The Largest Bond Markets in the World
In 2022, the global bond market totaled $133 trillion. As one of the world’s largest capital markets, debt securities have grown sevenfold over the last 40 years. Fueling this growth are government and corporate debt sales across major economies and emerging markets. Over the last three years, China’s bond market has grown 13% annually.
Based on estimates from the Bank for International Statements, this graphic shows the largest bond markets in the world.
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Dataset
Rank | Country/Region | Total Debt Outstanding | Share of Total Bond Market |
---|---|---|---|
1 | U.S. | $51.3T | 39% |
2 | China | $20.9T | 16% |
3 | Japan | $11.0T | 8% |
4 | France | $4.4T | 3% |
5 | United Kingdom | $4.3T | 3% |
6 | Canada | $4.0T | 3% |
7 | Germany | $3.7T | 3% |
8 | Italy | $2.9T | 2% |
9 | Cayman Islands* | $2.7T | 2% |
10 | Brazil* | $2.4T | 2% |
11 | South Korea* | $2.2T | 2% |
12 | Australia | $2.2T | 2% |
13 | Netherlands | $1.9T | 1% |
14 | Spain | $1.9T | 1% |
15 | India* | $1.3T | 1% |
16 | Ireland | $1.0T | 1% |
17 | Mexico* | $1.0T | 1% |
18 | Luxembourg | $0.9T | 1% |
19 | Belgium | $0.7T | >1% |
20 | Russia* | $0.7T | >1% |
Data sources
Note: Total debt numbers here include both domestic and international debt securities in each particular country or region. BIS notes that international debt securities are issued outside the local market of the country where the borrower resides and cover eurobonds as well as foreign bonds, but exclude negotiable loans.