Countries with the Deepest Financial Markets (2025)
Source: World Bank·25 countries·Updated 2025
Credit depth reflects financial sector development. {#1} provides {#1_value} of GDP in private sector credit.
Hong Kong SAR, China leads with domestic credit to private sector (% of GDP) of 222.6%.
United States ranks #2 at 201.3%.
China ranks #3 at 194.3%.
Japan ranks #4 at 187.4%.
Korea, Rep. ranks #5 at 160.3%.
Top 25 Countries by Domestic Credit to Private Sector (% of GDP)
| # | Country | Domestic Credit to Private Sector (% of GDP) | Year |
|---|---|---|---|
| 1 |  Hong Kong SAR, China | 222.6% | 2025 |
| 2 |  United States | 201.3% | 2025 |
| 3 |  China | 194.3% | 2024 |
| 4 |  Japan | 187.4% | 2025 |
| 5 |  Korea, Rep. | 160.3% | 2024 |
| 6 |  Denmark | 144.1% | 2024 |
| 7 |  New Zealand | 143.4% | 2025 |
| 8 |  Thailand | 143.1% | 2025 |
| 9 |  Australia | 133.8% | 2025 |
| 10 |  Singapore | 129.2% | 2020 |
| 11 |  Qatar | 126.8% | 2025 |
| 12 |  Sweden | 125.3% | 2024 |
| 13 |  Viet Nam | 125.0% | 2022 |
| 14 |  Norway | 124.4% | 2024 |
| 15 |  Cambodia | 121.5% | 2025 |
| 16 |  Fiji | 119.0% | 2025 |
| 17 |  Malaysia | 117.9% | 2025 |
| 18 |  Macao SAR, China | 117.0% | 2025 |
| 19 |  United Kingdom | 112.4% | 2024 |
| 20 |  France | 107.6% | 2024 |
| 21 |  Chile | 102.1% | 2025 |
| 22 |  Panama | 100.2% | 2020 |
| 23 |  Finland | 92.0% | 2024 |
| 24 |  Nepal | 90.5% | 2025 |
| 25 |  South Africa | 89.4% | 2024 |
Data from 168 countries is available. View full rankings →
FAQ
What is the highest domestic credit to private sector (% of GDP) in 2025?
Hong Kong SAR, China has the highest domestic credit to private sector (% of GDP) at 222.6% in 2025.
How many countries are included in this ranking?
This article features the top 25 countries out of 168 with available data. Full rankings available on the indicator page.
Where does this data come from?
Data is sourced from the World Bank. It is updated regularly as new releases become available.