_0.pdf
- https://ashutoshfinserv.com/fema-regulation-for-nris/loans-by-nri-oci-to-resident-indians/
- https://www.5paisa.com/blog/top-private-banks-in-india
- https://www.clearfinances.net/countries-without-public-debt/
- https://www.icicibank.com/nri-banking/bankaccounts/foreign-currency-account
- https://www.quora.com/How-many-debts-of-China-are-there-in-India
- https://www.hdfcbank.com/personal/resources/learning-centre/save/how-to-choose-a-bank-which-is-trustworthy
- https://www.thebalancemoney.com/who-owns-the-u-s-national-debt-3306124
- https://www.cnbc.com/2024/03/01/the-us-national-debt-is-rising-by-1-trillion-about-every-100-days.html
- https://www.quora.com/How-can-I-give-a-loan-to-my-relative-with-a-legally-binding-document-in-India
- https://www.quora.com/How-do-non-resident-Indians-NRIs-get-a-house-loan-in-India-after-moving-abroad
- https://www.idfcfirstbank.com/finfirst-blogs/nri/nre-vs-nro-account-what-is-better-for-nri
- https://www.paisabazaar.com/personal-loan/sbi-personal-loan-interest-rates/
- https://www.bookmyforex.com/money-transfer/send-money-to-usa/
- https://www.bajajfinservmarkets.in/fixed-deposit/safest-bank-in-india.html
- https://www.businesstoday.in/markets/company-stock/story/icici-bank-vs-hdfc-bank-which-of-the-two-is-a-must-own-stock-herere-share-price-targets-414491-2024-01-23
- https://www.investopedia.com/articles/investing/040115/reasons-why-china-buys-us-treasury-bonds.asp
- https://www.tataaia.com/blogs/nri/income-tax-new-rules-for-nri-in-india.html
- https://www.quora.com/Is-it-possible-to-take-a-loan-from-the-USA-at-a-low-interest-rate-from-India-and-make-it-a-fixed-deposit-in-India-to-get-a-profitable-income-every-month-Is-it-legal-and-feasible
- https://money.com/dollar-scholar-government-print-more-money/
- https://ycharts.com/indicators/us_per_capita_public_debt
- https://www.visualcapitalist.com/government-debt-by-country-advanced-economies/
- https://www.icicibank.com/personal-banking/loans/personal-loan
- https://groww.in/p/nre-account
- https://www.quora.com/Is-money-lending-without-license-is-crime-in-India-Is-it-legal-to-charge-45-interest-Per-annum-If-it-is-crime-then-what-will-be-punishment
- https://www.marketplace.org/2023/05/26/who-does-the-u-s-owe-31-4-trillion/
- https://money.stackexchange.com/questions/159237/can-my-friend-transfer-from-his-indian-nre-account-to-my-nre-account
- https://www.bajajfinservmarkets.in/loans/home-loan/70-lakhs-home-loan-emi.html
- https://www.rbi.org.in/commonperson/english/scripts/FAQs.aspx?Id=3
- https://www.usatoday.com/story/money/2024/01/16/what-national-debt-means-for-you/72111112007/
- https://www.hdfcbank.com/personal/resources/learning-centre/save/transfer-money-from-usa-to-india
- https://www.pgpf.org/infographic/the-national-debt-is-now-more-than-34-trillion-what-does-that-mean
- https://www.instarem.com/blog/how-to-transfer-money-from-usa-to-india-without-tax/
- https://www.hdfcbank.com/personal/resources/learning-centre/borrow/everything-you-need-to-know-about-a-personal-loan
- https://www.hdfcbank.com/personal/resources/fees-and-charges/fees-and-charges-nri
- https://en.wikipedia.org/wiki/External_debt_of_India
- https://www.icicibank.com/blogs/nri-banking/important-for-nri-to-open-nre-nro-account
- https://www.quora.com/Is-it-possible-get-a-loan-from-an-overseas-bank-that-does-not-operate-in-my-country-If-not-why
- https://wise.com/us/blog/international-wire-transfer-limits-us
- https://www.tatacapital.com/blog/loan-for-home/can-you-get-90-percent-home-loan-rbi-guidelines/
- https://www.paisabazaar.com/hdfc-bank/personal-loan-interest-rate/
- https://indianexpress.com/article/explained/explained-economics/three-ways-to-deal-with-the-high-govt-debt-9144329/
- https://www.ceicdata.com/en/indicator/russia/national-government-debt
- https://www.hdfcbank.com/nri-banking/save/nri-accounts/savings-account/nri-account-for-indians-in-usa
- https://www.hdfcbank.com/personal/borrow/popular-loans/personal-loan/eligibility
- https://www.livemint.com/economy/imf-warns-of-indias-rising-debt-and-climate-change-risks-but-govt-disagrees-says-report-11703219647258.html
- https://www.credible.com/personal-loan/loans-for-non-us-citizens
- https://www.lendbox.in/blogs/lend-money-legally-india/
- https://wallethub.com/best-banks-for-personal-loans
- https://www.hdfcbank.com/personal/save/accounts/current-accounts/e-commerce-current-account/fees-and-charges
- https://www.tataaia.com/blogs/nri/nri-gift-tax-in-india.html
- https://www.newsclick.in/debt-haunts-india-and-govt-not-helping
