Household Debt by Country

Household debt is heavily concentrated in advanced economies, where deep mortgage markets and widespread access to credit have pushed liabilities to record highs. In countries such as Switzerland, Australia, and Canada, household borrowing now exceeds annual economic output, reflecting high homeownership costs and prolonged periods of low interest rates. By contrast, emerging economies tend to carry far lower household debt burdens, limited by shallower financial systems and lower credit penetration. While high household debt can support consumption and asset accumulation, it also leaves economies more exposed to interest-rate shocks and housing market downturns.