Singapore and the US Lead Global Sovereign Debt Per Capita: Study
The UN data based on a recent study has revealed Singapore and the United States as the global leaders in sovereign debt per capita, while China claims the top spot among BRICS nations. The findings have revealed the staggering burden of government debt carried by citizens across the world. It is also notable that each American shoulders a debt burden that is ten times heavier than that of an average Chinese citizen.
US Ranks Second in the Global Debt Per Capita Chart
Singapore takes the lead among all nations, with each citizen of the city-state burdened with a substantial USD 117,400 of sovereign debt, according to an analysis compiled by the United Nations. The research was conducted by the Russian RIA Novosti news agency and highlights the gravity of the mounting public debt burden.
The US ranks second on the global debt per capita chart. It is an alarming USD 93,000 owed by each American. Notably, the nation's debt recently surpassed the USD 32 trillion mark in June, following a deal struck between President Joe Biden's administration and House Republicans to raise the debt ceiling in May.
The top ten nations with the highest debt per capita also include Japan in the third spot with USD 88,400, Canada in the fourth place with USD 58,900, Belgium in the fifth place with USD 52,900, Iceland in the sixth place with USD 51,200, Italy in the seventh place with USD 49,200, France in the eighth place with USD 47,100, Ireland in the ninth place with USD 47,100, and the UK in the tenth spot with USD 46,600.
While developed nations like Norway (USD 42,100), Australia (USD 36,500), Switzerland (USD 36,200), and Germany (USD 32,600) are in the top 30, Russia ranks 94th with USD 2,980 of state debt per capita. The Russian Ministry of Finance (Minfin) and the Federal State Statistics Service (Rosstat) report reveals Russia’s debt per capita was around USD 2,200.
China Tops the BRICS Bloc with the Highest Public Debt Per Capita
China, part of the BRICS bloc (Brazil, Russia, China, India, and South Africa), claims the highest public debt per capita among its peers, with each citizen accounting for USD 9,900. Brazil and South Africa follow with USD 7,700 and USD 4,700, respectively. India stands in 112th place with USD 2,000 of public debt per capita.
The members of the Eurasian Economic Union (EAEU) seem to fare relatively better in terms of the debt burden per citizen. Armenia accounted for USD 3,200 for every citizen; Belarus is in the 91st place with USD 3,100; Kazakhstan is in the 99th spot with USD 2,700; and Kyrgyzstan ranks 139th with USD 871, reflecting a more manageable per capita sovereign debt.
The study report presents a compelling narrative about the pressing issue of public debt per capita and its diverse implications worldwide. It calls for a critical examination of economic policies and fiscal responsibility, encouraging us all to reflect on the financial well-being of our respective nations.
What is your take on the public debt per capita data presented in the report? Please share your thoughts and opinions in the comments section below.
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