Why is household debt high in Switzerland?

Why is household debt high in Switzerland?

Given that Switzerland is officially the most expensive country in the world it’s perhaps no surprise so many households are in debt. Almost 10 percent of the population (9.9 percent) are in debt due to unpaid or late payments of taxes and 7.3 percent of the population are in arrears due to unpaid insurance premiums.

Does Switzerland have high debt?

The IMF counts “general government debt” as a country’s national debt. By that organization’s standards, at the end of 2020, the gross national debt of Switzerland was 48.7\% as a proportion of the country’s GDP. That figure counts all of the debt of all levels of government in Switzerland.

Which country has the highest household debt?

Switzerland has the highest household debt to GDP by country.

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How many people are in debt in Switzerland?

Related Last Reference
Households Debt To GDP 131.80 Jun/21

How much US debt does Switzerland own?

Major foreign holders of U.S. treasury securities as of September 2021 (in billion U.S. dollars)

Characteristic Securities in billion U.S. dollars
Luxembourg 311.8
Ireland 309.4
Switzerland 296.5
Cayman Islands 252.7

What country has the least debt?

In 2020, Russia’s estimated level of national debt reached about 19.28 percent of the GDP, ranking 14th of the countries with the lowest national debt….The 20 countries with the lowest national debt in 2020 in relation to gross domestic product (GDP)

Characteristic National debt in relation to GDP
Tuvalu 7.29\%

Why is South Korea household debt so high?

Today, South Korea’s self-employment rate is one of the highest among OECD nations. The self-employed are particularly vulnerable to economic downturns, and using personal borrowings to fund business needs is part of the reason why South Korea’s household debt level is the highest in Asia.