National Debt by Country, 2001 to 2025
US government gross debt was about $38.4 trillion in 2025, nearly double second-placed China's $19.4 trillion, in IMF-derived figures.
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What the data shows
- In 2025, United States ranks #1 with $38.4T, ahead of China ($19.4T) and Japan ($9.1T).
- United States holds #1 for the whole period, 2001 to 2025.
- Biggest climber: China, from #11 in 2001 to #2 in 2025.
- United States grew 6.8× between 2001 and 2025.
About this chart
US general government gross debt reached about $38.4 trillion in 2025, up from $14.4 trillion in 2010 and $28.3 trillion in 2020. China is second at about $19.4 trillion, roughly four times its $4.6 trillion of 2015, and it passed Japan as the second-largest in 2021. The figures cover all levels of government, not only central government, and the 2024 and 2025 values are IMF estimates.
The dollar amounts are derived: the IMF's debt-to-GDP ratio multiplied by nominal GDP at market exchange rates, so they move with currencies as well as borrowing. Japan stands at about $9.1 trillion in 2025 (204.8% of GDP), below its $11.9 trillion of 2020. The United Kingdom has $4.1 trillion, France $3.9 trillion, Italy $3.5 trillion, India $3.3 trillion and Germany $3.2 trillion.
The data
Source: IMF World Economic Outlook database via IMF DataMapper API: GGXWDG_NGDP (gross debt, % of GDP) multiplied by NGDPD (GDP, current prices, US$ billions), divided by 100,000 to give US$ trillions. Retrieved November 4, 2026. US-dollar debt is derived by us from the IMF's debt-to-GDP ratio times nominal GDP converted at market exchange rates, so it moves with exchange rates. General government gross debt (all levels of government), not just central government. 2024-2025 values are IMF estimates. Shows the 12 largest in 2025.
| Date | 🇺🇸 United States | 🇨🇳 China | 🇯🇵 Japan | 🇬🇧 United Kingdom | 🇫🇷 France | 🇮🇹 Italy | 🇮🇳 India | 🇩🇪 Germany | 🇨🇦 Canada | 🇧🇷 Brazil | 🇪🇸 Spain | 🇲🇽 Mexico |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2001 | $5.7T | $0.3T | $5.6T | $0.6T | $0.8T | $1.3T | $0.4T | $1.1T | $0.6T | $0.4T | $0.3T | $0.3T |
| 2002 | $6.1T | $0.4T | $5.7T | $0.6T | $0.9T | $1.4T | $0.4T | $1.3T | $0.6T | $0.4T | $0.4T | $0.3T |
| 2003 | $6.8T | $0.4T | $6.4T | $0.8T | $1.2T | $1.7T | $0.5T | $1.6T | $0.7T | $0.4T | $0.4T | $0.3T |
| 2004 | $8.1T | $0.5T | $7.4T | $1.0T | $1.4T | $1.9T | $0.6T | $1.9T | $0.7T | $0.5T | $0.5T | $0.3T |
| 2005 | $8.6T | $0.6T | $7.5T | $1.0T | $1.5T | $2.0T | $0.7T | $1.9T | $0.8T | $0.6T | $0.5T | $0.3T |
| 2006 | $8.9T | $0.7T | $7.1T | $1.1T | $1.5T | $2.1T | $0.7T | $2.0T | $0.9T | $0.7T | $0.5T | $0.4T |
| 2007 | $9.4T | $1.0T | $7.0T | $1.3T | $1.7T | $2.3T | $0.9T | $2.2T | $1.0T | $0.9T | $0.5T | $0.4T |
| 2008 | $10.9T | $1.2T | $7.9T | $1.5T | $2.0T | $2.6T | $0.9T | $2.5T | $1.1T | $1.0T | $0.6T | $0.5T |
| 2009 | $12.6T | $1.8T | $9.2T | $1.6T | $2.3T | $2.6T | $1.0T | $2.5T | $1.1T | $1.1T | $0.8T | $0.4T |
