Which Country Owes No Debt? Why the Answer Depends

There is no single country we can confidently name as owing no debt at all, because “debt” can refer to money owed by a national government, businesses, households, or borrowers to lenders abroad. A country may have little or no debt under one measure while still having obligations under another, so an answer depends on which measure you mean and when it was recorded.

Some lists focus on government debt , which is money a government owes, while others focus on external debt , which is owed to lenders outside the country. Those measures are not interchangeable: a government could borrow from lenders at home, and private businesses could owe foreign lenders even if the government itself owes very little.

If you are comparing countries, start by choosing a measure and a date, then consider debt relative to the size of the economy rather than looking only at the total dollar amount. A large economy can owe more dollars than a small one without necessarily facing a heavier debt burden, and even a debt-to-GDP ratio does not tell you by itself whether repayments are affordable.

Country debt rankings are interesting, but they will not tell you whether consolidating your personal debt is a good move; for that, we suggest comparing the new loan’s total cost, payment, and repayment period with what you currently owe. Our A Real-World Guide to Debt Consolidation Loans with Bad Credit is a printable eBook, and you can also read our guide to comparing debt consolidation loan costs before deciding what fits your budget.

Check the product’s listed specifications when evaluating how does this relate to your own debt.