G20 Sovereign Debt 2024: United Kingdom Leads at 131% of GDP — World Bank Data
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G20 Sovereign Debt 2024: United Kingdom Leads at 131% of GDP — World Bank Data
World Bank Open Data — G20 Sovereign Debt — 2024 rankings. The G20 group average stands at 67.6% of GDP.
Source: World Bank Open Data API. Data as of May 26, 2026.
📊 G20 Sovereign Debt — 2024
| Rank | Country | Debt/GDP (%) | Prior (%) | Change (pp) | Debt (USD bn) |
|---|---|---|---|---|---|
| 1 | United Kingdom | 131.1% | 136.1% | -5.1 | $4.83T |
| 2 | United States | 118.0% | 116.9% | +1.1 | $33.92T |
| 3 | Brazil | 81.9% | 83.0% | -1.2 | $1.79T |
| 4 | South Africa | 79.4% | 79.4% | 0.0 | $303bn |
| 5 | Canada | 64.9% | 61.1% | +3.8 | $1.46T |
| 6 | Australia | 57.9% | — | — | $982bn |
| 7 | Mexico | 49.6% | 45.1% | +4.5 | $920bn |
| 8 | Korea, Rep. | 48.6% | 48.6% | 0.0 | $896bn |
| 9 | Turkiye | 26.6% | 33.3% | -6.6 | $362bn |
| 10 | Russian Federation | 18.0% | 18.5% | -0.5 | $390bn |
Market Commentary
The G20 central government gross debt rankings reveal significant fiscal divergence among major economies. The United States and United Kingdom have the highest debt-to-GDP ratios at 118.0% and 131.1%, respectively, while the Russian Federation has the lowest at 18.0%. The group average stands at 67.6%, with a median of 61.4%, indicating a skewed distribution.
Members with high debt burdens, such as the United States and United Kingdom, face the most acute sustainability risks due to their large absolute debt levels ($33.92T and $4.83T, respectively). Brazil, with a debt-to-GDP ratio of 81.9% and absolute debt of $1.79T, also warrants attention. The year-over-year changes in debt-to-GDP ratios vary significantly, with Mexico experiencing the biggest increase (+4.5pp) and Turkiye the largest decrease (-6.6pp).
The divergent debt dynamics have implications for sovereign bond markets and central bank policy space. Countries with high debt levels may face increased borrowing costs and reduced fiscal flexibility. Central banks may need to carefully balance monetary policy to accommodate the varying fiscal conditions across G20 economies, potentially leading to differing policy trajectories.
Methodology: Central government debt as percentage of GDP (World Bank indicator GC.DOD.TOTL.GD.ZS). Absolute debt figures computed as (Debt/GDP) × Nominal GDP in current USD (indicator NY.GDP.MKTP.CD). Note: This indicator covers central government only, not general government. General government figures (which include state and local debt) are higher for federal systems such as the United States, Germany, and Australia. Data as of May 26, 2026.
Disclaimer: For informational purposes only. Not investment advice. Past performance is not indicative of future results.