Which country does not owe?

No country is completely debt-free, as nearly all nations have some form of public debt, but some, like Macao SAR, Liechtenstein, and Brunei, maintain extremely low debt-to-GDP ratios, often near zero, due to strong reserves from natural resources (oil, gambling revenue) or robust financial sectors, making them effectively debt-light.

Is there any country that has zero debt?

The question is more about semantics than economics, but basically the answer is no. Anything owed by the country is considered to be debt (a liability on the balance sheet), anything owed to the country would be called an asset.

Do all countries have debt?

Yes, virtually all countries have some form of national debt, borrowing money from domestic and foreign sources (like citizens, banks, other nations) to fund government operations, infrastructure, and services, with very few exceptions; even nations with vast resources, like Brunei and Liechtenstein, maintain manageable debt levels for growth, as debt is a tool for economic development, not necessarily a sign of weakness.
 

Which country is owed the most?

The United States owes the most money in absolute terms, with its government debt exceeding $38 trillion, followed by China and Japan; however, when debt is measured as a percentage of GDP (debt-to-GDP ratio), Japan has a very high burden, and countries like Greece or Lebanon face extreme levels relative to their economic output, with the U.S. also having a significant debt load compared to its GDP. Different metrics show different leaders, but the U.S. consistently tops lists for total debt. 

Is China debt free?

The national debt (or government debt) of the People's Republic of China is the total amount of money owed by the central government, local governments, government branches and state organizations of China. According to the International Monetary Fund, general government debt amounted to 77% of GDP in 2022.

Why Every Country Is in Debt? And Who Do They Owe?

Do the US still owe China?

China owns approximately $859.4 billion in U.S. debt, about 2.6% of the total U.S. debt. Japan surpasses China as the top foreign holder of U.S. debt, with $1.1 trillion. The U.S. government itself holds the largest portion of U.S. debt, primarily through trust funds.

Who owns over 70% of the U.S. debt?

Who owns the most U.S. debt? Around 70-80 percent of U.S. debt is held by domestic financial actors and institutions in the United States. U.S. Treasuries represent a convenient, liquid, low-risk store of value.

Can the USA get out of debt?

There are a number of methods to reduce the U.S. national debt that go beyond raising taxes and cutting discretionary spending. One of the most controversial is to open the nation's borders to more immigration, kick-starting entrepreneurship and consumption.

Who does America owe the most to?

The U.S. owes the most money to itself (domestic holders like U.S. investors, banks, and government trust funds), but among foreign countries, Japan holds the largest share of U.S. debt, followed by China and the United Kingdom, with Japan surpassing China as the top foreign holder around 2019. A significant portion of U.S. debt is also held by the Federal Reserve and other government entities (intragovernmental debt). 

What is the poorest country in the world?

As of late 2025/early 2026, South Sudan is widely considered the poorest country in the world, consistently ranking last or near-last by GDP per capita due to civil conflict, political instability, and resource issues, though Afghanistan also appears at the very bottom in some rankings. Other nations like Burundi, Central African Republic, and Yemen also face extreme poverty.
 

How many Americans are 100% debt free?

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve.

Has America ever paid off its debt?

Yes, the U.S. paid off its entire national debt for the only time in history on January 1, 1835, under President Andrew Jackson, primarily from land sales and budget surpluses, but it was short-lived, with debt reappearing quickly and growing again due to economic events like the Panic of 1837, leading to continuous borrowing since. 

Who does Canada owe money to?

Canada's debt is mostly owned by Canadians—pension funds, banks, and even the Bank of Canada —so in that sense, we owe ourselves. The rest goes to global investors and funds, not one big country. Our government issues bonds, we buy them, and pay ourselves interest.

What would happen if the US paid off all its debt?

