Who Owes the Most?
Public Sector Debt (% of GDP) · 2026 · 192 countries
Government + SOEs + corporate + household debt (BIS-comparable)
🇱🇺
👑 Luxembourg ranks #1 with 462.6%
Compare top 5 in The Arena →13 of 192 countries have incomplete data for this view
🥇🇱🇺Luxembourg462.6%
26%
All Corporate 368%
62%
7
🥈🇯🇵Japan432.5%
Central Government 199%
28%
21
All Corporate 112%
61%
12
🥉🇨🇳China357.0%
30%
41%
SOE Corporate 170%
63%
37%
16
#4🇸🇬Singapore356.1%
Central Government 176%
All Corporate 122%
44%
14
#5🇭🇰Hong Kong352.4%
14
All Corporate 244%
Household 88%
6
#6🇨🇦Canada346.9%
61%
53%
11
All Corporate 118%
Household 100%
5
#7🇳🇱Netherlands313.5%
44%
All Corporate 167%
Household 94%
9
#8🇱🇧Lebanon289.6%
Central Government 164%
18%
All Corporate 69%
37%
2
#9🇨🇭Switzerland286.3%
23%
13
All Corporate 128%
Household 122%
#10🇸🇪Sweden275.9%
34%
All Corporate 153%
Household 83%
6
#11🇧🇹Bhutan274.6%
Central Government 121%
Energy SOEs 64%
17%
47%
25%
#12🇰🇷South Korea271.6%
Central Government 49%
All Corporate 111%
Household 89%
8
14%
#13🇳🇴Norway270.7%
28%
14%
Household 86%
All Corporate 134%
8
#14🇫🇮Finland264.7%
Central Government 83%
Household 63%
All Corporate 115%
4
#15🇧🇪Belgium259.3%
Central Government 83%
All Corporate 118%
Household 57%
2
#16🇧🇭Bahrain258.7%
Central Government 146%
18%
15%
All Corporate 48%
26%
5
#17🇬🇷Greece253.4%
Central Government 154%
All Corporate 58%
38%
4
#18🇫🇷France250.6%
21%
12
All Corporate 155%
Household 60%
3
#19🇹🇭Thailand238.4%
Central Government 58%
9
All Corporate 79%
Household 87%
6
#20🇲🇾Malaysia233.6%
Central Government 63%
8
All Corporate 89%
Household 70%
5
#21🇮🇹Italy230.5%
Central Government 112%
17%
All Corporate 59%
36%
7
#22🇦🇺Australia229.6%
12%
38%
All Corporate 62%
Household 113%
4
#23🇬🇧United Kingdom229.0%
Central Government 90%
All Corporate 59%
Household 74%
6
#24🇩🇳Denmark225.8%
Household 84%
All Corporate 138%
4
#25🇵🇷Portugal224.7%
Central Government 94%
All Corporate 76%
Household 53%
2
#26🇦🇺Austria221.2%
19%
Central Government 61%
9
All Corporate 84%
Household 42%
6
#27🇳🇿New Zealand219.1%
Central Government 56%
All Corporate 71%
Household 91%
1
#28🇪🇸Spain214.5%
Central Government 93%
All Corporate 77%
Household 43%
1
#29🇻🇪Venezuela210.7%
Central Government 164%
Energy SOEs 45%
2
#30🇫🇯Fiji208.6%
Central Government 76%
All Corporate 78%
Household 42%
12%
#31🇺🇸United States194.1%
22%
31%
All Corporate 73%
Household 68%
#32🇮🇸Israel193.2%
Central Government 69%
7
All Corporate 71%
Household 43%
3
#33🇯🇴Jordan188.7%
Central Government 88%
10%
7
All Corporate 54%
29%
1
#34🇸🇩Sudan188.4%
Central Government 172%
6
10%
#35🇩🇪Germany184.8%
20%
14%
11%
All Corporate 90%
Household 49%
#36🇮🇳India184.4%
30%
Central Government 51%
All Corporate 52%
Household 46%
6
#37🇧🇷Barbados181.7%
Central Government 95%
6
All Corporate 52%
28%
2
#38🇨🇭Chile178.4%
Central Government 44%
All Corporate 91%
Household 44%
#39🇨🇾Cyprus175.4%
Central Government 63%
All Corporate 72%
Household 39%
2
#40🇰🇭Cambodia172.1%
29%
All Corporate 91%
Household 49%
3
#41🇭🇺Hungary171.3%
Central Government 74%
9%
All Corporate 68%
18%
3
#42🇧🇴Bolivia169.2%
Central Government 94%
All Corporate 46%
25%
4
#43🇻🇳Vietnam166.3%
Central Government 32%
All Corporate 78%
Household 52%
5
#44🇱🇰Sri Lanka156.1%
Central Government 99%
All Corporate 32%
