Global External National Debt Statistics
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"External Debt" is defined as the total public and private debt owed to nonresidents, repayable in currency, goods, or services. External debt is also known as 'Foreign debt' and relates solely to debt that is owed to creditors outside of the country and this debt can be owed to private commercial banks, other governments or international financial institutions (e.g. IMF and World Bank). This article will look at the top 10 highest levels of external debt by nation, based on the level of debt per capita. This information is based on information from The World Factbook, all from 2008.
1. Monaco - $540,000 per capita
By far the largest amount of external debt owed by a single nation is accredited to Monaco, who owe an astonishing $540,000 per inhabitant to foreign creditors (as of 2000). Perhaps it should be noted that Monaco is a tax haven for many of the worlds richest people, and so this incredibly high figure of external national debt is distorted by relativity against the average wealth of occupants. However, this debt was 1843.70% of their gross GDP. Monaco has a population of just 33,000 people, who collectively approximately $18bn to foreign creditors.
2. Ireland - $448,032 per capita
Second on the list is Ireland, who are of course a much larger country than Monaco, with an estimated population of around 4.4million people. As of 30th June 2007 Ireland owed an astonishing $1.8tr to foreign creditors, the equivalent of $448,032 for every Irish resident. This external national debt is the equivalent of 980.86% of GDP.
3. Switzerland - $174,526 per capita
Next on the list for highest global national debt is Switzerland, another well known tax haven for the rich, who owe the equivalent of 441.95% times their GDP with total debts of $1.34tr to foreign parties. With a population of approximately 7.74m, this equates to $174,562 per person (figures taken as of 30/06/07).
4. United Kingdom - $174,167 per capita
At fourth on this list, I am ashamed to say, is my home country - the United Kingdom. Each member of the British public owes $174,167 in cash, goods, or services to foreign banks, governments, companies or individuals in other countries. This figure is current as of 24th June 2009. The UK is by far the largest country featured in this top 10, at least in terms of population, with a population of around 61m people. This figure equates to around 374.96% of annual Gross Domestic Product and a total debt of an astonishing $12.67tr.
5. Netherlands - $136,795 per capita
Next on the list is the Netherlands whose national liabilities to foreign parties totals $2.27tr and is the equivalent of $136,795 owed by each one of their 16.5m people. This information is correct as of 30th June 2007. This level of debt equates to 352.75% of Gross Domestic Product.
6. Belgium - $126,202 per capita
...... this is slightly higher than the $126,202 owed by each Belgian citizen, and equates to a very similar level of total GDP, with Belgium liable for some 348.74% of their GDP. Belgium does of course have a smaller population, with approximately 10.7 inhabitants owing a total of $1.313tr to foreign institutions.
7. Norway - $98,530 per capita
Next on the list is Scandinavian country Norway, who owe the equivalent of $98,530 each to external creditors, a total of $469bn owed by a nation of around 4.8m people. This equates to around 190% of GDP - this is actually the lowest proportion of GDP out of the ten countries on this list, owed to the consistently strong performance of Norway's economy and currency.
8. Austria - $90,289 per capita
Eighth on the list is Austria, with a population of approximately 8.4m people, owes a total of $753bn of external debt as a nation. This equates to $90,289 per capita, and is the equivalent of 233.7% of their GDP - which is actually significantly higher in relation to Norway.
9. Denmark - $89,853 per capita
Ninth on the list are Norway's close neighbours Denmark. Denmark's national debt totals $493bn, more than Norway, but their slightly higher population of 5.5m means that their liabilities per capita is $89,853 - less than their fellow Scandinavians. Interestingly, Sweden is far off making this list. Despite owing less money per capita than Norway, Denmark does owe a significantly higher amount in relation to Gross Domestic Product, owing 242.30% of total GDP.
10. Hong Kong - $84,445 per capita
Tenth on this list is capitalist's paradise Hong Kong, with a total external national debt of $588bn, equivalent to 200.48% of their GDP. Making each member of their 7m strong population accountable for $84,445 of debt each.
American National Debt In Comparison......
It may be surprising to some Americans, many of whom are of course worried about their countries rising levels of national debt, that their country has not made this list. This is because despite owing more external debt than any other country in the world, standing at just under $13.8tr as of 30th June 2009, their huge population of around 307m equates to a per head figure of $42,343; equivalent to 95% of GDP. This perhaps suggests that the USA has some way to go before becoming too worried, there are currently 24 world nations - most of which are highly developed countries - with a higher proportion of liabilities in relation to GDP. Nonetheless, I am sure that Americans will not rest until these debt levels are stabilised or even reduced. The 14 other countries with a higher debt in relation to GDP are:- Germany (160%), France (212%), Spain (151%), Australia (107%), Sweden (176%), Portugal (189%), Finland (144%), Iraq (99%), Cyprus (126%), Zimbabwe (220%), Liberia (210%), and 3 other countries.
