Australia, Canada and the Netherlands have the most indebted ratios of household debt compared to each country’s Gross Domestic Product in 2019.
This report compares essential metrics for the household debt carried by consumers in 25 of the world’s richest countries.
Household debt means total liabilities requiring interest or principal payments by households to creditors at fixed dates in the future. Debt is calculated as the sum of loans including mortgage loans and consumer credit as well as other accounts payable owed by households.
According to The Economist, economic analysis is most effective when focused on clearly defined economic entities like households that buy goods and services from businesses.
Highlighted below are change in the percentage amounts for household debt compared to each nation’s wealth over the short and medium term. Further down this analysis you will also find statistics measuring average debt per household and per person as well as the median age for each economy.
Richest Countries’ Household Debt to GDP Ratios Compared
The table below showcases the ratios of household debt to Gross Domestic Product (GDP) for each of the world’s 25 wealthiest nations. Data shown is for 2019, 2018 and 2008 when the Great Recession began.
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. You can also re-order the data by percentages for consumer spending, government spending and capital investment in descending or ascending order.
| Rank | Country | 2019 | 2018 | 2008 | 2018-9 | 2008-19 |
|---|---|---|---|---|---|---|
| 1 | China | 54.6% | 53.6% | 17.9% | +1% | +36.7% |
| 2 | United States | 75% | 74.9% | 95.9% | +0.1% | -20.9% |
| 3 | India | 11.6% | 11.7% | 10.4% | -0.1% | +1.2% |
| 4 | Japan | 58.7% | 58.5% | 59.8% | +0.2% | -1.1% |
| 5 | Germany | 54% | 53.6% | 59.8% | +0.4% | -5.8% |
| 6 | Russia | 18.1% | 17.5% | 11.5% | +0.6% | +6.6% |
| 7 | Indonesia | 17% | 16.9% | 11.8% | +0.1% | +5.2% |
| 8 | Brazil | 28.3% | 27.9% | 19.5% | +0.4% | +8.8% |
| 9 | United Kingdom | 84% | 83.6% | 93.3% | +0.4% | -9.3% |
| 10 | France | 60.6% | 60.2% | 48.6% | +0.4% | +12% |
| 11 | Mexico | 16.3% | 16.3% | 13.3% | no change | +3% |
| 12 | Italy | 41.3% | 40.9% | 39.1% | +0.4% | +2.2% |
| 13 | Turkey | 13.9% | 14.2% | 12.4% | -0.3% | +1.5% |
| 14 | South Korea | 92.9% | 92.1% | 71% | +0.8% | +21.9% |
| 15 | Spain | 58.6% | 58.4% | 82.1% | +0.2% | -23.5% |
| 16 | Canada | 102.1% | 101% | 81.5% | +1.1% | +20.6% |
| 17 | Saudi Arabia | 11.4% | 11.3% | 8.7% | +0.1% | +2.7% |
| 18 | Thailand | 68.5% | 68.9% | 45.1% | -0.4% | +23.4% |
| 19 | Australia | 119.3% | 119% | 105.6% | +0.3% | +13.7% |
| 20 | Poland | 35.1% | 35.1% | 30.1% | no change | +5% |
| 21 | Malaysia | 67.8% | 67.9% | 49.5% | -0.1% | +18.3% |
| 22 | Netherlands | 101.6% | 102% | 110.5% | -0.4% | -8.9% |
| 23 | Argentina | 5.6% | 6.1% | 4.9% | -0.5% | +0.7% |
| 24 | South Africa | 34% | 33.9% | 42.4% | +0.1% | -8.4% |
| 25 | Colombia | 27.9% | 27.7% | 16.5% | +0.2% | +11.4% |
The average debt ratio in 2019 for these 25 richest countries was 50.3%, about the same as one year earlier.
Economies with the severest debt percentages in terms of GDP on a Purchasing Power Parity basis are Australia (119.3% of GDP), Canada (102.1%), Netherlands (101.6%), South Korea (92.9%), United Kingdom (84%), the United States (75%) and Thailand (68.5%).
Richest countries that posted the greatest increases in debt ratios since the Great Recession sank in during 2008 are China (up 36.7 percentage points), Thailand (up 23.4 percentage points), South Korea (up 21.9 percentage points), Canada (up 20.6 percentage points), Malaysia (up 18.3 percentage points) then Australia (up 13.7 percentage points).
On the other hand, the severest reductions in debt-to-GDP ratios since 2008 belong to Spain (down -23.5 percentage points), United States (down -20.9 percentage points), United Kingdom (down -9.3 percentage points), Netherlands (down -8.9 percentage points) then South Africa (down -8.4 percentage points).
