This report highlights the latest ratios of Gross National Savings to Gross Domestic Product for 25 of the world’s largest economies.
The International Monetary Fund calculates Gross National Savings ratios using each country’s local currency. Technically, Gross National Savings includes gross disposable income minus final consumption spending after an adjustment for pension funds. Many countries build their national savings estimates from national accounts data on gross domestic investment and balance of payments data on net foreign investment.
According to The Economist, the national savings ratio measures an economy’s total savings presented as a percentage of GDP. Savings represents deferred consumption and therefore impacts investment providing the basis for future output and consumption. In a nutshell, gross savings are savings required to finance gross investment. National savings encompass savings from both government and the private sector.
Richest Countries’ Gross National Savings to GDP Ratios Compared
The table below showcases the ratios of Gross National Savings to Gross Domestic Product for each of the world’s 25 wealthiest nations. Data shown is for 2018, 2017 and 2008 when the Great Recession began.
The United States grew its savings ratio the most from 2008 to 2019 thanks to adding another 3.3%. In second place was Spain (plus 2.8%) trailed by Thailand (plus 2.4%) and Poland (plus 2.2%).
You can change the presentation order by clicking the triangle icons at the top of each column. Starting with the largest economy, the Rank column refers to the relative size of each country in terms of Gross Domestic Product (GDP) on a Purchasing Power Parity basis.
| Rank | Country | 2019 | 2018 | 2008 | 2018-9 | 2008-19 |
|---|---|---|---|---|---|---|
| 1 | China | 44.5% | 45.2% | 52.3% | -0.7% | -7.9% |
| 2 | United States | 18.5% | 18.4% | 15.2% | +0.1% | +3.3% |
| 3 | India | 29.3% | 29.2% | 32.0% | +0.1% | -2.7% |
| 4 | Japan | 27.9% | 28% | 27.4% | -0.02% | +0.6% |
| 5 | Germany | 28.8% | 29.1% | 27.1% | -0.4% | +1.6% |
| 6 | Russia | 28.9% | 29.6% | 29.7% | -0.7% | -0.9% |
| 7 | Indonesia | 31.7% | 31.4% | 33% | +0.2% | -1.4% |
| 8 | Brazil | 14.5% | 14.6% | 19.9% | -0.1% | -5.3% |
| 9 | United Kingdom | 13% | 13.3% | 13% | -0.4% | +0.02% |
| 10 | France | 22.8% | 22.9% | 23.4% | -0.1% | -0.6% |
| 11 | Mexico | 20.5% | 21.2% | 22.6% | -0.7% | -2.1% |
| 12 | Italy | 20.4% | 20.5% | 19% | -0.03% | +1.5% |
| 13 | Turkey | 25.7% | 27.1% | 24% | -1.3% | +1.7% |
| 14 | South Korea | 34.6% | 35.8% | 33.8% | -1.1% | +0.8% |
| 15 | Spain | 23.1% | 22.9% | 20.3% | +0.3% | +2.8% |
| 16 | Canada | 20.7% | 20.4% | 24.2% | +0.3% | -3.5% |
| 17 | Saudi Arabia | 29.3% | 33.4% | 52.8% | -4.1% | -23.5% |
| 18 | Iran | 38.2% | 42.8% | 48.4% | -4.6% | -10.3% |
| 19 | Egypt | 14.3% | 14.3% | 29% | -0.01% | -14.7% |
| 20 | Thailand | 31% | 31.4% | 28.5% | -0.4% | +2.4% |
| 21 | Australia | 22.1% | 21.8% | 24.1% | +0.3% | -2% |
| 22 | Taiwan | 33.1% | 33.1% | 31.4% | -0.1% | +1.7% |
| 23 | Poland | 20.2% | 20.1% | 17.9% | +0.1% | +2.2% |
| 24 | Nigeria | 13.9% | 15.1% | 24.4% | -1.2% | -10.5% |
| 25 | Pakistan | 10.8% | 10.4% | 11.1% | +0.4% | -0.2% |
The average Gross National Savings to GDP ratio in 2019 for these 25 richest countries was 24.7%.
Those economies for which Gross National Savings posted the greatest ratios in terms of GDP during 2019 are China (44.5% of GDP), Iran (38.2%), South Korea (34.6%), Taiwan (33.1%), Indonesia (31.7%), Thailand (31%) and India (29.3%).
At the other end of the spectrum featuring the lowest savings ratios in 2019 are Pakistan (10.8%), United Kingdom (13%), Nigeria (13.9%), Egypt (14.3%), Brazil (14.5%) and the United States (18.5%).
See also Domestic Spending for Top 25 Richest Countries, Household Debt for Top 25 Richest Countries and Unemployment Rates for Top 25 Richest Countries
Research Reference Materials:
International Monetary Fund, Gross national savings (% of GDP). Accessed on December 12, 2019
Organisation for Economic Co-operation and Development, Household savings. Accessed on December 12, 2019
The Economist, Guide to Economic Indicators: Making Sense of Economics (7th Edition). Accessed on December 12, 2019
theGlobalEconomy.com, Savings as a percent of GDP. Accessed on December 12, 2019
Trading Economics, Economic Indicators by Category: Personal Savings. Accessed on December 12, 2019
Wikipedia, List of countries by gross national savings. Accessed on December 12, 2019
World Bank, Gross savings (% of GDP). Accessed on December 12, 2019