How does Japan's national debt per capita compare to other G7 countries in 2025?

1. What people are claiming — the main assertions that matter

The core claims across the sources are threefold: first, that Japan has the highest gross public debt ratio among G7 countries—figures reported between ~240% and 256% of GDP for 2024–25; second, that Japan’s debt per capita is among the highest in the G7, with specific per-person estimates reported around USD 76,857 and USD 82,119 in different datasets; and third, that Japan’s debt structure (roughly 90% domestically held) and large government assets reduce the immediate risk of a crisis compared with countries holding more external debt. These claims come from government-debt tallies and cross-country tables referenced in the material ^{[1] [2] [3] [5]}.

2. The recent numbers you need to know and how they conflict

One source reports Japan’s per-capita national debt at USD 76,857 in 2024, noting total liabilities fell to USD 9.5 trillion from a previous peak ^[1]. Another calculation using a 240%+ debt-to-GDP ratio, a $10,110,360 million total debt figure and a population of 123.89 million yields ~USD 82,119 per person ^[2]. Separate summaries list Japan’s debt-to-GDP ratio as high as 256.3% in 2024 ^[6]. These numbers differ because sources use different debt definitions (gross vs consolidated), different dates, and different totals for liabilities and population — but they converge on a clear pattern: Japan’s per-capita debt is substantially higher than most G7 members ^{[1] [2] [6]}.

3. Why per-capita debt can mislead — important structural context

Per-capita comparisons are simple but omit critical context. Japan’s public debt is overwhelmingly held domestically—roughly 90% held by Japanese households, banks and institutions—which stabilizes borrowing costs and changes risk dynamics compared with countries that rely more on foreign creditors ^[5]. Several sources emphasize that Japan’s consolidated public-sector balance sheet shows lower net liabilities once intragovernmental assets and social-security funds are included, bringing net debt-to-GDP down from gross ratios and making Japan’s net burden more comparable to other advanced economies ^[4]. That distinction explains why high per-capita or gross ratios do not automatically equate to imminent fiscal crisis.

4. Diverging interpretations and why projections matter

Analysts and institutions diverge on trajectory and vulnerability. The IMF and other projections highlight Japan’s very high gross debt but slower projected decline and warn that rising rates would increase strain; IMF projections cited foresee Japan’s gross ratio near 254.6% in 2024, with only modest falls to 251.7% by 2029 ^[7]. Other pieces stress that if interest rates rose materially, Japan’s domestic funding model could become more expensive, increasing the significance of the already-large per-capita liabilities ^[8]. Thus, the headline “highest per-capita debt” is accurate as a ranking but its policy implications depend on rate, asset, and funding scenarios.

5. What the comparison with other G7 countries actually shows

Across the supplied material, the United States is cited with high absolute per-capita debt in some calculations (e.g., US per-capita figures cited near USD 105,000 in older tabulations), but no other G7 country matches Japan’s combination of very high debt-to-GDP and large per-capita figures—Germany is noted as the exception on debt/GDP being below 100% in one roundup, but most G7 members exceed 100% gross debt ^{[2] [5]}. France, Italy, the UK, Canada and the US show lower gross ratios and per-capita values in the presented datasets, which means Japan sits at the top of G7 per-capita debt rankings in 2024–25 by most measures provided ^{[3] [5]}.

6. Bottom line — the clear, evidence-based answer

Japan’s national debt per capita in 2024–25 is among the highest in the G7, with estimates clustered around USD 76,000–82,000 per person and gross debt-to-GDP ratios above ~240%, making Japan the top G7 debtor on both gross and per-capita metrics in the supplied material. That ranking is robust across sources, but the economic risk picture is softened by Japan’s domestic funding and large intragovernmental assets, which lower net liabilities versus gross figures; therefore, the headline “highest per-capita debt” is factually accurate, while the assessment of fiscal vulnerability requires the additional structural context noted above ^{[1] [2] [4] [7]}.