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The findings highlight the vast differences in borrowing patterns across economies, with several advanced European countries occupying the top positions. However, a higher debt burden per resident does not necessarily indicate a financial crisis, as the ability to service debt depends on income levels, economic growth, interest rates and the assets held by borrowers.
Which countries have the highest debt per person?
Switzerland leads the ranking with $342,240 in combined debt per resident, followed by Norway at $273,856. The Netherlands and the United States are almost tied, with debt per person of $224,157 and $224,032, respectively.
Denmark rounds out the top five, with approximately $195,365 in total debt per resident.
Why Does Switzerland Have the Highest Debt Per Person?
Switzerland’s position is largely driven by household and corporate borrowing rather than government debt. Household debt accounts for approximately $153,138 per resident, while non-financial corporate debt contributes another $157,108. Government debt stands at $31,994 per person.
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Together, household and corporate borrowing account for more than 90% of Switzerland’s total debt per resident.
Norway, which ranks second, records $88,108 in household debt, $48,775 in government debt and $136,973 in non-financial corporate debt per person.
The United States presents a different picture. Its government debt reaches $99,103 per resident, substantially higher than Switzerland’s $31,994. Household and corporate debt contribute $60,103 and $64,826, respectively.
These differences show how debt levels can reflect different economic structures, from mortgage-heavy housing markets to government borrowing and business financing.