17%
7
#45🇲🇩Maldives152.9%
Central Government 136%
13%
4
#46🇱🇨St. Lucia152.6%
Central Government 75%
All Corporate 47%
26%
4
#47🇮🇸Iceland148.1%
Central Government 45%
All Corporate 65%
Household 35%
3
#48🇷🇺Russia145.1%
25%
6
12%
All Corporate 82%
21%
#49🇦🇪United Arab Emirates144.8%
Central Government 32%
25%
All Corporate 58%
Household 31%
#50🇿🇦South Africa143.3%
Central Government 72%
All Corporate 34%
Household 34%
4
#51🇱🇦Laos142.1%
Central Government 81%
Energy SOEs 36%
14%
7%
4
#52🇧🇷Brazil139.0%
6
Central Government 38%
All Corporate 54%
Household 37%
4
#53🇧🇱Belize138.9%
Central Government 61%
All Corporate 45%
24%
9%
#54🇸🇦Saudi Arabia135.2%
Central Government 32%
5
7%
14%
All Corporate 46%
Household 32%
#55🇸🇪Senegal133.5%
14%
Central Government 110%
6
4
#56🇺🇰Ukraine129.8%
Central Government 110%
12%
5
2
#57🇦🇷Armenia129.3%
Central Government 54%
All Corporate 47%
Household 25%
3
#58🇬🇷Grenada127.5%
Central Government 66%
All Corporate 39%
21%
3
#59🇨🇷Costa Rica127.1%
Central Government 60%
7%
All Corporate 39%
21%
#60🇲🇦Morocco126.0%
Central Government 67%
7%
All Corporate 36%
16%
#61🇭🇳Honduras125.8%
Central Government 44%
10%
All Corporate 45%
Household 24%
2
#62🇭🇷Croatia124.5%
Central Government 56%
5
All Corporate 39%
21%
4
#63🇿🇲Zambia124.4%
Central Government 115%
9%
·
#64🇰🇳St. Kitts and Nevis122.9%
Central Government 68%
All Corporate 36%
19%
#65🇦🇹Antigua and Barbuda122.7%
Central Government 63%
All Corporate 36%
19%
4
#66🇸🇺Suriname122.2%
Central Government 83%
Energy SOEs 37%
3
#67🇦🇧Aruba121.1%
Central Government 64%
All Corporate 37%
20%
#68🇮🇷Ireland119.3%
All Corporate 94%
Household 24%
1
#69🇬🇪Georgia118.1%
Central Government 33%
All Corporate 52%
Household 28%
5
#70🇪🇬Egypt117.0%
Central Government 85%
10%
16%
6%
#71🇯🇦Jamaica117.0%
Central Government 57%
All Corporate 37%
20%
3
#72🇲🇽Mexico111.1%
13%
Central Government 47%
13%
All Corporate 22%
17%
#73🇲🇰North Macedonia110.1%
Central Government 54%
All Corporate 37%
20%
#74🇨🇴Colombia108.4%
Central Government 62%
7%
14%
Household 26%
#75🇮🇷Iran107.6%
Central Government 36%
5
All Corporate 43%
Household 23%
#76🇲🇴Mozambique105.4%
Central Government 100%
3
2
#77🇵🇴Poland105.3%
Central Government 44%
4
All Corporate 35%
Household 22%
#78🇬🇦Gabon103.0%
Central Government 82%
7%
9%
5
#79🇰🇪Kenya102.7%
Central Government 67%
5
All Corporate 20%
8%
3
#80🇦🇷Argentina101.9%
Central Government 74%
All Corporate 21%
6%
2
#81🇧🇮Bosnia and Herzegovina99.0%
Central Government 32%
8%
All Corporate 38%
Household 21%
1
#82🇪🇨Ecuador98.8%
Central Government 50%
All Corporate 31%
17%
1
#83🇷🇴Romania98.3%
4
Central Government 51%
All Corporate 28%
13%
3
#84🇩🇿Algeria98.2%
Central Government 60%
6%
All Corporate 19%
10%
3
#85🇵🇦Pakistan97.2%
Central Government 71%
9%
12%
3
3
#86🇰🇼Kuwait95.9%
3
All Corporate 59%
Household 32%
2
#87🇻🇨St. Vincent and the Grenadines95.0%
Central Government 89%
6%
#88🇹🇺Tunisia94.6%
Central Government 82%
9%
4
#89🇪🇸Estonia93.5%
Central Government 23%
4
All Corporate 42%
Household 23%
1
#90🇦🇱Albania92.3%
Central Government 53%
All Corporate 25%
14%
1
#91🇨🇿Czech Republic91.9%
7%
All Corporate 52%
Household 31%
2
#92🇩🇴Dominican Republic90.5%
14%
Central Government 45%
All Corporate 20%
11%
1
#93🇲🇺Mauritius89.6%
Central Government 87%
2
#94🇲🇼Malawi88.8%
