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Ranked: The World’s Most Indebted Households in 2026
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Key Takeaways
- Switzerland has the world’s highest household debt per person at $149,500, more than double U.S. levels.
- Six of the top 10 countries are in Europe, led by Switzerland, Luxembourg, and Norway.
- High household debt often reflects large mortgage markets and expensive housing, rather than financial distress alone.
Household debt varies widely across the world’s advanced economies, shaped largely by housing prices, mortgage systems, and access to credit.
This graphic ranks countries by household debt per capita in 2026, based on data from the Institute of International Finance and the United Nations.
Switzerland stands far above every other country, with nearly $150,000 in household debt per person. However, high debt levels do not necessarily signal financial distress. In many economies, they reflect high homeownership rates, long-term mortgage borrowing, and deep credit markets.
Which Countries Have the Most Household Debt?
Switzerland’s household debt burden is unusually high even among wealthy economies, approaching $150,000 per person.
One major factor is Switzerland’s mortgage system, where tax incentives and lending practices often encourage homeowners to carry mortgage debt for longer periods instead of paying it down quickly.
Some of the world’s hottest housing markets, including Australia ($83.1K), the U.S. ($60.6K), and Canada ($58.8K), also rank among the most indebted households globally. Canada stands out in particular, with the highest household debt-to-income ratio in the G7 at roughly $1.75 owed for every dollar of disposable income in mid-2025.
This table shows the countries with the highest household debt per capita as of Q1 2026:
| Rank | Country | Household Debt Per Capita Q1 2026 | Total Household Debt Q1 2026 |
|---|---|---|---|
| 1 |  Switzerland | $149.5K | $1.3T |
| 2 |  Luxembourg | $96.0K | $66B |
| 3 |  Norway | $87.9K | $497B |
| 4 |  Australia | $83.1K | $2.3T |
| 5 |  Denmark | $71.4K | $430B |
| 6 |  Netherlands | $68.6K | $1.3T |
| 7 |  U.S. | $60.6K | $21.2T |
| 8 |  Canada | $58.8K | $2.4T |
| 9 |  Sweden | $56.0K | $599B |
| 10 |  Hong Kong | $49.6K | $366B |
| 11 |  Singapore | $46.6K | $275B |
| 12 |  New Zealand | $44.3K | $234B |
| 13 |  UK | $42.6K | $3.0T |
| 14 |  Belgium | $35.8K | $421B |
| 15 |  Finland | $35.6K | $200B |
| 16 |  Ireland | $33.2K | $178B |
| 17 |  France | $30.3K | $2.0T |
| 18 |  South Korea | $30.0K | $1.5T |
| 19 |  Germany | $29.9K | $2.5T |
| 20 |  Israel | $29.7K | $287B |
| 21 |  Austria | $27.1K | $247B |
| 22 |  Malta | $25.5K | $14B |
| 23 |  Japan | $20.5K | $2.5T |
| 24 |  Portugal | $18.6K | $193B |
| 25 |  Spain | $17.5K | $835B |
| 26 |  Cyprus | $15.9K | $22B |
| 27 |  Italy | $15.9K | $934B |
| 28 |  UAE | $13.8K | $160B |
| 29 |  Estonia | $13.5K | $18B |
| 30 |  Kuwait | $12.9K | $66B |
| 31 |  Slovakia | $12.7K | $69B |
| 32 |  Czechia | $12.2K | $128B |
| 33 |  Saudi Arabia | $11.5K | $404B |
| 34 |  Greece | $10.8K | $107B |
| 35 |  Slovenia | $9.9K | $21B |
| 36 |  Malaysia | $9.7K | $353B |
| 37 |  Croatia | $8.9K | $34B |
| 38 |  China | $8.7K | $12.3T |
Why U.S. Household Debt Keeps Rising
The U.S. ranks seventh globally, but its total household debt is by far the largest in the world at $21.2 trillion in Q1 2026. Much of this is tied to mortgages, though stress has also increased in credit cards and auto loans.
While mortgage delinquency rates remain near historical norms, stress is emerging in other areas of consumer finance. Delinquencies on auto loans and credit cards climbed sharply between 2021 and 2025.
At the same time, foreclosure activity rose 26% year-over-year in Q1 2026, although levels remain far below those seen during the 2008 housing crisis. Affordability has become a major challenge, with average mortgage payments jumping 44% since 2021 and adding roughly $600 in monthly housing costs for new buyers.
As housing costs continue to rise globally, household debt is becoming an increasingly central feature of modern economies. While high debt levels can reflect wealth and homeownership, they also leave households more vulnerable to higher interest rates, economic slowdowns, and declines in property values.
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To learn more about this topic, check out this graphic on government debt-to-GDP ratios around the world.
