Yes, New Zealand has significant national debt, with government debt around 48-50% of GDP in 2024-2025, while the total collective debt for the nation (government, household, and corporate) is approaching $1 trillion, driven by borrowing and a reliance on foreign funding for deficits, creating concerns about future financial stability.
We analyse RBNZ data to explain what New Zealand really owes. Debt has grown 4.7x over 25 years, from $128.8 billion (2000) to $608.7 billion (2025). That's 372% growth - far outpacing population growth of 35%. Debt per capita tripled: From $33,378 (2000) to $117,054 (2025) - a 251% increase.
New Zealand National Government Debt reached 123.7 USD bn in Sep 2025, compared with 124.1 USD bn in the previous quarter. See the table below for more data.
Financial stability risks are still higher than they've been in recent years. This is because of global uncertainty and underperformance in parts of the New Zealand economy. Banks remain resilient to a range of shocks and are in a good position to support an economic recovery.
Yes, roughly 80% (or around 78%) of New Zealand's land is considered uninhabited, not because it's truly barren, but due to challenging terrain like mountains, vast protected areas (National Parks), and large expanses of farmland managed by few people, causing most of the population to cluster along the coasts and in major cities like Auckland.
New Zealand has been named among the top five wealthiest countries across the globe in the Allianz Global Wealth Report.
Yes, NZ$70,000 is considered an average to decent salary in New Zealand, hitting the national average but falling short of "comfortable" in expensive cities like Auckland, especially for families; for a single person, it's generally enough to cover basic living costs and some savings, but luxuries like frequent dining out or big travel might be tight, especially in major cities.
The United States has the largest total national debt in absolute dollar terms (over $38 trillion), followed by China and Japan, but Japan has the highest debt when measured as a percentage of its Gross Domestic Product (GDP) (over 230%), indicating a much larger debt burden relative to its economic output.
New Zealand is experiencing a record exodus of people, mainly due to a cost of living crisis, low wages, housing affordability issues, and limited job opportunities, with many heading to Australia for better pay and more prospects. Push factors include a weaker economy and job market, while Australia offers stronger economic pull factors like higher salaries and more available roles in sectors like healthcare and construction, making it a significant "brain drain" for NZ.
New Zealand Government debt accounted for 48.5 % of the country's Nominal GDP in Sep 2025, compared with the ratio of 46.8 % in the previous quarter.
New Zealand's annual current account deficit was $24.7 billion (5.7 percent of gross domestic product (GDP)) in the year ended 31 March 2025. This compares with a $26.2 billion deficit in the year ended 31 December 2024 (6.1 percent of GDP).
Australia's government debt is nearing $1 trillion AUD in gross terms, with forecasts placing it just over that mark in late 2025 or early 2026, representing around 32-35% of GDP, which is considered relatively low compared to other developed nations despite rising from previous years. Net debt, which accounts for government assets, is lower (around $880 billion in 2024-25) but also growing as a percentage of GDP.
The top three estimated foreign holders of federal debt by country, ranked in descending order as of December 2024, are Japan ($1.1 trillion), China ($0.8 trillion), and the United Kingdom ($0.7 trillion).
Economic performance: The Economist ranked New Zealand as the 31st best-performing economy in 2025, up two places from 2024.
*Countries with the highest national per capita debt* (2025 estimates) 1. Japan $95,000: Debt > 250% of GDP, mostly domestic; aging population drives spending 2. United States $80,000: Debt > 130% of GDP 3. Italy $70,000: Debt 150% of GDP 4.
A: Thanks Mitra, you raise a very interesting issue. You are right. The latest figures I can find show the poorest state in the United States is Mississippi with a per capita GDP of US$53,000 and, yes, that is above both the United Kingdom and New Zealand at US$52,000 and US$47,000 respectively.
It used to be that once someone's salary hit six digits, they would be considered highly paid. But there are now about a dozen sectors paying at least a median $100,000. Over the past 10 years, the median wage across New Zealand has risen from about $67,000 – depending how you measure it – to nearly $80,000.
Kiwi is not generally considered to be a derogatory term, but there are New Zealanders, particularly some with Māori heritage, who find the appellation jarring and prefer not to identify with it.
The economy fell 0.5 percent across 2025. Despite a modest 1.1 percent upswing in the last 3 months, the economy has not grown in 2 years. Real GDP per capita is $1,593 worse than when the right-wing National Party-led government took office two years ago.
China National Government Debt reached 4,736.4 USD bn in Dec 2024, compared with 4,230.0 USD bn in the previous year. China National Government Debt data is updated yearly, available from Dec 2005 to Dec 2024.
As the world's biggest gambling hub, Macao SAR has zero debt, bolstered by billions in gaming revenue and healthy financial reserves. Liechtenstein ranks in second, with virtually no debt and the only country in Europe ranking in the top 10.
Eliminating the U.S. government's debt is a Herculean task that could take decades. In addition to obvious steps, such as hiking taxes and slashing spending, the government could take a number of other approaches, some of them unorthodox and even controversial.
Jobs paying $200k+ in New Zealand are typically senior leadership, specialized medical, high-level finance, and senior tech roles, with examples including CEOs, Surgeons (especially private), IT Directors, Construction Managers (Auckland), Radiologists, and senior Legal roles, often found in Auckland and Wellington. Roles like Chief Financial Officer, Chief Technology Officer, and Senior Project Managers in construction or infrastructure also reach this bracket, requiring significant experience and responsibility.
According to 2024 data from Numbeo, New Zealand ranks among the top 20 most expensive countries for living costs. However, it remains more affordable than destinations like Switzerland, Singapore, the United States, and Australia.