16%
Central Government 62%
7%
4
#95🇰🇬Kyrgyzstan87.8%
Central Government 37%
12%
6%
3
All Corporate 19%
10%
·
#96🇮🇩Indonesia85.6%
Central Government 40%
5%
All Corporate 24%
Household 16%
1
#97🇱🇻Latvia84.5%
Central Government 47%
3
All Corporate 22%
12%
·
#98🇧🇼Botswana84.3%
Central Government 45%
All Corporate 26%
14%
#99🇧🇫Burkina Faso83.5%
Central Government 52%
All Corporate 18%
10%
4
#100🇨🇵Cabo Verde81.8%
4
3
All Corporate 48%
Household 26%
2
#101🇦🇬Angola81.8%
Central Government 63%
5%
8%
5%
·
#102🇧🇬Bangladesh81.8%
Central Government 39%
All Corporate 32%
8%
3
#103🇵🇪Peru80.6%
Central Government 34%
All Corporate 30%
Household 15%
2
#104🇹🇹Trinidad and Tobago80.5%
Central Government 69%
9%
4
#105🇱🇹Lithuania78.6%
Central Government 38%
3
All Corporate 25%
13%
·
#106🇱🇸Lesotho78.6%
Central Government 57%
14%
8%
#107🇷🇼Rwanda78.1%
Central Government 75%
3
#108🇬🇲Gambia, The77.9%
6%
Central Government 64%
5%
3
#109🇨🇮Cote d'Ivoire77.5%
Central Government 54%
14%
7%
2
#110🇹🇷Turkey75.5%
5%
Central Government 20%
All Corporate 39%
10%
2
#111🇬🇭Ghana75.0%
Central Government 56%
5%
8%
4%
3
#112🇹🇬Togo74.2%
Central Government 69%
5%
#113🇾🇪Yemen74.1%
Central Government 69%
4
2
#114🇬🇳Guinea-Bissau⚠️74.0%
Central Government 74%
#115🇳🇦Namibia73.3%
All Corporate 47%
Household 25%
·
#116🇺🇷Uruguay71.8%
10%
Central Government 58%
4
#117🇱🇧Liberia71.2%
Central Government 54%
11%
6%
·
#118🇮🇷Iraq71.0%
5%
Central Government 54%
8%
5%
#119🇲🇩Moldova70.8%
Central Government 38%
All Corporate 18%
10%
4%
1
#120🇬🇺Guyana70.6%
Central Government 29%
All Corporate 26%
Household 14%
2
#121🇧🇱Belarus69.8%
Central Government 37%
All Corporate 22%
12%
#122🇧🇪Benin67.5%
Central Government 50%
10%
5%
2
#123🇸🇻Slovenia67.4%
Central Government 62%
3
2
·
#124🇪🇹Ethiopia66.1%
Central Government 41%
7%
12%
6%
#125🇸🇿Eswatini64.8%
2
Central Government 41%
All Corporate 14%
8%
#126🇰🇦Kazakhstan64.6%
Central Government 26%
7%
3
3
All Corporate 17%
9%
·
#127🇬🇹Guatemala64.5%
Central Government 28%
All Corporate 23%
Household 13%
·
#128🇨🇦Central African Republic64.2%
Central Government 53%
8%
4%
#129🇲🇪Montenegro63.6%
Central Government 59%
3
2
#130🇸🇻Slovak Republic63.4%
Central Government 60%
3
·
#131🇧🇩Burundi63.3%
Central Government 41%
All Corporate 15%
8%
#132🇩🇯Djibouti62.3%
Central Government 28%
All Corporate 13%
7%
Infrastructure 15%
#133🇲🇳Mongolia62.2%
6%
Central Government 44%
6%
3
3
2
#134🇵🇦Panama62.0%
Central Government 60%
2
#135🇸🇲San Marino⚠️61.8%
Central Government 62%
#136🇴🇲Oman61.0%
Central Government 33%
Energy SOEs 20%
6%
2
#137🇸🇸South Sudan⚠️60.2%
Central Government 60%
#138🇵🇭Philippines59.9%
Central Government 59%
1
#139🇸🇾Seychelles59.4%
Central Government 58%
1
#140🇸🇱El Salvador59.3%
Central Government 56%
2
2
#141🇦🇿Azerbaijan59.1%
Central Government 23%
7%
All Corporate 17%
9%
3%
#142🇵🇱Palau⚠️59.0%
Central Government 59%
#143🇬🇳Equatorial Guinea58.5%
Central Government 38%
5%
10%
5%
#144🇧🇬Bulgaria57.3%
3%
2
All Corporate 34%
Household 18%
·
#145🇩🇲Dominica57.2%
2
All Corporate 35%
Household 19%
2
#146🇶🇦Qatar56.3%
Central Government 39%
8%
7%
3%
·
#147🇧🇭Bahamas, The55.8%
3%
All Corporate 34%
Household 18%
1
#148🇨🇲Cameroon55.6%
4%
Central Government 33%
4%
10%
5%
·
#149🇵🇷Paraguay55.6%
6%
All Corporate 32%
Household 17%
#150🇻🇺Vanuatu55.5%
