Although information about indebted people worldwide is widely known, few know where the world's biggest borrowers reside. A new list from Visual Capitalist was recently published, showing that the USA ranks fourth in this rating, and India is at the bottom of the list.
According to Visual Capitalist's new classification, Switzerland tops the ranking in terms of debt per capita. The total debt per resident in Switzerland, including government, housing, and corporate debt, amounts to approximately 342,240 US dollars or about 3.25 crore rupees. Meanwhile, in India, the total debt per person is estimated at approximately 4,708 US dollars or 4.47 lakh rupees.
This ranking, based on data from the first quarter of 2026, compares 39 economies by aggregating the debts of governments, households, and non-financial corporations. The data was collected using information from the Bank for International Settlements (BIS) and demographic forecasts from the United Nations World Organization for 2024. The results demonstrate significant differences in borrowing models across various economies, with many developed European countries appearing at the top of the list.
Nevertheless, a high level of debt per capita is not necessarily an indicator of a financial crisis, as the ability to repay debts depends on income levels, economic growth, interest rates, and the debtors' assets.
Following Switzerland in the ranking are Norway, where the debt per person is 273,856 US dollars. The Netherlands and the United States have similar figures: 224,157 US dollars and 224,032 US dollars, respectively. Denmark is also among the top five leaders, with total debt per resident amounting to approximately 195,365 US dollars.
The situation in Switzerland is more driven by domestic and corporate debt than by government debt. Housing debt per resident reaches approximately 153,138 US dollars, while the contribution of non-financial corporate debt is another 157,108 US dollars. Government debt per person in the country is estimated at 31,994 US dollars. Over 90% of the total debt of a Swiss resident comes from consumer and corporate loans.
Norway, ranked second, has a housing debt per person of 88,108 US dollars, government debt of 48,775 US dollars, and non-financial corporate debt of 136,973 US dollars.
The United States presents a different picture. Government debt in this country reaches 99,103 US dollars per resident, significantly exceeding Switzerland's figure of 31,994 US dollars. Meanwhile, housing and corporate debts amount to 60,103 US dollars and 64,826 US dollars, respectively. Overall, the United States has a debt of 224,032 US dollars or 2.13 crore rupees. These differences illustrate how the level of indebtedness can reflect different economic structures.
