Headlines in the world of finance and economics have been dominated by the latest data on sovereign debt per capita across the globe. Notably, the United States and Singapore have taken the helm in a race no country aspires to lead.
This startling revelation comes following a comprehensive examination of United Nations’ data, which underscored that the governmental debt burden borne by every American is staggeringly tenfold compared to that of their Chinese counterparts.
Sovereign debt powerhouses: Singapore and the U.S.
On a per-person basis, the citizens of the small yet mighty Asian nation of Singapore shoulder the heaviest sovereign debt globally. Every individual in this bustling city-state is apportioned a whopping $117,400 share of their national debt.
This finding is based on a meticulous analysis spearheaded by Russia’s RIA Novosti news agency, known for its comprehensive coverage of economic affairs.
Hot on Singapore’s heels is the U.S., where each citizen carries an imposing $93,000 debt burden. The United States’ total debt crossed a historic threshold, breaking the $32 trillion mark for the first time in June.
This escalation occurred in the aftermath of a bi-partisan agreement between the Biden administration and House Republicans to increase the country’s debt ceiling at May’s end.
A global perspective on sovereign debt
The list of nations following Singapore and the U.S. on the debt rankings is as follows: Japan ranks third with $88,400 debt per citizen. Canada, in fourth place, reports a figure of $58,900, and Belgium, in fifth, shows $52,600.
Other countries comprising the top ten, all with formidable per capita debt burdens, include Iceland, Italy, France, Ireland, and the United Kingdom.
Additional notable entrants in the top 30 include the developed nations of Norway, Australia, Switzerland, and Germany, the latter being the European Union’s financial powerhouse.
In contrast, Russia, despite its status as a significant global player, ranks relatively low at 94th place, with a per capita state debt of $2,980.
This number contrasts with local estimates from the Russian Ministry of Finance and the Federal State Statistics Service, which place Russia’s debt per capita at a slightly lower $2,200.
Looking at the BRICS nations—Brazil, Russia, India, China, and South Africa—China sits atop this bloc with a public debt per citizen of $9,900. This places China 47th globally. Brazil, South Africa, and India trail behind with respective ranks of 57th, 75th, and 112th.
Members of the Eurasian Economic Union have generally fared better, with Armenia, Belarus, Kazakhstan, and Kyrgyzstan all ranking below 90th place in terms of per capita sovereign debt.
These findings prompt a sobering reflection on the global economic landscape, particularly the implications of such vast sovereign debts. With Singapore and the U.S. leading the pack, one might question the future consequences for these nations and their citizens who bear the burden of such towering debt figures.
As the global economic scenario continues to evolve, it remains to be seen how these figures might shift and what strategies these nations might adopt to handle their escalating debts.
