While the U.S. has the highest total national debt, India leads as the biggest borrower from the World Bank (WB) itself, with billions owed to them, alongside other major low- and middle-income debtors like Indonesia, Pakistan, and Bangladesh, though advanced economies dominate overall global debt figures.
Advanced Economies Make Up Most of World's Debt
🇺🇸 U.S. The United States continues to lead with $38.3 trillion in government debt, which accounts for just over one third of the global debt pile.
Largest fiscal borrowers from IBRD 2023
That year, India was the largest fiscal borrower, borrowing over 4.3 billion U.S. dollars from the IBRD. Other major borrowers include Turkey, Indonesia, Ukraine, and the Philippines.
As of December 2025, Switzerland, Fiji, Cambodia, Japan, and Thailand had the lowest interest rates in the world.
The World Bank is a member of the United Nations Sustainable Development Group. It is governed by its 189 member countries, though the United States, as its largest shareholder, has traditionally appointed its president.
The richest country by GDP (PPP) per capita is often cited as Singapore, followed closely by Luxembourg, depending on the specific report and year, with Singapore leading in 2025 estimates with around $156,000-$157,000 per person, while Luxembourg is a strong contender just below that, highlighting small, finance-heavy economies as wealthiest per person.
The organizations that make up the World Bank Group are owned by the governments of member nations, which have the ultimate decision-making power within the organizations on all matters, including policy, financial or membership issues.
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.
South Sudan ranks as the poorest country globally, grappling with prolonged civil war, oil dependency, and severe food insecurity. The ongoing conflict disrupts agricultural production, leaving over 60% of its population in need of humanitarian assistance.
Non-member states
India tops World Bank's borrower list with $24.3 billion.
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).
India's public debt has reached 81.4% of its GDP. This places India's Debt-to-GDP at the 35th spot globally. A high public debt isn't necessarily harmful. Countries often use it to finance growth or manage downturns.
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.
Debt Free Countries: Top Nations without National Debt
A low level of debt shows less reliance on foreign borrowings. The best example can be taken from Hong Kong (it is a one of the debt free countries), whose economy has the least debt to GDP ratio. It is an almost debt free country.
But despite the economic uptick of recent years, Tasmania is still the poorest Australian state.
A feared recession didn't materialize, but unemployment rose, wage growth slowed and affordability challenges are mounting. After a chaotic year filled with trade wars, market gyrations and the longest government shutdown in history, the U.S. economy has, once again, proved more resilient than many forecasters feared.
The phrase “Trump IRS forgiveness” is often used to describe speculative or proposed tax relief measures tied to Donald Trump's campaign promises or tax policies during his presidency. However: No legislation has been passed in 2025 to forgive IRS tax debt due to Trump's re-election campaign.
Once the debt limit is reached, the Treasury can't sell any more bonds and other securities to pay off the debt from previous deficits. Put simply: it can't get cash to pay off bills the government has already accumulated. If the U.S. can't pay those bills, then it defaults on the national debt.
Ajay Banga is the 14th President of the World Bank Group and leads the institution's efforts to end extreme poverty and boost shared prosperity on a livable planet.
The Banking Families
During that period, the still currently famous banking families included, the J.P. Morgan Family, the Rothschilds, and the Rockefeller's – J.P Morgan, Rothschild and Rockefeller all had a part in the creation of the Federal Reserve (Bloomberg.com).