1. Dollar & funding · gov balance sheets

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cents owned per $1 owed · G7 governments · ex pension funds and pension entitlements

  1. country¢ per $1net fin. worth % GDPinterest % revenue (2024)central bank total assets yoy
  2. 1Germany 202562¢−25.62.3ECB −4.12%shares the ECB
  3. 2Canada 202557¢−49.58.3BoC +4.65%
  4. 3Japan 202435¢−144.64.0BoJ −10.17%
  5. 4UK 202532¢−66.07.4BoE −8.35%not ranked, data 476 days old
  6. 5France 202531¢−90.54.0ECB −4.12%shares the ECB
  7. 6US 202528¢−94.313.2Fed +2.41%
  8. 7Italy 202516¢−128.88.2ECB −4.12%shares the ECB

¢ per $1 and net financial worth: OECD Table 720, financial assets and liabilities excluding social security fund assets and pension entitlements. interest: IMF Public Finances in Modern History, gross interest paid ÷ revenue. central bank: money printer data, latest total-assets yoy, local currency.

all versions · notes

cents owned per $1 owed · G7 government financial balance sheets

#countryyearoriginalex social security fundsex funds + ex pension entitlementswith promised pensions (yr)fin. assets % GDPfin. liabilities % GDPsocial security fund assets % GDPpension entitlements in liabilities % GDPpromised pensions added % GDP
1Germany202568¢62¢62¢12¢ (2021)45.466.54.40.0317.3
2Canada202587¢58¢57¢59¢ (2023)109.8125.636.49.850.2
3Japan202462¢35¢35¢–138.6222.261.10.0–
4UK202532¢32¢32¢9¢ (2018)30.896.9not split0.1274.2
5France202546¢31¢31¢13¢ (2021)59.6131.019.00.0397.3
6US202525¢25¢28¢14¢ (2024)36.0142.5not split12.2101.6
7Italy202521¢16¢16¢6¢ (2021)31.7154.17.30.9430.4

rankings
original: CA 87¢ > DE 68¢ > JP 62¢ > FR 46¢ > UK 32¢ > US 25¢ > IT 21¢
ex social security funds: DE 62¢ > CA 58¢ > JP 35¢ > UK 32¢ > FR 31¢ > US 25¢ > IT 16¢
ex funds + ex pension entitlements: DE 62¢ > CA 57¢ > JP 35¢ > UK 32¢ > FR 31¢ > US 28¢ > IT 16¢
with promised pensions: CA 59¢ > US 14¢ > FR 13¢ > DE 12¢ > UK 9¢ > IT 6¢ (Japan not reported)

how each is counted

  • original: general government financial assets ÷ financial liabilities, non-consolidated, market value.
  • ex social security funds: drops the assets of the social security funds subsector (S1314); all liabilities kept, including government bonds those funds hold.
  • ex funds + ex pension entitlements: also drops pension and insurance entitlements (F6) on both sides.
  • with promised pensions: funds back in, plus accrued-to-date social security pensions and unfunded government-employee pensions from the supplementary pension table (Table 2900). years differ; Japan not reported.

notes

  • Canada original count includes 36.4% of GDP in public pension fund assets (CPP/QPP, 2025; CPP Investments alone 22.0%). the pensions promised against them aren't counted as debt, so the fund is left out here.
  • Japan original count includes 61.1% of GDP in social security fund assets (2024; GPIF alone 39.4%). the pensions promised against them aren't counted as debt, so the funds are left out here.
  • France, Italy, Germany social security fund assets left out too: 19.0%, 7.3%, 4.4% of GDP (2025). UK reports no separate social security fund.
  • US counts 12.2% of GDP in government-employee pension entitlements as debt (2025), unlike most others (Canada 9.8%). left out here for all 7. its Social Security trust fund ($2.56T, 8.3% of GDP, end-2025) holds only Treasury IOUs, so it is in neither column; counting those IOUs as owed: 26¢.
  • social security funds include non-pension bodies (health, unemployment) for France, Germany and Italy; no pension-only split is published.
  • US and UK don't report the social security funds subsector separately.

sources: OECD Table 720 (DF_T720GOV_A) by subsector; OECD Table 2900 (DF_TABLE29); OECD Table 1 GDP; CPP Investments F2026 results (net assets C$714.4B at 31 Mar 2025); GPIF FY2024 annual report (¥249.8T at 31 Mar 2025); 2026 OASDI Trustees Report, Table II.B1 ($2,561.3B end-2025).

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