- https://www.pgpf.org/top-10-reasons-why-the-national-debt-matters
- https://en.wikipedia.org/wiki/National_debt_of_the_United_States
- https://www.creditmantri.com/nri-home-loan/
- https://wise.com/in/blog/how-to-transfer-money-to-nri-account
- https://www.paisabazaar.com/tax/tax-on-gifts-in-india/
- https://www.icicibank.com/blogs/nri-banking/money-transfer-tips-for-nris-living-abroad
- https://smallbusinessresources.wf.com/what-to-consider-when-borrowing-from-family-and-friends/
- https://sbnri.com/blog/repatriation/what-is-the-limit-to-repatriate-funds-from-nre
- https://www.experian.com/blogs/ask-experian/personal-loans-what-to-know-before-you-apply/
- https://www.icicibank.com/nri-banking/bankaccounts/world-debit-card
- https://www.bankofbarodakenya.co.ke/personal-banking/retail-loans/baroda-personal-loans
- https://www.bajajhousingfinance.in/how-much-home-loan-can-a-nri-get-in-india
- https://www.bajajfinserv.in/insights/ideal-credit-scores-to-have-when-applying-for-loans
- https://tax2win.in/guide/income-tax-for-nris
- https://www.bankbazaar.com/savings-account-guide/nre-savings-account-vs-nro-savings-account.html
- https://en.wikipedia.org/wiki/National_debt_of_Pakistan
- https://stockpe.app/blog/hdfc-vs-icici-vs-axis/
- https://www.quora.com/What-would-happen-if-China-told-the-USA-they-are-calling-in-all-of-their-debts-and-want-their-money-now
- https://www.businesstoday.in/bt-tv/video/ril-lt-tata-motors-among-the-list-of-top-10-companies-with-highest-debt-in-india-411206-2023-12-28
- https://www.dbs.com/in/treasures/nri-banking/remittance/money-transfer-from-usa-to-india
- https://groww.in/loans/sbi-home-loan-interest-rates
- https://www.am22tech.com/us-tax-on-nre-interest/
- https://www.cfr.org/backgrounder/us-national-debt-dilemma
- https://www.bankbazaar.com/credit-card/hdfc-credit-card-international-transactions-charges.html
- https://www.bankbazaar.com/personal-loan-interest-rate.html
- https://www.quora.com/Which-is-the-best-bank-to-take-NRI-account
- https://www.investopedia.com/articles/economics/11/successful-ways-government-reduces-debt.asp
- https://www.quora.com/Which-bank-provides-a-100-home-loan
- https://www.worldbank.org/en/about/leadership/managers
- https://www.statista.com/statistics/246420/major-foreign-holders-of-us-treasury-debt/
- https://www.aljazeera.com/economy/2023/5/31/infographic-how-does-us-debt-rank-compared-world
- https://en.wikipedia.org/wiki/List_of_countries_by_external_debt
- https://www.livemint.com/money/personal-finance/non-resident-ordinary-nro-account-money-transfer-to-taxation-explained-11655610315992.html
- https://m.economictimes.com/wealth/save/how-to-transfer-money-from-an-nro-to-an-nre-account/articleshow/97121805.cms
- https://en.wikipedia.org/wiki/National_debt_of_China
- https://www.quora.com/How-much-external-debt-does-the-USA-owe-to-India
- https://www.statista.com/statistics/1226054/value-of-united-states-treasury-securities-held-by-russia/
- https://www.livemint.com/money/personal-finance/upi-payment-how-nris-would-benefit-from-global-expansion-of-this-made-in-india-payment-system-11708417514693.html
- https://www.policybazaar.com/life-insurance/investment-plans/articles/nri-vs-nre/
- https://www.paisabazaar.com/icici-bank/personal-loan/
- https://www.investopedia.com/how-to-get-a-usd200-thousand-personal-loan-8410202
- https://www.fdiintelligence.com/content/data-trends/the-world-banks-top-10-biggest-debtors-82044
- https://www.livemint.com/money/ask-mint-money/can-non-residents-borrow-from-relatives-and-deposit-in-an-nro-account-without-proof-of-funds-11700887913889.html
- https://www.buddyloan.com/blog/personal-loans-on-50000-salary/
- https://www.investopedia.com/do-s-and-don-ts-of-lending-to-friends-and-family-5088469
- https://www.edelmanfinancialengines.com/education/financial-planning/lending-money-to-family-or-friends/
- https://www.hdfcbank.com/personal/resources/learning-centre/save/difference-between-nre-and-nro-account
- https://www.quora.com/How-much-does-the-UK-owe-the-US
- https://www.livemint.com/money/personal-finance/top-10-personal-loans-from-banks-with-lowest-interest-rates-details-here-11706011927426.html
- https://www.hdfcbank.com/personal/resources/learning-centre/save/nri-account-benefits-that-you-need-to-know
- https://sbi.co.in/web/nri/accounts/non-residential-external
- https://www.investopedia.com/articles/markets-economy/090616/5-countries-own-most-us-debt.asp
- https://www.credible.com/personal-loan/30k-loan