20 Countries Who Currently Have the Most Debt 1. United States – Total debt: $18,286,510,000,000. 2. United Kingdom – Total debt: $7,499,400,000,000. 3. France – Total debt: $5,250,608,000,000. 4. Germany – Total debt: $5,084,360,000,000. 5. Netherlands – Total debt: $4,124,640,000,000. 6. Which Country Has The Largest National Debt? According to the IMF, Japan is the most indebted country in the world in terms of a debt to GDP ratio. Debt to GDP is expressed as a percentage. GDP is a county’s annual income and it is usually expected that the debt of a nation should be less than 100 per cent of that GDP figure. CIA factbook – National debt by Country; Public debt, International Monetary Fund, April 2012; Eurostat pdf. Some selected levels of Public Sector debt in different countries: Canada National debt gross debt 85% of GDP (2012) Net federal debt involves only central government. (38% of GDP).