Central Government 51%
4%
·
#151🇹🇯Tajikistan54.9%
Central Government 23%
Energy SOEs 27%
3%
2
#152🇵🇳Papua New Guinea54.5%
Central Government 50%
3
2
#153🇺🇬Uganda54.4%
Central Government 53%
1
#154🇬🇮Guinea52.5%
Central Government 37%
3%
6%
3%
3%
#155🇳🇵Nepal52.3%
Central Government 50%
3%
#156🇹🇿Tanzania52.1%
Central Government 48%
2
1
#157🇲🇱Mali50.6%
Central Government 48%
2
·
#158🇸🇷Serbia50.5%
Central Government 44%
4%
2
#159🇳🇬Nigeria50.4%
Central Government 35%
All Corporate 10%
4%
1
#160🇲🇱Malta50.0%
Central Government 46%
3
1
#161🇨🇴Comoros47.5%
Central Government 31%
All Corporate 9.7%
5%
1
#162🇺🇿Uzbekistan47.1%
Central Government 31%
7%
2
7%
#163🇨🇴Congo, Rep.46.8%
2%
Energy SOEs 24%
7%
All Corporate 8.7%
5%
#164🇿🇼Zimbabwe46.7%
Central Government 42%
2
2
1
#165🇸🇹São Tomé and Príncipe⚠️45.4%
Subnational 15%
Central Government 31%
#166🇳🇮Nicaragua44.6%
Central Government 40%
4%
1
#167🇲🇷Mauritania44.6%
Central Government 41%
4%
·
#168🇸🇱Sierra Leone43.6%
Central Government 39%
3%
2
·
#169🇳🇪Niger43.0%
Central Government 41%
2
#170🇧🇷Brunei42.0%
2%
All Corporate 26%
Household 14%
#171🇹🇴Tonga40.8%
Central Government 38%
2
1
#172🇹🇨Chad38.0%
Central Government 33%
4%
2
#173🇹🇼TWN31.7%
Central Government 21%
Energy SOEs 9.9%
·
#174🇦🇳Andorra⚠️30.7%
Central Government 31%
#175🇸🇱Solomon Islands27.6%
Central Government 25%
2%
1
#176🇲🇩Madagascar24.4%
Energy SOEs 7.6%
All Corporate 11%
Household 5.7%
·
#177🇼🇸Samoa22.2%
Central Government 18%
3%
1
·
#178🇨🇩DR Congo21.3%
Central Government 15%
Energy SOEs 4.2%
2%
·
#179🇰🇮Kiribati19.0%
Central Government 17%
2%
1%
#180🇽🇰UVK⚠️18.9%
Central Government 19%
#181🇵🇷Puerto Rico (US)⚠️18.7%
Central Government 19%
#182🇭🇹Haiti18.6%
Central Government 10%
All Corporate 5.6%
3%
#183🇲🇭Marshall Islands⚠️14.9%
Central Government 15%
#184🇹🇱Timor-Leste⚠️14.7%
·
Central Government 14%
#185🇳🇷Nauru⚠️13.0%
Central Government 13%
#186🇦🇫Afghanistan11.9%
·
Central Government 8.3%
2%
1%
#187🇱🇧Libya7.9%
Energy SOEs 7.5%
·
·
#188🇫🇸Micronesia⚠️6.8%
Central Government 6.8%
#189🇹🇰Turkmenistan6.1%
Central Government 3.6%
Energy SOEs 2.0%
0.5%
#190🇲🇲Myanmar6.0%
Energy SOEs 3.5%
0.5%
Public Corps 2.0%
#191🇹🇺Tuvalu5.1%
Central Government 3.6%
Energy SOEs 1.0%
0.5%
#192🇱🇮Liechtenstein⚠️0.5%
Central Government 0.5%
Show detailed data table
| Rank | Country | True Debt | YoY | S&P | Data As Of | Methodology |
|---|---|---|---|---|---|---|
| 🥇 | 🇱🇺Luxembourg👑 | 462.6% | — | AAA | — | +436.3% SOE 7 SOE categories |
| 🥈 | 🇯🇵Japan | 432.5% | — | A+ | — | +305.7% SOE 6 SOE categories |
| 🥉 | 🇨🇳China | 357.0% | — | A+ | — | +659.0% SOE 5 SOE categories |
| #4 | 🇸🇬Singapore | 356.1% | — | AAA | — | +181.0% SOE 8 SOE categories |
| #5 | 🇭🇰Hong Kong | 352.4% | — | AA+ | — | +338.4% SOE 4 SOE categories |
| #6 | 🇨🇦Canada | 346.9% | — | AAA | — | +293.9% SOE 6 SOE categories |
| #7 | 🇳🇱Netherlands | 313.5% | — | AAA | — | +494.1% SOE 11 SOE categories |
| #8 | 🇱🇧Lebanon | 289.6% | — | D | — | +160.8% SOE 5 SOE categories |
| #9 | 🇨🇭Switzerland | 286.3% | — | AAA | — | +393.6% SOE 5 SOE categories |
| #10 | 🇸🇪Sweden | 275.9% | — | AAA | — | +417.4% SOE 8 SOE categories |
| #11 | 🇧🇹Bhutan | 274.6% | — | — | — | +153.5% SOE 5 SOE categories |
| #12 | 🇰🇷South Korea | 271.6% | — | AA | — | +343.9% SOE 6 SOE categories |