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External Debt in the News
- Paris Club Close to Reaching Accord on Congo’s Debt (Update1)Bloomberg3 days ago
Nov. 19 (Bloomberg) -- The Paris Club of creditor nations is close to reaching an accord on debt relief for the Democratic Republic of Congo , the government said, as a newspaper reported an agreement has been stalled by the U.S. and Canada.
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Hi rsmallory, at least you are safe in the knowledge that I should be a hell of a lot more concerned than you! Although I appreciate your concern, as the debt per capita figure is obviously most relative to GDP. America currently has one of the largest GDP per capita in the world, but this is falling. A falling GDP, and a rising debt isnt a great combination. Im still hopeful that the UK and US economies will enter recovery soon enough (and they will come out together as we are very closely inter-related financially)
Very interesting. You certainly did your homework!
Very interesting but not complete. It seems a bit like cherry picking.
The public debt in other nations is off-set by private savings.
The savings rate in the Netherlands, private savings and pesion funds are such that the actual debt is more like 8000 per person. And some years we actually have a surpluss. Were in the USA the people have an average private debt per person. Moreover, the USA has unfunded liabilities in healthcare which currenly amount to 192000 dollars per person. see this link: http://www.usdebtclock.org/. And it are actually these unfunded liabilities which are most worriesom. Other western nations, such as the Netherlands, have these liabilities covered via saving schemes. Which in turn null our public debt. But having it your way, taking these unfunded liabilities into account in your scheme the USA actually has a debt of 400% of GDP, comming in at 4th place. But unlike other nations in your list the USA does not have private savings to balance this debt.
I stand to correct myself. The USA situation is even worse.
All debt and unfunded liabilities togheter amount to an incredable 78 trillion USD.
USA GDP in 2008 was 14.2 trillion USD. So this amounts to a wopping 550% of GDP or 257000 USD per person.
Johan, thank you for your comment. Please be advised however that 'external debt' or 'external national debt' is very different to 'public debt' or just. External debt relates solely to the proportion of total debt that is owed to creditors from other countries. The amount that a country has in bonds, or other assets such is gold, is irrelevant. This does not relate to a surplus or deficit. I am from the UK, if I borrowed money from a UK bank then this would be internal debt and not count in the external debt figure. Remember that these figures can be misleading as it does not take into account the amount that these countries are owed themselves, for example the USA actually owes over $300bn to the UK, this $300bn is not subtracted from the UK's external debt figures - just as an example.
To put this into a simple perspective, I am assuming that you are Dutch? forgive me if that is incorrect. If you were to borrow 100,000 euros from a Dutch bank - apologies I cannot name one, is ABN AMRO Dutch? Lets say that you borrowed 100k from the Dutch arm of ABN AMRO to buy a house, this debt would not count towards the nations external debt. If I borrowed 100k from ABN AMRO, then this would add 100k to the external debt of the UK. It really is that simple.
I believe that the figures you have quoted also take into account internal debts, so money owed by one American party to another American party. Although you are quite right to point this out, as a national debt culture is no positive thing. The UK and USA have allowed far too much credit to flow internally, and this is the very reason that both countries have experienced a deeper recession than other major economies. It is also the reason that their external debts are continuing to rise at an alarming rate.
Hope that clarifies. Cheers for stopping by. Ryan.
As for your accusation of 'Cherry Picking', that would be working on the assumption I am American or live in America. I am from the UK, and live in the UK, this list certainly does not make good reading for me.
Blimey he's a limey!
No, Mr. kett is most certainly British. We do not play European football here and Mr. kett has written some funny and interesting pieces on European football. e.g. soccer.
Yes, yes I know we hired Beckham to promote the sport in the states, but mostly what happens is silly quotes from him and the "latest" fashions on her...you know...Posh.
Excellent writeup ryan. I do enjoy reading information from places OTHER than the United States.
Dear ryankett, thanks for your reply.
Yep I'm Dutch.
