Total global debt rose by more than $26.4 trillion in the first three quarters of the year, bringing the world’s total stock of debt to just under $346 trillion (310% of GDP).

The rise in debt continues to be concentrated in the government sector.

That’s according to the latest Global Debt Monitor report from the Washington-based Institute of International Finance (IIF).

“… the increase remains concentrated in the U.S. and China, and most of the overall rise came from mature markets, where debt accumulation has accelerated rapidly this year as key central banks ease policy,” said the report.

“Mature markets added over $17 trillion, pushing their total to more than $230 trillion. Beyond the U.S., France, Germany, and the UK recorded some of the largest increases.

“With total debt in emerging markets reaching a fresh high of more than $115 trillion in Q3 2025 — up $5.5 trillion since end-2024 — Brazil, Russia, Korea, Poland, and Mexico saw the largest rises after China.

“A softer USD has also played an important role in inflating the USD value of debt for non-USD borrowers. The rise in global debt continues to be concentrated in the government sector, with China and the U.S. once again recording the largest increases, followed by France, Italy, and Brazil.

“With budget deficits still elevated — and the impact of large fiscal stimulus packages set to kick off in 2026 in Japan, the U.S., Germany, and China — sovereigns are likely to continue adding to their debt burdens and interest expenses. As a result, investor attention is increasingly shifting toward government bond auctions and government borrowing plans.”