Household Debt Amounts per Person and Household
The following searchable table presents the 25 richest countries based on our calculations of overall debt based on debt to GDP ratios as well as US dollar amounts for individuals and households for each nation.
| Rank | Country | Per HH | HH Size | Per Person | Med. Age |
|---|---|---|---|---|---|
| 1 | China | -$9,668 | 3.4 | -$2,843 | 37.4 |
| 2 | United States | -$47,189 | 2.5 | -$18,875 | 38.1 |
| 3 | India | -$899 | 4.6 | -$195 | 28.1 |
| 4 | Japan | -$25,828 | 2.4 | -$10,762 | 47.3 |
| 5 | Germany | -$28,213 | 2.1 | -$13,435 | 47.1 |
| 6 | Russia | -$5,250 | 2.6 | -$2,019 | 39.6 |
| 7 | Indonesia | -$2,220 | 4 | -$555 | 30.2 |
| 8 | Brazil | -$4,548 | 3.3 | -$1,378 | 32.6 |
| 9 | United Kingdom | -$38,018 | 2.3 | -$16,530 | 40.5 |
| 10 | France | -$27,698 | 2.3 | -$12,042 | 41.4 |
| 11 | Mexico | -$3,322 | 3.7 | -$898 | 28.3 |
| 12 | Italy | -$16,347 | 2.4 | -$6,811 | 45.5 |
| 13 | Turkey | -$3,882 | 4.1 | -$947 | 30.9 |
| 14 | South Korea | -$40,581 | 2.9 | -$13,993 | 41.8 |
| 15 | Spain | -$23,418 | 2.6 | -$9,007 | 42.7 |
| 16 | Canada | -$50,639 | 2.5 | -$20,256 | 42.2 |
| 17 | Saudi Arabia | -$6,299 | 6.1 | -$1,033 | 27.5 |
| 18 | Thailand | -$13,139 | 3.7 | -$3,551 | 37.7 |
| 19 | Australia | -$63,169 | 2.5 | -$25,267 | 38.7 |
| 20 | Poland | -$11,250 | 2.8 | -$4,018 | 40.7 |
| 21 | Malaysia | -$21,806 | 4.6 | -$4,740 | 28.5 |
| 22 | Netherlands | -$57,801 | 2.2 | -$26,273 | 42.6 |
| 23 | Argentina | -$1,156 | 3.3 | -$350 | 31.7 |
| 24 | South Africa | -$4,646 | 3.2 | -$1,452 | 27.1 |
| 25 | Colombia | -$4,174 | 3.5 | -$1,193 | 30 |
The greatest amount of nominal household debt is the United States at -US$15.435 trillion trailed by China at -$13.802 trillion, Japan at -$3.285 trillion, United Kingdom at -$2.553 trillion and Germany at -$2.345 trillion.
Applying population metrics, the Netherlands incurred the largest amount of per capita debt (-$26,273). In second place was Australia (-$25,267), Canada (-$20,256), United States (-$18,875) and United Kingdom (-$16,530).
The picture cast by debt amounts in 2019 from a household perspective is slightly different, albeit also led by households in Australia (-$63,169). Other household debt leaders are Netherlands (-$57,801), Canada (-$50,639), United States (-$47,189), South Korea (-$40,581) then United Kingdom (-$38,018).
See also Domestic Spending for Top 25 Richest Countries, Trade Surpluses or Deficits for Top 25 Richest Countries and Unemployment Rates for Top 25 Richest Countries
Research Reference Materials:
International Monetary Fund, Household debt, loans and debt securities (% of GDP). Accessed on February 26, 2020
Organisation for Economic Co-operation and Development, Household debt. Accessed on February 26, 2020
The Economist, Guide to Economic Indicators: Making Sense of Economics (7th Edition). Accessed on February 26, 2020
theGlobalEconomy.com, Household debt to GDP – Country Rankings. Accessed on February 26, 2020
Trading Economics, Economic Indicators by Category. Accessed on February 26, 2020
United Nations, Department of Economic and Social Affairs, Population Division (2019), Household size and composition around the world 2018 data booklet. Accessed on February 26, 2020
Wikipedia, List of countries by median age. Accessed on February 26, 2020
Wikipedia, List of countries by number of households. Accessed on February 26, 2020
Wikipedia, List of countries by population (United Nations). Accessed on February 26, 2020
World Bank, Debt data. Accessed on February 26, 2020