And no, I already read you were from the UK. In regards to (foreign) liabilities/debt. You are probably right when looking solely to the foreign debt as it is defined. But I wanted to point out that not taking the entire debt picture into account can result in a distorted picture. There is, for example, quite some intra EU debt. This intra EU debt can be "cancelled" against each other since it is within one internal market, as is done with the intra USA debt. (This excercise is, ofcourse, easier between the Euro using nations, since there is no exchange rate problem.) This cancelation of debt against each other severly alters the positions of nations. But I agree the position of the UK is still quite alarming. But luckely for the UK other EU nations have savings to balance the UK debt position. Being in the Eurozone would have been a big plus for the UK right now. As it currently is for the Netherlands since we spend 10% of GDP on saving the financial sector, without experiencing any exchange rate volatility. Although, I think the pound is strong enough. Being part of the EU and proximity to the Eurozone helps a lot in this respect. The USA deficit and then especially the unfunded liabilities is what really wories me. Since this emplies an ever weakening dollar and therefore an erosian of dollar denoted savings. If this erosian does not happen gradually and comes in a shock move we will experience a historic monetary crisis, which might have even more severe consequences than the current financial crisis. Some here call it the dollar bubble. The next bubble to burst. Kind regards, Johan
Hi Johan, thank you for your reply. I am one of the British people that is pro-Euro, so I wanted to join the single currency years ago. At the time the pound was very strong, I guess that retaining an independent currency is not looking like the best decision right now, but we will see ;)
I fully understand your opinions in relation to this hub, and yes your are right it does not paint a full picture. I am no economist, and lets face it.... a book could be written on the subject of debt.
But I write my articles using a tool which tells me what people are searching for, and there are many people that search specifically for the term 'external debt'. Therefore, to write a short piece on external debt, I have to remain within the boundaries of the very definition of 'external debt', which I feel that I have defined clearly at the very start of this article.
Sorry if you feel that I have tried to paint a certain picture, the only reason that I added America to this list is because around 70% of my readership is American. All of my figures have been taken from The World Factbook - so I am only re-hashing somebodies else's stats.
Again, I agree that there is a much bigger picture to be painted, but I will be completely honest.... I have no real desire to paint that picture :)
Best wishes,
Ryan.
ps. Johan, your English is very good ;) I always find that the Dutch and the Swedish are the best writers and speakers of English; with an exception of course applied to those that use it as a native language.
Hi Ryan,
thanks for your reply. I'm not an economist, I'm an MSc engineer. But I did an econimics specialisation in high school. Normally economies with more debt tend to grow harder. Since they borrow money for investments with higher returns. But as we all know this is not always the the destination of debt. (sup prime... :s )
Anyhow, I hope our American friends wake up to the unfunded liabilities (which are obscured in the numbers now) and act to lower it. Since there is not much we can do about it over here (in europe). although it will affect us.
Kind regards,
Johan
"ps. Johan, your English is very good ;) I always find that the Dutch and the Swedish are the best writers and speakers of English; with an exception of course applied to those that use it as a native language."
Thanks for the compliment! Being an inhabitant of a small nation we are more or less forced to learn other languages. My German is better than my English. But, my english is vastly superior to my French. Interestingly, there is a tendency here now to prefer learning Spanish over French. Probably, since we tend to see France more and more as one of the largest of the small nations, rather than a large nation in its own right.
(No insult intended to France. We are starting to view the UK and Germany in a similar light: The largest of the small. And starting to see India, China and the USA as the larger of the large nations.) Spanish is gaining popularity since it is spoken in Latin America and therefor has a lot of native speakers. Kind regards,
Johan
The checks in the mail,postdated "To be cashed the day after the banks fail"
Informative Hub!
thanks.
I see how your focus on external debt left the US off the top ten list. This was a good read for me because I'm no economist either; I learn things about economics by reading well researched articles like this one. Thanks.
Amazing and just think the thieving MF banksters create all this debt out of thin air (digits on a screen) and then charge us real money via our sweat labour for the interest alone, never mind the repayment. Not forgetting of course just a little inflation thrown in for 'good' measure.
They call it usury guys originally designed by God Himself in order for Israel to charge the Canaanites interest and thereby destroy them financially.
Wake up Britain and America the thieving scum bastards are screwing you up and down and left and right!!
Mr Ryan-in 1989 Ireland was the highest debtor nation on earth-each man woman and child owed 9000 pounds each!I see it has gone up a bit!Remember the old maxim,neither a borrower nor a lender be.
This is actually some very interesting information. I must say that I was surprised that Monaco tops the list.
The figures are staggering to me. Do people pay interest on the debt? Must be a way to get rich in there on foreign debt?
J.
I had to read it twice but I think I got my head around the info. Good hub, well written & informative.
I have read this Hub and the hub on the us Debt on who we owe. Here is a Challenge for you.! ! ! You Seem to be able to find out the Fact's and Figures.i would like you to find out of all these Countries that have a National Debt you already know how much they owe now you should find out to whom they owe them to and corralate them to the U S national Debt
Whitney Man, I have tried that already. Far too many countries choose not to publicise that information. For example, I could not even find out who the UK owes money to. I know what you are asking, you would like to see the overall 'balance'. That is a near on impossible task, sorry. I would love to know myself. For example, the US owes nearly $400bn to the UK, but how do I know whether or not the UK owes $500bn to the US? I can tell you however that Russia, Japan, and China..... owe a hell of a lot less to the west than the west owes to them. Which is not an ideal situation for the west, as it weakens their position.
