According to a report by the Institute of International Finance (IIF), the total debt worldwide reached a record $348.3 trillion by the end of 2025, increasing by $29 trillion compared to the previous period.
The main factors driving this growth were sovereign obligations, which exceeded $10 trillion. The largest contributions to the debt increase came from the United States, China, and Eurozone countries, which accounted for about 75% of this increase.
According to the IIF, the current growth in global debt is largely related to budget deficits in major economies, rather than household or business sector debt.
The debt-to-global GDP ratio in 2025 decreased to 308%, thanks to the actions of developed countries. At the same time, in developing economies, this figure reached a record 235% of GDP.
By the end of the year, government debt amounted to $106.7 trillion, non-financial corporate debt reached $100.6 trillion, and household debts totaled $64.6 trillion. The total debt in mature markets was $231.7 trillion, while in emerging markets it reached a record $116.6 trillion.
The IIF also warns that if budget deficits continue to persist and companies finance their capital expenditures through bond issuance, the volume of global debt may continue to grow in 2026.
This year, emerging markets are expected to repay debt amounting to over $9 trillion, which is a historical record for refinancing. In mature markets, repayments of more than $20 trillion in bonds and loans are anticipated, as indicated in the report.
