This Man Is In More Debt Than Anyone In The World (2024)

FAQs

Who owes the most debt in the world? ›

United States. The United States boasts both the world's biggest national debt in terms of dollar amount and its largest economy, which resolves to a debt-to GDP ratio of approximately 128.13%.

Gen X has the highest average debt balance in all categories, except for personal loans. Here's the breakdown: Credit cards: Gen X have the highest credit card balance compared to other age groups, at $8,215. Auto loans: Gen X have the highest auto loan balance, at $21,570.

Former Société Générale rogue trader Jérôme Kerviel owes the bank $6.3 billion. Here's what his case tells us about financial reform. Enjoy a year of unlimited access to The Atlantic—including every story on our site and app, subscriber newsletters, and more. He can earn million-dollar gains without anybody knowing.

The national debt is the sum of a nation's annual budget deficits, offset by any surpluses. A deficit occurs when the government spends more than it raises in revenue. The government borrows money by selling debt obligations to investors to finance its budget deficit.

At the top is Japan, whose national debt has remained above 100% of its GDP for two decades, reaching 255% in 2023.

There are two kinds of national debt: intragovernmental and public. Intragovernmental is debt held by the Federal Reserve and Social Security and other government agencies. Public debt is held by the public: individual investors, institutions, foreign governments.

A good goal is to be debt-free by retirement age, either 65 or earlier if you want. If you have other goals, such as taking a sabbatical or starting a business, you should make sure that your debt isn't going to hold you back.

Jerome Kerviel, The Most Indebted Person In The World, Owes $6.3 Billion To Former Employer, Societe Generale. In a hyper-competitive world where everyone strives to be the biggest, boldest and most famous, no one covets Jerome Kerviel record-breaking achievement. He is the most indebted person in the world.

Musk has to contend with over $13 billion of debt still weighing down a swiftly sinking Twitter, Tesla's profits shrinking because of a lack of demand and new products, and a world that is generally sick of his schtick. In Muskland, everything is connected by money — problems at one business bleed into the others.

Who is the single person with the most debt? ›

Originally Answered: Who is the most in debt person in the world? The former Société Générale rogue trader Jérôme Kerviel owes the bank $6.3 billion. He is the most indebted person I've heard of, not sure if he has cleared the debt now.

Answer and Explanation:

If the U.S. was to pay off their debt ultimately, there is not much that would happen. Paying off the debt implies that the government will now focus on using the revenue collected primarily from taxes to fund its activities.

Most include a combination of deep spending cuts and tax increases to bend the debt curve. Cutting spending. Most comprehensive proposals to rein in the debt include major cuts to spending on entitlement programs and defense.

Intragovernmental debt accounts for 26 percent or $5.9 trillion. The public includes foreign investors and foreign governments. These two groups account for 30 percent of the debt. Individual investors and banks represent 15 percent of the debt.

Debt as a share of GDP has risen to about the same level as in the United States, while in dollar terms China's total debt ($47.5 trillion) is still markedly below that of the United States (close to $70 trillion). As for non-financial corporate debt, China's 28 percent share is the largest in the world.

Nearly half of all US foreign-owned debt comes from five countries. All values are adjusted to 2023 dollars. As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).

The public owes 74 percent of the current federal debt. Intragovernmental debt accounts for 26 percent or $5.9 trillion. The public includes foreign investors and foreign governments. These two groups account for 30 percent of the debt.

No country owes the bank more than India, Indonesia and Bangladesh.