Global debt soared to a record $323 trillion (£259tn) in 2024. That's more than three times the world's GDP, according to the Institute of International Finance (IIF), which tracks indebtedness across advanced and developing economies.

Shockingly, the last time global debt was this bad was during the Napoleonic Wars, more than 200 years ago. The current debt wave is the fourth since World War II and the largest to date, starting in 2010 and reaching unfathomed heights during the COVID-19 pandemic.

Since each previous wave has ended in misery, an unprecedented global debt crisis could be just around the corner. Read on to discover how the world has ended up in so much debt, and find out which countries could be heading for economic meltdown.

All dollar amounts in US dollars.