| #13 | 🇳🇴Norway | 270.7% | — | AAA | — | +508.2% SOE 6 SOE categories |
| #14 | 🇫🇮Finland | 264.7% | — | AA+ | — | +382.2% SOE 8 SOE categories |
| #15 | 🇧🇪Belgium | 259.3% | — | AA | — | +521.4% SOE 8 SOE categories |
| #16 | 🇧🇭Bahrain | 258.7% | — | B+ | — | +112.3% SOE 6 SOE categories |
| #17 | 🇬🇷Greece | 253.4% | — | BBB- | — | +514.2% SOE 8 SOE categories |
| #18 | 🇫🇷France | 250.6% | — | AA- | — | +557.9% SOE 6 SOE categories |
| #19 | 🇹🇭Thailand | 238.4% | — | A- | — | +226.7% SOE 4 SOE categories |
| #20 | 🇲🇾Malaysia | 233.6% | — | A- | — | +193.1% SOE 4 SOE categories |
| #21 | 🇮🇹Italy | 230.5% | — | BBB | — | +537.8% SOE 6 SOE categories |
| #22 | 🇦🇺Australia | 229.6% | — | AAA | — | +268.8% SOE 6 SOE categories |
| #23 | 🇬🇧United Kingdom | 229.0% | — | AA | — | +460.4% SOE 6 SOE categories |
| #24 | 🇩🇰Denmark | 225.8% | — | AAA | — | +250.8% SOE 7 SOE categories |
| #25 | 🇵🇹Portugal | 224.7% | — | A- | — | +479.1% SOE 8 SOE categories |
| #26 | 🇦🇹Austria | 221.2% | — | AA+ | — | +581.3% SOE 9 SOE categories |
| #27 | 🇳🇿New Zealand | 219.1% | — | AA+ | — | +243.0% SOE 4 SOE categories |
| #28 | 🇪🇸Spain | 214.5% | — | A | — | +628.4% SOE 5 SOE categories |
| #29 | 🇻🇪Venezuela | 210.7% | — | — | — | +76.3% SOE 6 SOE categories |
| #30 | 🏳️Fiji | 208.6% | — | B+ | — | +128.8% SOE 6 SOE categories |
| #31 | 🇺🇸United States | 194.1% | — | AA+ | — | +263.9% SOE 9 SOE categories |
| #32 | 🇮🇱Israel | 193.2% | — | A+ | — | +217.8% SOE 9 SOE categories |
| #33 | 🇯🇴Jordan | 188.7% | — | BB- | — | +101.2% SOE 5 SOE categories |
| #34 | 🇸🇩Sudan | 188.4% | — | — | — | +23.9% SOE 4 SOE categories |
| #35 | 🇩🇪Germany | 184.8% | — | AAA | — | +470.4% SOE 5 SOE categories |
| #36 | 🇮🇳India | 184.4% | — | BBB- | — | +156.2% SOE 8 SOE categories |
| #37 | 🇧🇧Barbados | 181.7% | — | — | — | +91.3% SOE 6 SOE categories |
| #38 | 🇨🇱Chile | 178.4% | — | A | — | +157.8% SOE 5 SOE categories |
| #39 | 🏳️Cyprus | 175.4% | — | BBB+ | — | +114.6% SOE 5 SOE categories |
| #40 | 🇰🇭Cambodia | 172.1% | — | — | — | +142.8% SOE 6 SOE categories |
| #41 | 🇭🇺Hungary | 171.3% | — | BBB | — | +312.8% SOE 8 SOE categories |
| #42 | 🇧🇴Bolivia | 169.2% | — | B | — | +75.5% SOE 5 SOE categories |
| #43 | 🇻🇳Vietnam | 166.3% | — | BB+ | — | +159.5% SOE 5 SOE categories |
| #44 | 🇱🇰Sri Lanka | 156.1% | — | SD | — | +57.3% SOE 7 SOE categories |
| #45 | 🇲🇻Maldives | 152.9% | — | B- | — | +74.9% SOE 6 SOE categories |
| #46 | 🏳️St. Lucia | 152.6% | — | — | — | +75.4% SOE 4 SOE categories |
| #47 | 🇮🇸Iceland | 148.1% | — | A | — | +103.2% SOE 4 SOE categories |
| #48 | 🇷🇺Russia | 145.1% | — | CCC- | — | +200.3% SOE 6 SOE categories |
| #49 | 🇦🇪United Arab Emirates | 144.8% | — | AA | — | +132.9% SOE 5 SOE categories |
| #50 | 🇿🇦South Africa | 143.3% | — | BB- | — | +85.9% SOE 5 SOE categories |
| #51 | 🏳️Laos | 142.1% | — | — | — | +60.3% SOE 5 SOE categories |
| #52 | 🇧🇷Brazil | 139.0% | — | BB | — | +297.6% SOE 7 SOE categories |
| #53 | 🏳️Belize | 138.9% | — | B- | — | +75.4% SOE 6 SOE categories |
| #54 | 🇸🇦Saudi Arabia | 135.2% | — | A | — | +163.4% SOE 6 SOE categories |
| #55 | 🇸🇳Senegal | 133.5% | — | B+ | — | +38.4% SOE 6 SOE categories |
| #56 | 🇺🇦Ukraine | 129.8% | — | CCC+ | — | +19.4% SOE 4 SOE categories |
