Which person has the most debt on earth? (2024)

Which person has the most debt on earth?

Former financial arbitrage trader Jerome Kerviel is the most indebted man on the planet, owing his former employer $6.3 billion. The amount Kerviel owes to French bank Societe Generale

for fraudulent trades made in 2007 and 2008 would make Kerviel one of the 50 richest people in America if those debts were assets.

Who has the most debt on Earth?

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%.

Who is the single person with the most debt?

He is ... the most indebted man in the world. Jérôme Kerviel is learning one of life's harsher lessons: It stinks to be $6.3 billion in debt.

What singular person has the most debt in the world?

Well, I feel you should meet Jérôme Kerviel, or at least learn about him - the most indebted person in the world!

Who owes the US money?

In total, other territories hold about $7.4 trillion in U.S. debt. Japan owns the most at $1.1 trillion, followed by China, with $859 billion, and the United Kingdom at $668 billion. In isolation, this $7.4 trillion amount is a lot, said Scott Morris, a senior fellow at the Center for Global Development.

Who is the poorest person in the world debt?

Jerome has a debt of Rs 495,068,952,000. This is the highest amount of debt any individual owes to third parties and hence Jerome is often called the poorest man on earth. Jerome was born in Pont-al-Abe, France. His mother worked as a hairdresser, and his father was a blacksmith.

Who owns over 70% of the US debt?

Of the $33T of debt, roughly 78% is owned by the public (70% US vs 30% International). The major US public owners include the FED ($6T, but they are no longer buyers), mutual funds, banks, states, pension funds and insurance companies.

How many people are 100% debt free?

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more. The exact definition of debt free can vary, though, depending on whom you ask.

What age group has the most debt?

Gen X (ages 43 to 58) not only carries the most debt on average of all the generations, but is also the debt leader in credit card and total non-mortgage debt.

Which country has no debt?

1) Switzerland

Switzerland is a country that, in practically all economic and social metrics, is an example to follow. With a population of almost 9 million people, Switzerland has no natural resources of its own, no access to the sea, and virtually no public debt.

Why do millionaires have so much debt?

Rich people use debt to multiply returns on their capital through low interest loans and expanding their control of assets. With a big enough credit line their capital and assets are just securing loans to be used in investing and business.

Why is US debt so high?

It began rising at a fast rate in the 1980's and was accelerated through events like the Iraq Wars and the 2008 Great Recession. Most recently, the debt made another big jump thanks to the pandemic with the federal government spending significantly more than it took in to keep the country running.

Can the US ever get out of debt?

Economists at the Penn Wharton Budget Model estimate that financial markets cannot sustain more than twenty additional years of deficits. At that point, they argue, no amount of tax increases or spending cuts would suffice to avert a devastating default.

What would happen if the US paid off its debt?

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.

What if China sells U.S. debt?

Since the U.S. dollar has a variable exchange rate, however, any sale by any nation holding huge U.S. debt or dollar reserves will trigger the adjustment of the trade balance at the international level. The offloaded U.S. reserves by China will either end up with another nation or will return back to the U.S.

Do millionaires have debt?

There are many wealthy people who take on debt; they just do it in different ways than their less-well-off counterparts do. Of course, not every rich person has exactly the same money habits. But here are four borrowing rules the wealthy tend to follow that others often don't.

Which is the richest country in the world?

In 2024, Luxembourg is the world's wealthiest nation by GDP per capita. Gross Domestic Product (GDP) is used to evaluate the economic prosperity of nations and their citizens globally.

Does Russia hold U.S. debt?

Other countries with outstanding U.S. debt include Russia, India and South Korea. China Is America's Biggest Banker. The U.S. debt to China is $1.11 trillion as of May 2019.

Does China owe US money?

Among other countries, Japan and China have continued to be the top owners of US debt during the last two decades. Since the dollar is a strong currency that is accepted globally, holding a substantial amount of US debt can be beneficial.

How high can U.S. debt go?

Even the CBO as recently as September 2023 projected the figure to be higher—estimating an 153% debt-to-GDP ratio by 2053. The GAO puts debt at 200% of GDP by 2050, while the Penn Wharton Budget Model projects 190% of the size of the economy by the same year.

Which gender has more debt?

Women are stereotypically seen as irresponsible spenders, but the data doesn't back this up. According to a 2019 Experian study, men carry more debt than women across nearly all categories, including credit card debt — the study found that men have $125 more in credit card debt than women on average.

At what age are people debt-free?

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.

How many Americans live paycheck to paycheck?

A majority, 65%, say they live paycheck to paycheck, according to CNBC and SurveyMonkey's recent Your Money International Financial Security Survey, which polled 498 U.S. adults. That's a slight increase from last year's results, which found that 58% of Americans considered themselves to be living paycheck to paycheck.

What states are debt-free?

The least indebted state is Oklahoma, according to the report, followed by Iowa and a tie for third with New Hampshire and Nebraska. The fifth best state in the category is Ohio. The next five best states, from best to worst, are Wyoming, Indiana, and Wisconsin, with Vermont and South Dakota tied in their ranking.

Is it rare to have no debt?

Between mortgage loans, credit cards, student loans, and car loans, it's not uncommon for the typical American to have one or more types of debt. The ones who are living debt-free may seem like a rarity, but they aren't special or superhuman, nor are they necessarily wealthy.