| 2010 | $14.4T | $2.1T | $10.4T | $1.9T | $2.3T | $2.6T | $1.1T | $2.8T | $1.4T | $1.4T | $0.9T | $0.4T |
| 2011 | $15.6T | $2.5T | $12.0T | $2.2T | $2.5T | $2.7T | $1.3T | $3.0T | $1.5T | $1.6T | $1.0T | $0.5T |
| 2012 | $16.9T | $2.9T | $12.5T | $2.3T | $2.5T | $2.6T | $1.2T | $2.9T | $1.6T | $1.5T | $1.2T | $0.5T |
| 2013 | $17.7T | $3.6T | $10.6T | $2.4T | $2.7T | $2.8T | $1.3T | $3.0T | $1.6T | $1.5T | $1.4T | $0.6T |
| 2014 | $18.5T | $4.2T | $10.2T | $2.7T | $2.8T | $2.9T | $1.4T | $3.0T | $1.5T | $1.5T | $1.4T | $0.6T |
| 2015 | $19.3T | $4.6T | $9.1T | $2.6T | $2.4T | $2.5T | $1.5T | $2.4T | $1.4T | $1.3T | $1.2T | $0.6T |
| 2016 | $20.2T | $5.7T | $10.3T | $2.4T | $2.4T | $2.5T | $1.6T | $2.4T | $1.4T | $1.4T | $1.3T | $0.6T |
| 2017 | $20.9T | $6.7T | $10.2T | $2.3T | $2.6T | $2.6T | $1.8T | $2.4T | $1.5T | $1.7T | $1.3T | $0.6T |
| 2018 | $22.2T | $7.9T | $10.5T | $2.5T | $2.7T | $2.8T | $1.9T | $2.5T | $1.6T | $1.6T | $1.4T | $0.7T |
| 2019 | $23.4T | $8.7T | $10.8T | $2.4T | $2.7T | $2.7T | $2.1T | $2.3T | $1.6T | $1.6T | $1.4T | $0.7T |
| 2020 | $28.3T | $10.6T | $11.9T | $2.9T | $3.0T | $2.9T | $2.4T | $2.7T | $2.0T | $1.4T | $1.5T | $0.7T |
| 2021 | $29.7T | $13.1T | $11.6T | $3.3T | $3.3T | $3.2T | $2.6T | $3.0T | $2.3T | $1.5T | $1.7T | $0.7T |
| 2022 | $31.1T | $14.2T | $10.1T | $3.1T | $3.1T | $2.9T | $2.7T | $2.7T | $2.3T | $1.6T | $1.6T | $0.8T |
| 2023 | $33.4T | $15.4T | $9.7T | $3.4T | $3.4T | $3.1T | $3.0T | $2.8T | $2.3T | $1.8T | $1.7T | $0.9T |
| 2024 | $35.9T | $17.1T | $9.0T | $3.7T | $3.6T | $3.2T | $3.2T | $2.9T | $2.5T | $1.9T | $1.8T | $1.1T |
| 2025 | $38.4T | $19.4T | $9.1T | $4.1T | $3.9T | $3.5T | $3.3T | $3.2T | $2.6T | $2.1T | $1.9T | $1.1T |
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Frequently asked questions
Which country has the most national debt?
The United States, with about $38.4 trillion in general government gross debt in 2025, based on IMF figures. China is second at about $19.4 trillion.
How much has US debt grown since 2001?
US general government gross debt rose from $5.7 trillion in 2001 to $14.4 trillion in 2010 and about $38.4 trillion in 2025, in current dollars. These amounts are not adjusted for inflation or for the growth of the economy.
Where does this data come from?
IMF World Economic Outlook database via IMF DataMapper API: GGXWDG_NGDP (gross debt, % of GDP) multiplied by NGDPD (GDP, current prices, US$ billions), divided by 100,000 to give US$ trillions. Retrieved November 4, 2026. US-dollar debt is derived by us from the IMF's debt-to-GDP ratio times nominal GDP converted at market exchange rates, so it moves with exchange rates. General government gross debt (all levels of government), not just central government. 2024-2025 values are IMF estimates. Shows the 12 largest in 2025. You can download the full table as a CSV from this page.
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