Global debt rises to a record $313 trillion in 2023

Over $15 trillion was added to global debt last year, according to the Institute of International Finance.

According to a research released Wednesday by the Institute of International Finance (IIF), global debt reached a record high of $313 trillion last year.

“Over $15 trillion was added to the global debt mountain last year, bringing the total to a new record high of $313 trillion,” according to the research. “The global debt-to-GDP ratio declined for a third consecutive year, largely driven by mature markets.”

According to the figures, global debt decreased by around $7 trillion in 2022, but increased by more than $15 trillion in 2023.

The IIF estimates that total debt was about $210 trillion nearly a decade ago.

Developed markets, such as the United States, France, and Germany, accounted for approximately 55% of global debt, while China, India, and Brazil were also among developing nations to increase their debt levels.

Last year, wealthy countries’ total debt soared to $208.3 trillion, while developing countries’ combined debt increased to $104.6 trillion.

Last year, households owed $59.3 trillion, while the public sector owed $89.9 trillion.

Non-financial corporations owed $94.4 trillion, while financial organizations owed $69.4 trillion, according to the IIF.