Global debt reaches $365.5 trillion in first half of 2026

Global debt rose by about $10.4 trillion in the first six months of 2026, reaching a record $365.5 trillion, according to the Institute of International Finance’s latest monitor. That total is broader than government borrowing: it combines debt held by governments, households, nonfinancial companies, and financial institutions. Emerging markets accounted for most of the increase, while higher inflation kept the debt-to-GDP ratio from rising as sharply as the dollar total. The distinction matters because a stable ratio can make the picture look calmer even as borrowers face a larger pile of debt and higher costs to refinance it.