In 2022, the United States stood far above every other nation in government debt. The gap between the US and the next largest debtor was immense, with the United States carrying a debt load that dwarfed the quantities held by the rest of the leading economies. The landscape of sovereign liabilities showed the United States as the principal borrower, keeping a clearance of debt that was about 100 times larger than Russia’s and far larger than any single nation elsewhere. This context helps readers see not just numbers, but how a country’s debt profile shapes its fiscal policy and long term financial strategy across the globe.
By the end of that year, public debt in the United States reached a record level of 31.42 trillion dollars. In that same period, the combined liabilities of the next thirteen largest borrowers totaled roughly 31.4 trillion dollars, just shy of the US figure. This near parity among the top borrowers highlights how government financing needs in major economies can reach comparable magnitudes while still being concentrated in different nations for political and economic reasons. The comparison also emphasizes that debt scales in large economies can look similar even when individual countries pursue different economic policies and investment priorities.
Japan ranked second globally with about 9.59 trillion dollars in government debt. Close behind was China, with a debt burden around 3.75 trillion dollars. The United Kingdom carried approximately 3.03 trillion dollars, while Italy’s debt neared 2.88 trillion dollars. Following these economies were France, India, Germany, Spain, Canada, Brazil, South Korea, Singapore and Australia. Together, these nations held about 12.15 trillion dollars in public liabilities, painting a broader picture of how diversified debt levels are across developed and emerging markets alike. The numbers illustrate the expansive reach of sovereign borrowing in the modern era and underscore the fiscal challenges that many governments face in financing public programs, infrastructure, and social services.
Data from 2022 also show that the public debt of the Russian Federation stood at approximately 294.8 billion dollars. This figure was significantly smaller than the debt of the United States, by about 107 times, and far below Japan’s debt by roughly 33 times, as well as being about 13 times smaller than China’s debt. The contrast between Russia and the United States highlights how different scales of economies, revenues, and spending priorities influence the size of national borrowings and their trajectory over time. Such disparities offer a lens into how countries manage deficits, interest obligations, and the long term sustainability of their fiscal plans.
Additionally, historical spending patterns show that from October 2022 through April 2023, the United States allocated about 460.26 billion dollars to debt service. This amount represented roughly 12.75 percent of federal budget outlays during that period, underscoring the cost of servicing outstanding obligations. The share of the budget devoted to interest and principal payments reflects the ongoing burden of financing deficits, even as other spending areas compete for resources. This snapshot helps explain why debt management is a central element of fiscal policy and why policymakers continually weigh borrowing against investments that could spur growth and productivity in the years ahead.
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