What human has the most debt?
He doesn't always lose money. But when he does, he loses more than $6 billion. He is ... the most indebted man in the world. Jérôme Kerviel is learning one of life's harsher lessons: It stinks to be $6.3 billion in debt.
| Jérôme Kerviel | |
|---|---|
| Kerviel in 2015 | |
| Born | 11 January 1977 Pont-l'Abbé, Finistère, France |
| Education | Lumière University Lyon 2 (Master of Finance) University of Nantes |
| Occupation(s) | Trader, consultant |
Jerome Kerviel, The Most Indebted Person In The World, Owes $6.3 Billion To Former Employer, Societe Generale. In a hyper-competitive world where everyone strives to be the biggest, boldest and most famous, no one covets Jerome Kerviel record-breaking achievement. He is the most indebted person in the world.
Former financial arbitrage trader Jerome Kerviel is the most indebted man on the planet, owing his former employer $6.3 billion. The amount Kerviel owes to French bank Societe Generale for fraudulent trades made in 2007 and 2008 would make Kerviel one of the 50 richest people in America if those debts were assets.
Due to Jerome's manipulation of the bank's funds during the year, Société Générale suffered a loss of 7.2 billion dollars. In 2008, Jerome was accused of forgery, breach of trust, and unauthorized computer use. Jerome was deeply in debt at the time his scheme was discovered. He owed $6.3 billion in debt.
Of the $33T of debt, roughly 78% is owned by the public (70% US vs 30% International). The major US public owners include the FED ($6T, but they are no longer buyers), mutual funds, banks, states, pension funds and insurance companies.
1) Switzerland. It is no surprise to see Switzerland on this list. Switzerland is a country that, in practically all economic and social metrics, is an example to follow. With a population of almost 9 million people, Switzerland has no natural resources of its own, no access to the sea, and virtually no public debt.
Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more. The exact definition of debt free can vary, though, depending on whom you ask.
A good goal is to be debt-free by retirement age, either 65 or earlier if you want. If you have other goals, such as taking a sabbatical or starting a business, you should make sure that your debt isn't going to hold you back.
- Brunei. 3.2%
- Afghanistan. 7.8%
- Kuwait. 11.5%
- Democratic Republic of Congo. 15.2%
- Eswatini. 15.5%
- Palestine. 16.4%
- Russia. 17.8%
Who holds the $30 trillion U.S. debt?
As of December 2023, total federal debt was $33.1 trillion; $26.5 trillion held by the public and $12.1 trillion in intragovernmental debt.
The government borrows money to pay obligations by issuing Treasury bonds, notes, bills, and other marketable securities.
Among other countries, Japan and China have continued to be the top owners of US debt during the last two decades. Since the dollar is a strong currency that is accepted globally, holding a substantial amount of US debt can be beneficial.
The key features of good debt are that it is used to acquire income-producing assets and has a reasonable cost structure compared to the expected returns. If this is the case, that is how debt leads to greater wealth creation.
Barings Banks was a British merchant bank that collapsed in 1995 after bank trader Nick Leeson lost over $1 billion in unauthorized trades. A rogue trader acts recklessly and independently of others, usually to the detriment of both the clients and the institution employing the trader.
Jerome Kerviel was a trader for the French investment bank, Société Générale, where he made rogue trades using derivatives. His trades resulted in losses of €4.9 billion for the bank.
China owes the United States $1.3 trillion, which is the most debt out of all the countries that are its debtors. Japan was the primary debt holder until 2008, but now comes in second place, with $1.2 trillion. Other countries with outstanding U.S. debt include Russia, India and South Korea.
One of the main culprits is consistently overspending. When the federal government spends more than its budget, it creates a deficit. In the fiscal year of 2023, it spent about $381 billion more than it collected in revenues. To pay that deficit, the government borrows money.
US Treasurys Owned by China, in USD Billions
$797.7 billion of the total $8,023.7 billion U.S. national debt.
Research from financial services company Northwestern Mutual found that excluding mortgages, the average personal debt per individual sat at $21,800 in 2023, significantly lower than the $29,800 recorded in 2019.
How much debt can one person have?
Debt-to-income ratio is your monthly debt obligations compared to your gross monthly income (before taxes), expressed as a percentage. A good debt-to-income ratio is less than or equal to 36%. Any debt-to-income ratio above 43% is considered to be too much debt.
Men have 2% more credit card debt than women. Men have 20% more personal loan debt than women. Men have 16.3% more auto loan debt than women. Men have 9.7% more mortgage debt than women.
