Global debt tops $365 trillion as borrowing costs rise

Global debt exceeded $365 trillion in the first half of 2026, rising by more than $10 trillion in six months, according to the Institute of International Finance, as borrowing costs climbed in major economies and added pressure to government budgets. The IIF’s Global Debt Monitor counts borrowing by governments, households, financial companies and nonfinancial corporations across more than 100 mature and emerging-market economies. The report, published September 23, said the total had increased for a sixth consecutive quarter. China and the United States accounted for much of the rise, according to the IIF findings. Emerging-market debt increased by $6.5 trillion to more than $110 trillion during the first half, with China driving most of the gain, the IIF report said. The figures highlight the scale of borrowing across economies, though the reports do not provide a detailed breakdown of each country’s contribution to the global increase. The debt total has grown as interest costs rise in many major economies. The IIF reported that advanced economies paid more than $3.3 trillion in interest last year on internationally traded government debt.