If the U.S. paid off all its debt, it would trigger an economic crisis by eliminating safe investment options (Treasury bonds), causing a massive cash glut, crashing interest rates, disrupting monetary policy (Federal Reserve operations), forcing cuts in government services/spending, and potentially leading to a depression as the economy would lose its primary safe asset, disrupting the entire global financial system that relies on U.S. debt. The process itself, whether through extreme taxes or printing money, would likely cause hyperinflation or deep recession, while the end result removes a critical benchmark for the global economy.
 

Is Switzerland debt free?

The national debt of Switzerland stood at 355.41 billion U.S. dollars in 2024. Between 1990 and 2024, the national debt rose by 214.22 billion U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend.

Who does the US owe 36 trillion to?

The U.S. owes its $36 trillion national debt to a mix of domestic investors (like banks, mutual funds, and individuals), U.S. government accounts (like Social Security), the Federal Reserve, and foreign investors, with Japan, the UK, and China being the largest foreign holders, primarily through purchasing U.S. Treasury bonds. The largest portion is held domestically, but foreign entities hold trillions, making countries like Japan and China significant lenders.
 

What is the #1 cause of debt in the US?

The leading cause of debt in America, by far, is mortgage debt, making up about 70% of total household debt, as housing is the largest purchase for most Americans. Following mortgages, major drivers of personal debt include auto loans, student loans, credit cards, often used for unexpected expenses like medical bills, and rising costs for necessities like childcare. 

How much does China owe the USA?

China holds a significant amount of U.S. debt, primarily in Treasury bonds, with recent figures (late 2024/early 2025) showing China owning around $750-$800 billion in U.S. securities, making it the second-largest foreign holder after Japan, though this is a smaller percentage of the total U.S. debt. This amount fluctuates as China has been reducing its holdings, but it represents loans from China to the U.S. government, not a debt the U.S. owes to China in a punitive way, but rather investments in U.S. assets. 

What happens if the USA can't pay its debt?

A default on all outstanding U.S. Treasuries would almost surely precipitate a global financial crisis. Further, because about 70% of the debt is held by Americans, most of the savings from foregone interest payments would be at the expense of U.S. investors.

Is Trump going to forgive tax debt?

There is no IRS forgiveness plan officially introduced by Trump in 2025. While some campaign proposals have discussed tax simplification or reduced rates, they do not include debt cancellation for individuals with unpaid taxes.

What country is deepest in debt?

The country with the worst debt depends on how you measure it, but Sudan often leads in debt-to-GDP ratio (around 250%+) due to conflict, while Japan has the highest among developed nations (over 230%), and the United States holds the largest absolute debt (trillions). Other nations with very high debt-to-GDP include Singapore, Greece, and Italy, with emerging economies like Sri Lanka, Laos, and Pakistan also facing severe distress. 

Who lends the US money?

The U.S. borrows money from a broad mix of domestic and foreign investors, including individual citizens, banks, pension funds, the Federal Reserve, and foreign governments like Japan, the UK, and China, by selling Treasury securities (bills, notes, bonds) to cover budget gaps. This debt is split between Public Debt (held by outsiders) and Intragovernmental Debt (money owed to other U.S. government agencies, primarily Social Security).
 

How much does the government owe for social security?

The government "owes" Social Security trillions because it borrowed surplus payroll taxes for other spending, creating an intragovernmental debt (like IOUs) held as U.S. Treasury securities, with estimates around $2.4 to $2.7 trillion in the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds as of late 2024/mid-2025, which must be repaid from future revenues or borrowing to pay current and future benefits. This debt is part of the larger national debt and represents future obligations that current tax collections aren't fully covering, requiring increased borrowing or reforms. 

Who was the last president to balance the US budget?

The last president to oversee a balanced federal budget was Bill Clinton, whose administration achieved budget surpluses for four consecutive years, from fiscal years 1998 to 2001, marking the first sustained period of budget balance in decades. This rare feat was due to a combination of economic growth, spending cuts, and tax increases, and it ended with the start of the new millennium, after which deficits returned.