List of Countries with the Highest Household Debt, Switzerland Takes the Lead!
Jakarta, CNBC Indonesia — The burden of household debt in several advanced countries around the world is surprisingly substantial. The amount can even reach hundreds of thousands of US dollars per person.
Citing Visual Capitalist, based on data from the Institute of International Finance (IIF) and the United Nations (UN), Switzerland is the country with the highest household debt per capita in the world in the first quarter of 2026.
Household debt per person in Switzerland is nearly US150, 000orapproximatelyRp2.6billion(assuminganexchangerateofRp17, 460/US). This figure is more than double that of the United States (US), which records household debt per capita of US$60,600 or Rp1.05 billion.
Nevertheless, high household debt does not always indicate that the public’s financial condition is problematic. In many advanced countries, large debts are often related to expensive housing prices, long-term mortgage loans, and widespread access to credit.
Switzerland Tops the World
Switzerland is far ahead of other countries in the list of nations with the highest household debt per capita. The household debt burden in that country is even considered very high compared to other wealthy nations.
One of the main factors is the mortgage system in Switzerland. Tax incentives and lending practices in that country often encourage homeowners to maintain mortgage debt for longer periods, rather than paying it off quickly.
Below Switzerland, there is Luxembourg with household debt per capita of US$96,000, followed by Norway at US$87,900, Australia at US$83,100, and Denmark at US$71,400.
Interestingly, six of the 10 countries with the highest household debt per capita are in Europe. Those countries are Switzerland, Luxembourg, Norway, Denmark, the Netherlands, and Sweden.
Several countries with hot property markets also make the list, such as Australia, the US, and Canada. Australia records household debt per capita of US$83,100, the US US$60,600, and Canada US$58,800.
Canada stands out for having the highest household debt-to-income ratio among G7 countries. In mid-2025, Canadian households had debt of around US$1.75 for every US$1 of disposable income.
The US Has the Largest Total Household Debt
Although it only ranks seventh per capita, the US has the largest total household debt in the world.
In the first quarter of 2026, the total US household debt reached US$21.2 trillion. Most of that debt comes from mortgages or home loans. However, pressure is also starting to show on credit cards and auto loans.
The US mortgage delinquency rate remains around historical normal levels. However, auto loan and credit card delinquencies have risen sharply from 2021 to 2025.
At the same time, home foreclosure activity increased 26% year-on-year in the first quarter of 2026. Nevertheless, the level is still much lower than during the 2008 housing crisis.
Housing affordability issues are also becoming heavier. The average mortgage payment in the US has surged 44% since 2021, adding about US$600 to monthly housing costs for new homebuyers.
High Debt Not Necessarily a Sign of Crisis
Rising house prices in various countries make household debt an increasingly important part of the modern economy.
On one hand, high household debt can reflect asset ownership, widespread credit access, and a strong property market. On the other hand, a large debt burden also makes households more vulnerable to interest rate hikes, economic slowdowns, and property price declines.
In other words, high household debt does not always mean a crisis. However, the larger the debt, the more sensitive the public’s financial condition is to economic changes.