Private Debt to GDP by Country
Credit to the private non-financial sector (households and companies) as a percentage of GDP. Latest values for 44 economies.
Among 43 countries, Luxembourg has the highest private debt to gdp at 454.1% and Argentina the lowest at 26.6% (latest available readings).
Private Debt to GDP by Region
Latest available reading (periods may differ by country). Choose a region or “All countries”.
Private Debt to GDP — All Countries
Sorted by latest value. Click headers to re-sort.
| # | Country | Last | Previous | Period |
|---|---|---|---|---|
| 1 |  Luxembourg | 454.1% | 462.4% | Q1 2026 |
| 2 | Hong Kong | 338.5% | 328.5% | Q1 2026 |
| 3 | Netherlands | 263.4% | 263.9% | Q1 2026 |
| 4 | Switzerland | 257.3% | 251.9% | Q1 2026 |
| 5 | Sweden | 236.1% | 228.8% | Q1 2026 |
| 6 | Norway | 224.2% | 223.1% | Q1 2026 |
| 7 | Denmark | 219.1% | 220.5% | Q1 2026 |
| 8 | Canada | 218.8% | 218.9% | Q1 2026 |
| 9 | France | 214.3% | 214.6% | Q1 2026 |
| 10 | China | 204.1% | 200.8% | Q1 2026 |
| 11 | South Korea | 191.5% | 198.0% | Q1 2026 |
| 12 | Australia | 175.8% | 176.1% | Q1 2026 |
| 13 | Japan | 173.7% | 173.4% | Q1 2026 |
| 14 | Belgium | 173.4% | 174.6% | Q1 2026 |
| 15 | Finland | 173.4% | 176.2% | Q1 2026 |
| 16 | Singapore | 167.8% | 171.2% | Q1 2026 |
| 17 | New Zealand | 160.5% | 161.6% | Q1 2026 |
| 18 | Malaysia | 158.9% | 158.4% | Q1 2026 |
| 19 | Thailand | 155.9% | 156.3% | Q1 2026 |
| 20 | Euro Area | 153.5% | 153.3% | Q1 2026 |
| 21 | United States | 139.7% | 140.2% | Q1 2026 |
| 22 | Germany | 134.8% | 134.9% | Q1 2026 |
| 23 | Chile | 130.3% | 130.5% | Q1 2026 |
| 24 | Ireland | 129.3% | 123.3% | Q1 2026 |
| 25 | Portugal | 128.6% | 128.1% | Q1 2026 |
| 26 | United Kingdom | 128.4% | 131.3% | Q1 2026 |
| 27 | Austria | 126.5% | 125.2% | Q1 2026 |
| 28 | Spain | 119.4% | 119.5% | Q1 2026 |
| 29 | Israel | 116.5% | 115.0% | Q1 2026 |
| 30 | India | 105.1% | 102.2% | Q1 2026 |
| 31 | Russia | 104.7% | 104.8% | Q1 2026 |
| 32 | Greece | 96.7% | 97.4% | Q1 2026 |
| 33 | Italy | 94.2% | 94.3% | Q1 2026 |
| 34 | Brazil | 92.5% | 93.0% | Q1 2026 |
| 35 | Hungary | 89.5% | 90.9% | Q1 2026 |
| 36 | Czech Republic | 86.3% | 85.0% | Q1 2026 |
| 37 | Saudi Arabia | 78.2% | 77.8% | Q1 2026 |
| 38 | South Africa | 67.2% | 66.7% | Q1 2026 |
| 39 | Poland | 57.1% | 56.8% | Q1 2026 |
| 40 | Colombia | 54.9% | 54.4% | Q1 2026 |
| 41 | Turkey | 49.1% | 49.1% | Q1 2026 |
| 42 | Indonesia | 39.8% | 40.6% | Q1 2026 |
| 43 | Mexico | 38.6% | 38.7% | Q1 2026 |
| 44 | Argentina | 26.6% | 28.6% | Q1 2026 |
Private Debt to GDP around the world — in simple words
Overview
Private Debt to GDP is available for 43 economies with recent data. The median value is 130.3% and the simple average is 148.7%.
Highest: Luxembourg (454.1%), Hong Kong (338.5%), Netherlands (263.4%), Switzerland (257.3%), Sweden (236.1%).
Lowest: Argentina (26.6%), Mexico (38.6%), Indonesia (39.8%), Turkey (49.1%), Colombia (54.9%).
Major economies
Among the 19 major economies tracked here, Switzerland (257.3%) has the highest reading and Mexico (38.6%) the lowest. Their median is 134.8%.
Private Debt to GDP — Regional Medians
Median of the latest readings of countries in each World Bank region. The median is the middle value — half the countries are above it and half below.
| Region | Countries | Median |
|---|---|---|
| East Asia & Pacific | 10 | 170.8% |
| Europe & Central Asia | 22 | 129.0% |
| Latin America & Caribbean | 5 | 54.9% |
| Middle East, North Africa, Afghanistan & Pakistan | 2 | 97.4% |
| North America | 2 | 179.3% |
| South Asia | 1 | 105.1% |
| Sub-Saharan Africa | 1 | 67.2% |
Understanding Private Debt to GDP — a simple guide
What it measures
Credit to the private non-financial sector — households and non-financial companies — as a percentage of GDP (BIS).
How it is calculated
Loans and debt securities owed by households and non-financial companies ÷ GDP × 100 (BIS).
A ratio of 90% means private borrowers owe almost one year of national output.
High or fast-rising private debt can increase financial stability risks.
Low private debt can mean room for credit growth, or limited access to finance.
Why it matters for the economy and markets
Private leverage affects financial stability; rapid credit booms have historically preceded banking stress.
How to read it
The BIS “credit-to-GDP gap” approach looks at how far the ratio is above its long-run trend rather than the level alone.
How to use the chart
Use the 5Y / 10Y / 25Y / Max buttons to change the time range, or drag the slider under the chart. Hover (or tap) on the line to see the exact value for any period. Dashed lines and hatched bars are IMF projections, not actual data. The “Download CSV” button gives you the full data series.
Frequently asked questions
What does private debt to gdp measure?
Which country has the highest private debt to gdp?
Data are sourced from official international organisations (IMF, World Bank, BIS) and national authorities, and are shown for educational and informational purposes only. They are not investment advice and no recommendation is made. Figures may be revised by the source; IMF figures for the current and future years are projections. This page was last updated on Saturday, October 17, 2026.