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15 countries that have highest household debt

November 19, 2013 10:04 IST

15 countries that have highest household debt

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There are some countries that are struggling to manage the rapid increase in household debt, mainly due to loose lending practices by banks.

Let's take a look at 15 economies that have highest household debt in the world.

Source: The Economist

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Image: A woman uses a National Australia Bank's ATM in central Sydney, Australia.
Photographs: David Gray/Reuters
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15 countries that have highest household debt

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Ireland

Debt as percent of GDP: 106 per cent in Q1 2013

Percentage-point change: 22 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 1

Ireland, which was hit badly by the 2008 global economic crisis, has the highest household debt in the world.

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Image: A man cycles past posters in central Dublin, Ireland.
Photographs: Cathal McNaughton/Reuters
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15 countries that have highest household debt

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United Kingdom

Debt as percent of GDP: 93 per cent in Q1 2013

Percentage-point change: 1 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 2

United Kingdom, one of the biggest financial centres in the world, has the second-highest household debt in the world.

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Image: A racegoer struggles with her umbrella in strong winds at Royal Ascot in southwest of London, United Kingdom.
Photographs: Andrew Winning/Reuters

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Canada

Debt as percent of GDP: 92 per cent in Q1 2013

Percentage-point change: 22 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 3

Canada, which is seeing a minerals boom, reported a 22 per cent rise in household debt.

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Image: A view of Old Quebec City, Canada.
Photographs: Mathieu Belanger/Reuters
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15 countries that have highest household debt

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South Korea

Debt as percent of GDP: 86 per cent in Q1 2013

Percentage-point change: 15 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 4

South Korea, one of the most advanced countries in the world, has household debt that's 86 per cent of GDP.

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Image: Subway station in the Gangnam area of Seoul, South Korea.
Photographs: Lee Jae-Won/Reuters

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15 countries that have highest household debt

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Malaysia

Debt as percent of GDP: 81 per cent in Q1 2013

Percentage-point change: 20 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 5

Malaysia, one of the fastest growing economies in the region, saw its household debt increase 20 per cent.

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Image: A view of Kuala Lumpur, Malaysia.
Photographs: Bazuki Muhammad/Reuters
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15 countries that have highest household debt

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United States

Debt as percent of GDP: 78 per cent in Q1 2013

Percentage-point change: Minus 13 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 6

United States, the biggest economy in the world, has one of the highest household debts in the globe.

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Photographs: Adrees Latif/Reuters

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Thailand

Debt as percent of GDP: 68 per cent in Q1 2013

Percentage-point change: 21 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 7

Thailand, one of the fastest growing economies in the region, saw its debt increase by 21 per cent.

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Image: A skytrain passes over vehicles on road in Bangkok, Thailand.
Photographs: Kerek Wongsa/Reuters
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Japan

Debt as percent of GDP: 66 per cent in Q1 2013

Percentage-point change: Minus 2 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 8

Japan, one of the biggest economies in the world, has debt that's 66 per cent of its GDP.

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Image: Pedestrians walk across a zebra crossing in Tokyo, Japan.
Photographs: Stringer/Reuters
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Singapore

Debt as percent of GDP: 61 per cent in Q1 2013

Percentage-point change: 19 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 9

Singapore, one of the biggest financial centres in the world, saw debt increase by 19 per cent.

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Image: A view shows the skyline of Financial District in Singapore.
Photographs: Tim Chong/Reuters

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Hong Kong

Debt as percent of GDP: 61 per cent in Q1 2013

Percentage-point change: 8 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 10

Hong Kong, one of the biggest financial centres in the world, saw debt increase by 8 per cent.

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Image: Visitors leave a souvenir store at the Hong Kong Heritage Museum promoting a five-year exhibition on the late Kung Fu legend Bruce Lee.
Photographs: Bobby Yip/Reuters

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Germany

Debt as percent of GDP: 58 per cent in Q1 2013

Percentage-point change: Minus 12 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 11

Germany, the economic powerhouse of Europe, has household debt that's 58 per cent of GDP.

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Image: Women play with a frisbee in front of the Reichstag building in Berlin, Germany.
Photographs: Fabrizio Bensch/Reuters

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China

Debt as percent of GDP: 32 per cent in Q1 2013

Percentage-point change: 21 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 12

China, the fastest growing economy in the world, has debt that's 32 per cent of GDP.

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Image: People cross a road in front of a car dealer shop in downtown Shanghai, China.
Photographs: Nir Elias/Reuters
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Indonesia

Debt as percent of GDP: 17 per cent in Q1 2013

Percentage-point change: 6 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 13

Indonesia, one of the fastest growing economies in the region, has household debt that's 17 per cent of GDP.

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Image: Women walk past a shop selling luxury shoes and bags at a mall in Jakarta, Indonesia.
Photographs: Enny Nuraheni/Reuters

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Mexico

Debt as percent of GDP: 14 per cent in Q1 2013

Percentage-point change: 3 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 14

Mexico, one of the fastest growing economies in the region, has household debt that's 14 per cent of GDP.

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Image: Customers at a Walmart store in Mexico City, Mexico.
Photographs: Henry Romero/Reuters
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India

Debt as percent of GDP: 10 per cent in Q1 2013

Percentage-point change: Minus 2 per cent, from Q2 2006 to Q1 2013

Overall rank in household debt: 15

India, one of the fastest growing economies in the world, has household debt that's 10 per cent of GDP.


Image: Tourists carry earthen pitchers on their heads as they participate in Matka Race at Ladera village near Bikaner in Rajasthan.
Photographs: Stringer/Reuters
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