Debt to equity ratio: financial corporations by country 2022

Of the major developed economies, Japan had the highest debt to equity ratio for financial corporations, reaching 8.9 in 2022. The United Kingdom had the second highest debt to equity ratio with 5.6 percent while the United States had the lowest with only 2.3 percent.

The debt to equity ratio is a measure of whether companies finance their activities with equity or debt. It is calculated by dividing total outstanding debt of all financial corporations by the market value of those companies' shares. A ratio of 2.5, for example, means that outstanding debt is 2.5 times larger than the market value of the financial sector's equity.

Debt to equity ratio of financial corporations in major advanced economies from 2000 to 2022

Characteristic	Germany*	France	United Kingdom	Japan	United States
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Release date

2023

More information

Region

Worldwide

Survey time period

2000 to 2022

Supplementary notes

*Numbers not available for 2022. The source calculates the debt-to-equity ratio by dividing the total amount of debt of financial corporations in a country by the total amount of equity liabilities (including investment fund shares) of the same sector. Debt is the sum of the following liability categories: currency and deposits; debt securities; loans; insurance, pension and standardized guarantee schemes; and other accounts payable. Equity is represented by the market value of the shares, including investment fund shares, issued.

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