Are the world's superpowers really rich? Well, not really. . .
The trillions of dollars borrowed to build the country's infrastructure and industry have turned into mounting debts. This in turn has tarnished their reputation as the world's economic powerhouses.
The world's biggest economy, the United States and many European nations are struggling with rising debt.
Once the envy of the world, these nations are now posing a threat to the world economy, being on the verge of enormous defaults.
Find out more about the economies that have the highest debt in the world...
1. United States
Debt: $14.590 trillion (9 August 2011)
Per capita debt: $46,929
Debt as in percentage of GDP: 94%
The United States has the world's highest external debt at a whopping $14.590 trillion.
The US public debt burden has become unsustainable and its debt and deficit ratio will remain high for a long period unless the government cuts down spending effectively.
The economic crisis in US began with the subprime mortgage crisis. Following this, the US economy fell into a recession in 2008. Flawed policies allowed lenders to offer loans to subprime borrowers without considering the risk of future default.
External debt (or foreign debt) is that part of the total debt in a country that is owed to creditors outside the country. The debtors can be the government, corporations or private households.