| #57 | 🇦🇲Armenia | 129.3% | — | BB- | — | +75.2% SOE 5 SOE categories |
| #58 | 🏳️Grenada | 127.5% | — | — | — | +62.0% SOE 4 SOE categories |
| #59 | 🇨🇷Costa Rica | 127.1% | — | BB- | — | +67.6% SOE 5 SOE categories |
| #60 | 🇲🇦Morocco | 126.0% | — | BB+ | — | +109.4% SOE 4 SOE categories |
| #61 | 🇭🇳Honduras | 125.8% | — | BB | — | +81.7% SOE 5 SOE categories |
| #62 | 🇭🇷Croatia | 124.5% | — | BBB+ | — | +67.1% SOE 6 SOE categories |
| #63 | 🇿🇲Zambia | 124.4% | — | SD | — | +24.7% SOE 6 SOE categories |
| #64 | 🏳️St. Kitts and Nevis | 122.9% | — | — | — | +55.4% SOE 2 SOE categories |
| #65 | 🏳️Antigua and Barbuda | 122.7% | — | — | — | +58.9% SOE 4 SOE categories |
| #66 | 🏳️Suriname | 122.2% | — | CCC+ | — | +64.0% SOE 6 SOE categories |
| #67 | 🏳️Aruba | 121.1% | — | BBB+ | — | +57.2% SOE 2 SOE categories |
| #68 | 🇮🇪Ireland | 119.3% | — | AA | — | +189.3% SOE 6 SOE categories |
| #69 | 🇬🇪Georgia | 118.1% | — | BB | — | +86.7% SOE 6 SOE categories |
| #70 | 🇪🇬Egypt | 117.0% | — | B- | — | +67.0% SOE 4 SOE categories |
| #71 | 🇯🇲Jamaica | 117.0% | — | BB- | — | +59.6% SOE 6 SOE categories |
| #72 | 🇲🇽Mexico | 111.1% | — | BBB | — | +138.9% SOE 7 SOE categories |
| #73 | 🏳️North Macedonia | 110.1% | — | BB- | — | +56.2% SOE 2 SOE categories |
| #74 | 🇨🇴Colombia | 108.4% | — | BB+ | — | +156.5% SOE 4 SOE categories |
| #75 | 🇮🇷Iran | 107.6% | — | — | — | +71.2% SOE 3 SOE categories |
| #76 | 🇲🇿Mozambique | 105.4% | — | CCC+ | — | +30.3% SOE 6 SOE categories |
| #77 | 🇵🇱Poland | 105.3% | — | A | — | +271.2% SOE 4 SOE categories |
| #78 | 🏳️Gabon | 103.0% | — | B- | — | +21.0% SOE 5 SOE categories |
| #79 | 🇰🇪Kenya | 102.7% | — | B | — | +47.6% SOE 4 SOE categories |
| #80 | 🇦🇷Argentina | 101.9% | — | CCC+ | — | +178.3% SOE 4 SOE categories |
| #81 | 🏳️Bosnia and Herzegovina | 99.0% | — | — | — | +67.4% SOE 7 SOE categories |
| #82 | 🇪🇨Ecuador | 98.8% | — | B | — | +93.6% SOE 4 SOE categories |
| #83 | 🇷🇴Romania | 98.3% | — | BBB- | — | +46.5% SOE 8 SOE categories |
| #84 | 🇩🇿Algeria | 98.2% | — | — | — | +41.0% SOE 7 SOE categories |
| #85 | 🇵🇰Pakistan | 97.2% | — | CCC+ | — | +55.9% SOE 5 SOE categories |
| #86 | 🇰🇼Kuwait | 95.9% | — | A+ | — | +195.9% SOE 6 SOE categories |
| #87 | 🏳️St. Vincent and the Grenadines | 95.0% | — | — | — | +55.4% SOE 5 SOE categories |
| #88 | 🇹🇳Tunisia | 94.6% | — | CCC+ | — | +96.4% SOE 9 SOE categories |
| #89 | 🇪🇪Estonia | 93.5% | — | A+ | — | +70.0% SOE 6 SOE categories |
| #90 | 🏳️Albania | 92.3% | — | B+ | — | +39.6% SOE 3 SOE categories |
| #91 | 🇨🇿Czech Republic | 91.9% | — | AA- | — | +366.9% SOE 7 SOE categories |
| #92 | 🇩🇴Dominican Republic | 90.5% | — | BB | — | +31.6% SOE 3 SOE categories |
| #93 | 🇲🇺Mauritius | 89.6% | — | BBB- | — | +98.1% SOE 3 SOE categories |
| #94 | 🏳️Malawi | 88.8% | — | — | — | +10.5% SOE 2 SOE categories |
| #95 | 🇰🇬Kyrgyzstan | 87.8% | — | — | — | +53.5% SOE 7 SOE categories |
| #96 | 🇮🇩Indonesia | 85.6% | — | BBB | — | +68.1% SOE 6 SOE categories |
| #97 | 🇱🇻Latvia | 84.5% | — | A- | — | +37.9% SOE 5 SOE categories |
| #98 | 🇧🇼Botswana | 84.3% | — | BBB+ | — | +39.5% SOE 2 SOE categories |
| #99 | 🏳️Burkina Faso | 83.5% | — | — | — | +31.8% SOE 6 SOE categories |
| #100 | 🏳️Cabo Verde | 81.8% | — | B | — | +81.8% SOE 5 SOE categories |
