Global Debt Tops $350 Trillion as First-Quarter Borrowing Rises

Global debt climbed for a fifth consecutive quarter in the first quarter of 2026, rising by more than $4.4 trillion to nearly $353 trillion and keeping the total above $350 trillion early in the year.

The total debt burden equaled about 305% of global gross domestic product. The measure covers debt securities, loans, currency and deposits across households, nonfinancial companies, financial institutions and governments.

Emerging-market debt excluding China reached a record $36.8 trillion during the first quarter, with governments accounting for most of the increase. The United States and China were the largest contributors to the first-quarter increase.

Debt-to-GDP ratios have remained broadly stable in recent years as economic growth and inflation lifted the size of the global economy. That stability has not necessarily reflected fiscal consolidation.

The figures cover multiple sectors rather than government borrowing alone, making the total broader than sovereign debt. The first-quarter increase marks the fifth consecutive quarterly rise in the global measure.