Hong Kong — In its World Economic Outlook released in October 2025, the International Monetary Fund (IMF) spotlighted ten countries that have managed to keep government debt nearly nonexistent. This list is more than statistics—it reflects how fiscal discipline, resource stewardship, and long‑term vision can translate into national stability and citizen well‑being.
At the very top is Macau, with a debt ratio of 0%. Fueled by casino revenues and tourism, the government finances public needs without borrowing. Liechtenstein follows with just 0.5%, supported by a resilient financial sector and near‑zero inflation.
In Southeast Asia, Brunei Darussalam stands out at 2.3%. Its wealth from oil and gas not only covers public spending but also strengthens sovereign wealth reserves. Meanwhile, small nations like Tuvalu (3.6%) and Kiribati (8.7%) demonstrate that creative economic strategies—from fishing rights to internet domain revenues—can sustain national budgets with minimal debt.
Other countries on the list include Turkmenistan (3.9%), Micronesia (9.3%), Hong Kong (11.7%), Haiti (11.8%), and Nauru (15%). Each has leveraged unique strengths—whether natural resources, financial hubs, or external aid—to maintain fiscal comfort.
The lesson is clear: low debt is not accidental. It is the result of deliberate policy choices, disciplined spending, and strategic use of national advantages. While many of these economies are small, their ability to thrive without heavy borrowing offers inspiration for larger nations grappling with fiscal challenges.
For citizens, the impact is tangible—greater stability, fewer tax burdens, and confidence that public services can be sustained without the shadow of mounting debt. For policymakers worldwide, these examples underscore the importance of aligning fiscal responsibility with long‑term prosperity.