| #101 | 🇦🇴Angola | 81.8% | — | B- | — | +18.6% SOE 5 SOE categories |
| #102 | 🇧🇩Bangladesh | 81.8% | — | BB- | — | +51.6% SOE 4 SOE categories |
| #103 | 🇵🇪Peru | 80.6% | — | BBB | — | +77.0% SOE 4 SOE categories |
| #104 | 🇹🇹Trinidad and Tobago | 80.5% | — | BBB- | — | +56.9% SOE 6 SOE categories |
| #105 | 🇱🇹Lithuania | 78.6% | — | A+ | — | +41.1% SOE 5 SOE categories |
| #106 | 🏳️Lesotho | 78.6% | — | — | — | +21.5% SOE 2 SOE categories |
| #107 | 🇷🇼Rwanda | 78.1% | — | B+ | — | +27.9% SOE 6 SOE categories |
| #108 | 🏳️Gambia, The | 77.9% | — | — | — | +7.9% SOE 2 SOE categories |
| #109 | 🇨🇮Cote d'Ivoire | 77.5% | — | BB- | — | +23.4% SOE 7 SOE categories |
| #110 | 🇹🇷Turkey | 75.5% | — | BB- | — | +179.5% SOE 5 SOE categories |
| #111 | 🇬🇭Ghana | 75.0% | — | SD | — | +18.9% SOE 7 SOE categories |
| #112 | 🏳️Togo | 74.2% | — | — | — | +30.2% SOE 5 SOE categories |
| #113 | 🏳️Yemen | 74.1% | — | — | — | +5.6% SOE 2 SOE categories |
| #114 | 🏳️Guinea-Bissau | 74.0% | — | — | — | |
| #115 | 🇳🇦Namibia | 73.3% | — | BB+ | — | +73.3% SOE 3 SOE categories |
| #116 | 🇺🇾Uruguay | 71.8% | — | BBB | — | +31.4% SOE 3 SOE categories |
| #117 | 🏳️Liberia | 71.2% | — | — | — | +17.0% SOE 2 SOE categories |
| #118 | 🇮🇶Iraq | 71.0% | — | B- | — | +33.0% SOE 6 SOE categories |
| #119 | 🏳️Moldova | 70.8% | — | — | — | +31.6% SOE 3 SOE categories |
| #120 | 🇬🇾Guyana | 70.6% | — | — | — | +41.3% SOE 5 SOE categories |
| #121 | 🏳️Belarus | 69.8% | — | CCC- | — | +33.1% SOE 2 SOE categories |
| #122 | 🏳️Benin | 67.5% | — | B+ | — | +17.9% SOE 6 SOE categories |
| #123 | 🇸🇮Slovenia | 67.4% | — | AA- | — | +54.2% SOE 7 SOE categories |
| #124 | 🇪🇹Ethiopia | 66.1% | — | CCC | — | +25.0% SOE 3 SOE categories |
| #125 | 🏳️Eswatini | 64.8% | — | — | — | +21.3% SOE 2 SOE categories |
| #126 | 🇰🇿Kazakhstan | 64.6% | — | BBB | — | +38.2% SOE 7 SOE categories |
| #127 | 🇬🇹Guatemala | 64.5% | — | BB | — | +37.5% SOE 5 SOE categories |
| #128 | 🏳️Central African Republic | 64.2% | — | — | — | +11.7% SOE 2 SOE categories |
| #129 | 🏳️Montenegro | 63.6% | — | — | — | +62.0% SOE 3 SOE categories |
| #130 | 🇸🇰Slovak Republic | 63.4% | — | A | — | +70.9% SOE 5 SOE categories |
| #131 | 🏳️Burundi | 63.3% | — | — | — | +22.4% SOE 2 SOE categories |
| #132 | 🏳️Djibouti | 62.3% | — | — | — | +34.3% SOE 3 SOE categories |
| #133 | 🇲🇳Mongolia | 62.2% | — | B | — | +58.3% SOE 8 SOE categories |
| #134 | 🇵🇦Panama | 62.0% | — | BBB | — | +107.6% SOE 3 SOE categories |
| #135 | 🇸🇲San Marino | 61.8% | — | — | — | |
| #136 | 🇴🇲Oman | 61.0% | — | BB | — | +136.1% SOE 9 SOE categories |
| #137 | 🏳️South Sudan | 60.2% | — | — | — | |
| #138 | 🇵🇭Philippines | 59.9% | — | BBB+ | — | +113.2% SOE 4 SOE categories |
| #139 | 🏳️Seychelles | 59.4% | — | — | — | +54.1% SOE 3 SOE categories |
| #140 | 🇸🇻El Salvador | 59.3% | — | B | — | +65.6% SOE 5 SOE categories |
| #141 | 🇦🇿Azerbaijan | 59.1% | — | BB+ | — | +38.6% SOE 6 SOE categories |
| #142 | 🏳️Palau | 59.0% | — | — | — | |
| #143 | 🏳️Equatorial Guinea | 58.5% | — | — | — | +20.4% SOE 5 SOE categories |
| #144 | 🇧🇬Bulgaria | 57.3% | — | BBB | — | +57.3% SOE 6 SOE categories |
| #145 | 🏳️Dominica | 57.2% | — | — | — | +57.2% SOE 5 SOE categories |
| #146 | 🇶🇦Qatar | 56.3% | — | AA | — | +186.4% SOE 8 SOE categories |
