The richest country with the most debt in 2025 is, unsurprisingly, the U.S., having $25.8 trillion in external debt. More interestingly, Singapore has the highest debt imbalance, where external debt exceeds its economy by over four times.
A recent study by the company Falcon Funded revealed the ten richest countries with the most debt in 2025. Data collection focused on GDP figures, external debt totals, economic freedom indices, inflation rates, and a specialised Financial Stress Score.
This Financial Stress Score was calculated using a weighted combination of debt measurements, economic stability metrics, and financial market indicators, with the United States serving as the benchmark at 100 against which other nations were measured.
| Countries | External Debt (millions US$) | Debt as a % of GDP | Inflation Rate | Financial Stress Score |
| United States | $25,798,100,000,000 | 95.94% | 2.4% | 98.50 |
| Singapore | $2,153,000,000,000 | 418.87% | 0.9% | 75.75 |
| United Kingdom | $10,530,000,000,000 | 253.92% | 2.8% | 74.09 |
| France | $8,044,739,190,000 | 260.77% | 0.8% | 64.57 |
| Switzerland | $2,324,031,900,000 | 259.09% | 0.3% | 54.64 |
| Germany | $7,252,314,000,000 | 160.56% | 2.2% | 52.60 |
| Belgium | $1,652,600,000,000 | 253.47% | 2.9% | 47.72 |
| Finland | $686,771,600,000 | 232.80% | 0.5% | 43.84 |
| Argentina | $289,968,700,000 | 46.47% | 55.9% | 41.59 |
| Canada | $3,163,200,000,000 | 145.70% | 2.3% | 40.12 |
A review of the table indicates that the U.S. tops the list with a Financial Stress Score of 100. The U.S. holds the largest absolute external debt at $25.8 trillion. While having a more balanced economic-to-debt proportion than most countries in the top 10, the sheer magnitude of U.S. debt creates significant financial stress on global markets. The U.S. demonstrates moderate economic freedom with manageable inflation at 2.4%.
Singapore follows at 2nd with a score of 75.75. The city-state shows the most severe imbalance between economy and debt among all analysed countries, with external obligations exceeding its economic output by over four times. Unlike the U.S., Singapore offsets this burden with the highest economic freedom score among the top 10 countries and maintains remarkably low inflation at 0.9%.
The UK places 3rd with a score of 74.09. The UK shoulders the third-largest absolute debt burden at $10.53 trillion, with obligations exceeding its economy by about 2.5 times. Compared to Singapore, the UK shows a more modest economic freedom score while facing slightly higher inflation at 2.8%, among the higher rates among European countries on the list.
France secures 4th position with a score of 64.57. French external obligations exceed its economic output by nearly 2.6 times, slightly more severe than the UK. The nation benefits from one of the lowest inflation figures among the top 10 at 0.8%, significantly better than the UK.
Switzerland holds 5th place with a score of 54.64. Swiss external obligations mirror the pattern seen in France, exceeding its economy by about 2.6 times. Unlike France, Switzerland has the lowest inflation rate in the entire top 10 at just 0.3% and the second-highest economic freedom score after Singapore, significantly mitigating its debt burden.
Germany stands at 6th with a score of 52.60. As Europe’s largest economy, Germany exhibits a notably healthier balance than its continental neighbours, with external obligations exceeding its economy by only 1.6 times, which is significantly lower than those of Switzerland, France, or the UK. Germany combines stronger economic freedom than France with moderate inflation at 2.2%.
Belgium occupies 7th position with a score of 47.72. Belgian external obligations exceed its economy by about 2.5 times, similar to the UK pattern. The country experiences the highest inflation among European nations on the list at 2.9%, slightly worse than the UK, while maintaining comparable economic freedom scores.
Finland takes 8th place with a score of 43.84. Finnish external obligations stand at 2.3 times its economic output. The Nordic nation enjoys the second-lowest inflation at 0.5%, approaching Switzerland’s remarkable stability, while having stronger economic freedom than both Belgium and France, helping offset its substantial obligations.
Argentina stands at 9th with a score of 41.59. Argentina presents a contrast to all preceding nations with external obligations at less than half its economic output. This apparent advantage is completely overshadowed by extreme inflation at 55.9% and the weakest economic freedom score in the entire top 10, creating significant financial stress despite lower debt levels.
Canada completes the list at 10th with a score of 40.12. Canadian external obligations exceed its economy by about 1.5 times, resembling Germany’s more balanced approach rather than the severe imbalances seen in European countries like France or the UK. The country combines strong economic freedom with moderate inflation at 2.3%, explaining its position with the lowest stress score despite substantial debt.
Overall, national debt levels have reached historically unprecedented territories, fundamentally altering the risk profile of even the most stable economies.
