Statistics -> Debt in Selected Countries
Debt in Group of 7 (G7) Countries
The table below shows the total debt as a % of GDP, and debt per person in G7 countries for 2025. The information is gathered from sources which are listed below the table. The 2025 amounts are estimates.
What is the significance of these numbers?
The government gross debt is used as an indicator of the financial stability of the country.
Once the government gross debt nears 100% of GDP, financial alarm bells start to ring, and purchasers of that country's debt (t-bills, bonds) may demand higher interest rates. Another factor affecting the interest rates is the amount of debt held by citizens of the country, vs the amount of debt held outside of the country.
Japan is an example where approximately 90% of the debt is held by its own citizens and institutions, which helps stabilize their debt market.
As you can see by the table below, debt exceeds 100% of GDP in every G7 country except Germany.
| Debt as % of GDP | Total Debt | ||||||
|---|---|---|---|---|---|---|---|
| Country | Gov't Gross Debt |
Household Debt |
Total Debt |
GDP 2025 $trillions |
Population 2025 millions |
$trillions | per person $US |
| Canada | 113% | 109% | 222% | $2.2 | 41.6 | 4.9 | $117,788 |
| France | 116% | 77% | 193% | 3.2 | 68.6 | 6.2 | 90,379 |
| Germany | 65% | 56% | 121% | 4.7 | 84.9 | 5.7 | 67,138 |
| Italy | 137% | 54% | 191% | 2.4 | 59.0 | 4.6 | 77,966 |
| Japan | 235% | 69% | 304% | 4.2 | 123.3 | 12.8 | 103,812 |
| United Kingdom | 104% | 93% | 197% | 3.8 | 69.9 | 7.5 | 107,296 |
| United States | 122% | 80% | 202% | 30.5 | 342.4 | 61.6 | 179,907 |
Notes:
 | All amounts are in US$. |
| The government gross debt includes all levels of government. |
| Corporate debt and bank debt are not included in the debt totals. |
| The last column shows the debt per person, not per household. The total debt for a family of 4 in Canada would be $471,152. |
| Total debt is calculated based on Total debt as a % of GDP x GDP. |
| We confirmed with the Organization for Economic Cooperation and Development (OECD, quoted as a source for the IMF information) that the Canada debt includes Federal, Provincial, Territorial and Local governments, and the Canada and Quebec Pension Plans, and does not include financial or non-financial public corporations. |
Information sources:
| International
Monetary Fund (IMF) World Economic Outlook Database for April 2025:
| ||||||
| IMF Household debt, all instruments - Household debt as % of GDP for 2021, could not find data for later years. |
Tax Tip: Reduce your own debt, and pressure your government to reduce its debt.
Revised: May 27, 2025