| #147 | 🏳️Bahamas, The | 55.8% | — | — | — | +55.8% SOE 6 SOE categories |
| #148 | 🇨🇲Cameroon | 55.6% | — | B- | — | +19.3% SOE 7 SOE categories |
| #149 | 🇵🇾Paraguay | 55.6% | — | BB+ | — | +49.7% SOE 2 SOE categories |
| #150 | 🏳️Vanuatu | 55.5% | — | — | — | +66.1% SOE 4 SOE categories |
| #151 | 🇹🇯Tajikistan | 54.9% | — | — | — | +44.9% SOE 6 SOE categories |
| #152 | 🏳️Papua New Guinea | 54.5% | — | B- | — | +22.7% SOE 6 SOE categories |
| #153 | 🇺🇬Uganda | 54.4% | — | — | — | +15.6% SOE 6 SOE categories |
| #154 | 🏳️Guinea | 52.5% | — | — | — | +14.4% SOE 5 SOE categories |
| #155 | 🇳🇵Nepal | 52.3% | — | — | — | +90.7% SOE 7 SOE categories |
| #156 | 🇹🇿Tanzania | 52.1% | — | — | — | +17.0% SOE 6 SOE categories |
| #157 | 🏳️Mali | 50.6% | — | — | — | +28.6% SOE 5 SOE categories |
| #158 | 🇷🇸Serbia | 50.5% | — | BB+ | — | +51.8% SOE 7 SOE categories |
| #159 | 🇳🇬Nigeria | 50.4% | — | B- | — | +25.4% SOE 4 SOE categories |
| #160 | 🏳️Malta | 50.0% | — | A- | — | +87.5% SOE 5 SOE categories |
| #161 | 🏳️Comoros | 47.5% | — | — | — | +14.9% SOE 2 SOE categories |
| #162 | 🇺🇿Uzbekistan | 47.1% | — | BB- | — | +61.3% SOE 7 SOE categories |
| #163 | 🏳️Congo, Rep. | 46.8% | — | — | — | +44.4% SOE 4 SOE categories |
| #164 | 🇿🇼Zimbabwe | 46.7% | — | — | — | +11.6% SOE 8 SOE categories |
| #165 | 🏳️São Tomé and Príncipe | 45.4% | — | — | — | +19.8% SOE 2 SOE categories |
| #166 | 🇳🇮Nicaragua | 44.6% | — | B+ | — | +34.5% SOE 5 SOE categories |
| #167 | 🏳️Mauritania | 44.6% | — | — | — | +26.8% SOE 6 SOE categories |
| #168 | 🏳️Sierra Leone | 43.6% | — | — | — | +11.0% SOE 6 SOE categories |
| #169 | 🇳🇪Niger | 43.0% | — | — | — | +13.3% SOE 5 SOE categories |
| #170 | 🏳️Brunei | 42.0% | — | — | — | +39.7% SOE 2 SOE categories |
| #171 | 🏳️Tonga | 40.8% | — | — | — | +42.2% SOE 4 SOE categories |
| #172 | 🏳️Chad | 38.0% | — | — | — | +14.7% SOE 7 SOE categories |
| #173 | 🇹🇼TWN | 31.7% | — | AA | — | +217.1% SOE 8 SOE categories |
| #174 | 🇦🇩Andorra | 30.7% | — | — | — | |
| #175 | 🏳️Solomon Islands | 27.6% | — | — | — | +34.8% SOE 5 SOE categories |
| #176 | 🇲🇬Madagascar | 24.4% | — | — | — | +24.4% SOE 5 SOE categories |
| #177 | 🏳️Samoa | 22.2% | — | — | — | +4.5% SOE 3 SOE categories |
| #178 | 🇨🇩DR Congo | 21.3% | — | CCC+ | — | +6.7% SOE 4 SOE categories |
| #179 | 🏳️Kiribati | 19.0% | — | — | — | +2.5% SOE 2 SOE categories |
| #180 | 🏳️UVK | 18.9% | — | — | — | |
| #181 | 🇵🇷Puerto Rico (US) | 18.7% | — | — | — | |
| #182 | 🏳️Haiti | 18.6% | — | — | — | +8.6% SOE 2 SOE categories |
| #183 | 🏳️Marshall Islands | 14.9% | — | — | — | |
| #184 | 🏳️Timor-Leste | 14.7% | — | — | — | +15.2% SOE 2 SOE categories |
| #185 | 🏳️Nauru | 13.0% | — | — | — | |
| #186 | 🇦🇫Afghanistan | 11.9% | — | — | — | +3.1% SOE 2 SOE categories |
| #187 | 🇱🇾Libya | 7.9% | — | — | — | +7.8% SOE 3 SOE categories |
| #188 | 🏳️Micronesia | 6.8% | — | — | — | |
| #189 | 🇹🇲Turkmenistan | 6.1% | — | — | — | +3.5% SOE 3 SOE categories |
| #190 | 🇲🇲Myanmar | 6.0% | — | — | — | +33.9% SOE 7 SOE categories |
| #191 | 🏳️Tuvalu | 5.1% | — | — | — | +1.5% SOE 2 SOE categories |
| #192 | 🇱🇮Liechtenstein | 0.5% | — | — | — |
Data freshness varies by country. Dates shown per country reflect when the source data was published.● <6 months● 6-12 months● >12 months