The 11 countries with the lowest levels of public debt (2024)

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11. Kazakhstan — 21.1%.

Oil-rich Kazakhstan runs Samruk-Kazyna, a sovereign wealth fund owned solely by the state which runs the national rail and postal service, the state oil and gas firm KazMunayGas, the state uranium company, and numerous other groups.

10. Algeria — 20.4%.

Algeria's government has consistently refused to resort to high levels of external debt to finance its economy, instead relying on oil reserves. Reuters reports that the North African state's economy will grow a healthy 4%, well above initial forecasts of 2.2% and above this year's growth rate of 3.7%.

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9. United Arab Emirates —19.3%.

The country owns a huge sovereign wealth fund which invests funds from the country's excess oil reserves. It is estimated to be worth over $1.3 trillion.

8. Nigeria —18.6%.

The level of public debt as a proportion of GDP has been growing steadily in the past five years, but it remains well below the 40% critical limit of 40% Nigeria's Federal Government has set for the economy.

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7. Kuwait — 18.6%.

Another oil-rich Arab state, Kuwait's economy continues to bounce back from a 2015 slowdown which was driven by falling oil prices. The country has relied on debt to finance its deficit despite a large sovereign wealth fund. Since April 2016, the country issued £8.9 billion in domestic debt and £5.9 billion of foreign debt, according to the Arab Times.

6. Russia — 17%.

Russia has one of the lowest debt to GDP ratios due to its enormous production capacity and large oil and gas reserves. Its natural resources are worth an estimated £56 trillion ($75 trillion) —over 30% of all natural resources in the world, according to the US Department of Energy.

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5. Botswana — 13.9%.

The southern African nation of Botswana is a modern success story. Between 1966 and 1999 its economic growth rate averaged 9%, the highest in the world, and it defied the global downturn between 2007 and 2009 and maintaining a very low level of public debt.

4. Saudi Arabia — 12.4%.

Though oil-rich Saudi Arabia's debt level is low by global standards, its national debt ballooned during two years of low oil prices in 2015 and 2016. The kingdom's national debt rose to 316.5 billion riyals (£67 billion) in 2016, up 619% from 2014.

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3. Estonia — 9.5%.

After it established independence from Russia in 1918 following the First World War, Estonia aggressively pursued liberal market reforms which turned it into one of the leading economies in Eastern Europe. Its economy is characterised by a balanced budget, flat-rate income tax, free trade policies, a fully-convertible currency closely pegged to the Euro, and almost non-existent public debt.

2. Brunei — 3.1%.

Economic growth followed Brunei's independence from the UK in 1984. It is almost entirely supported by exports of gas and oil, public GDP is high, and its welfare state is generous, providing all medical services and subsidising food and housing.

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1. Hong Kong —0.1%.

Hong Kong's market-driven economy is characterised by a lucrative financial banking sector, well-regulated financial controls, large foreign exchange reserves, and virtually no public debt. Its GDP per capita is the sixth highest in the world globally at £32,000, slightly lower than Brunei's.