Countries with the most GOVERNMENT DEBT. U.S. $38.7T General government gross debt. China $18.7T. Japan $9.8T. UK $4.1T. France $3.9T. Italy $3.5T. Germany $3.2T. India $3.4T. Canada $2.6T. Brazil $2.1T. Spain $1.9T. Mexico $1.1T. Singapore $1.0T. South Korea $1.0T. Australia $0.9T.