US Holds A Staggering $25 Trillion Lead Over Brazil As World's No. 1 Debtor Nation
By Ben Lee | 25 May, 2026

Since losing its status as the world's top creditor nation in 1980, the US has overspent itself to the top of the heap among the world's debtor nations thanks to its solid image for social and economic stability.

The United States has long been the world's largest net debtor nation—by a staggering margin.

In 1980 the US net international creditor position was larger than the total creditor positions of every other country on Earth combined.  That dominance eroded quickly.  By 1986, the US had slipped into net debtor territory for the first time since 1914.  By 1990 it was already the world's largest debtor. 

As of the end of 2022 the US's net international investment position stood at negative $16 trillion, and by 2026 that figure has grown to approximately negative $26 trillion, thanks for our penchant for government overspending as well as our perception as a safe haven for foreign wealth.  For context, the next-largest debtor nation, Brazil, carries roughly $1.06 trillion in net foreign liabilities — meaning the US debt position is about 25 times larger.

The Top 10 Net External Creditor Nations

The global creditor rankings have shifted significantly over the past two years, with several major reshufflings at the top.Germany — Approximately $4.3 trillion in net external assets.

1.  Germany has held the top creditor position since 2024, when it overtook Japan for the first time in 34 years.

2.  China — Approximately $4.0 trillion. China surpassed Japan in 2025 to claim second place, with net external assets climbing at a faster pace than its rivals.

3.  Japan — Approximately $3.5 trillion. Despite setting an all-time record for net external assets at the end of 2025, Japan has now fallen to third, displaced by both Germany and China in consecutive years.

4.  Hong Kong — Approximately $1.5 to $1.8 trillion.  Hong Kong has consistently held a top-four position for several years running, underpinned by its role as a major global financial hub.

5. Norway — Approximately $1.3 to $1.5 trillion. Norway's position is sustained by its massive sovereign wealth fund, built from North Sea oil revenues, and it has consistently ranked in the top five.

6.  Taiwan — Approximately $1.2 trillion. Taiwan is not included in IMF statistics, but at a global level it is estimated to rank around sixth.

7.  Canada — Approximately $1.1 trillion. Canada has maintained a strong creditor position, briefly losing ground to Singapore in 2022 before reclaiming its spot.

8.  Singapore — Approximately $1.0 trillion. Singapore's standing reflects large-scale overseas investment by its sovereign wealth funds, GIC and Temasek.

9.  South Korea — Approximately $1.0 trillion. South Korea has risen rapidly through the rankings since 2021 and crossed the $1 trillion threshold in net foreign assets in late 2024.

10.  Switzerland — Approximately $0.8 to $1.0 trillion. Switzerland has long been among the world's top net lenders, consistent with its role as a global banking and financial center.

A Note on the Gulf States

The six Gulf Cooperation Council nations — Saudi Arabia, the UAE, Kuwait, and their neighbors — are widely believed to rank among the largest creditor nations in the world.  However, because of Islamic sensitivities around the concepts of credit and debt, these countries rarely report their external assets and liabilities publicly, and are therefore generally excluded from ranked lists.

The Bottom Line

The defining story of the current creditor rankings is the rapid reshuffling at the top. Germany displaced Japan as the world's number one creditor in 2024, ending a 34-year streak. China then overtook Japan for second place in 2025. Japan, despite posting record overseas assets, now sits third.

The United States, once the world's dominant creditor, now occupies the opposite position — the world's largest net debtor by a margin that dwarfs every other nation on Earth.