"I could not even find out who the UK owes money to"
Look no further than Mr Rothschild with his IMF, The World Bank and more importantly the Bank of International Settlements in Switzerland where all our gold is having been stolen from us since 1931.
All our income tax goes to the IMF to pay the interest on fictional loans that are created by typing digits onto a computer screen. Once upon a time they had the expense of the paper and ink but not now.
And there was me thinking that Gordon Brown sold half of our gold reserves to China at the market bottom? I will leave you to google that.
Half of what and who told Brown to sell at rock bottom prices?
Gordon Brown sold half of this countries gold reserves in the belief that we would no longer experience economic cycles. If you did not know that, then you clearly have no idea what you are talking about.
wonderfully well done..... you should def. be writing daily for a newspaper, do they know about you yet.... great hub
You didn't answer my questions - Half of how much gold and who told Brown to sell!!??
Our currency is not backed by anything of substance value do you know what it is backed by?
Now lets see if YOU know what YOU are talking about instead of parroting propaganda media pigs swill?
Shut up you freak, get off of my hub. He sold 400 tonnes of gold for £2bn, it would now be worth about £8bn. http://www.timesonline.co.uk/tol/news/politics/art Now fuck off and fight the Times monkeys, why couldnt you google that yourself? If I throw a dog a bone I dont want that dog to come back and tell me whether it tastes good or not.
What the fuck did I ever say about currency? Gold is the most important currency in a recession. Now YOU tell me what the fuck that has to do with external debt. Fuck off.
What a gentleman you are?
What a clueless fool you are? Go away and gain an understanding of the IMF
Hi Ryan, those figures make scary reading. Thanks for enlightening me as to the difference between external and internal debt.
Thanks, does it make any difference what American National debt is? Heaven will not fall. Regardless of what happens now, Good luck.
you open my mind. this info shoked me
Interesting info, but does not say really much about economic performance. The reason why the US does not rank higher is most likely its size. For evaluating liabilities abroad you should better look at the trade balance.
emi1777, as I have said to somebody else above, there are thousands of people that search specifically for 'external debt'; if you look at the URL, I am seeking that organic traffic, with no objective to educate hubbers. Therefore this hub serves its specific purpose well. Although the Balance of Payments is related directly to external debt, every single dollar of debt can be attributed to the importation of a good or service. As it happens, the US is trading at a huge deficit. I cant really see your point regardizing 'size' either, as this list is based on a per capita figure. Overall debt levels are only relative to population size. Are you saying that people in smaller houses are likely to have more debt per occupant than those in bigger houses? It doesnt really work like that.
Very informative and interesting!
I think these numbers are not very informative. I.e. the Norwegian government has a great suveraigsn welth fund, and the country has a huge current account surplus.
I think the external debt is to a big extent related to debt owed by companies in the capital intensive energy sector.
If these companies does not have enough assets to cover their debt, they go bankrupt. With very minor consequesnes for the rest of the enonomy.
The US govenment will not go bankrupt. So they will have to increase taxes or let the currensy drop to pay down their debt. This should make American taxpayers and holders of dollar denominated assets conserned.
@ Christen - How can they not be informative? This is factual information, ask yourself how you found this page. Did you search for 'external debt' because if you didn't then this is not the page for you. A current account surplus is irrelevant to this statistic, sorry if you are dissapointed with Norway's position. This list does not take into consideration the amount owed TO Norway and these other countries, so there the words 'surplus' and 'deficit' need not be mentioned. As for the energy sector, these relate to all debts. If you purchased a holiday from an American business for $2000 but agreed to pay for the holiday over a period of 24 months, then this $2000 will be included in Norway's external debt figure (assuming that you are Norwiegen). These figures are accurate as of 2008, how can factual and accurate information not be informative?
The IMF is a front for Corporations to go into countries and rob them of their resources under the guises of Humanitarian causes. All the debt enslaves ordinary people to the Super Wealthy Elite who own the Corporations. The Human Experience is miserable for the masses while the Wealthy Elite enjoys every moment. It's always been this way, it will always be this way. Money is Power and Power is control.
A very informative hub ryan - I wasn't aware of the US rating in the scheme of things. I still subscribe to the policy of "never a borrower or a lender be" and want to get our debt down as much as we can. Keeping it high like this only puts a greater strain on each of us financially and weakens the economy.
Fascinating stuff - thanks!!
@Madame X - Indeed, I agree completely; every dollar of that debt makes another nation richer at your expense. Be it China, Russia, India.... Countries should be run like a business. You wouldn't see Microsoft borrowing money off of Apple would you? They would cut costs before needing to do that. Same applies in my personal opinion!
rsmallory says:
3 months ago
Very informative hub Ryankett. However-I am still disturbed about our current national debt and the additions coming with the stimulus and proposed health care reform. 42k is alot of money for me to 'owe' and to have not agreed with the 'purchases'. Thanks.