*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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Financial corporations' debt to equity ratio in major advanced economies 2000-2022
Of the major developed economies, Japan had the highest debt to equity ratio for financial corporations, reaching *** in 2022. The United Kingdom had the second-highest debt to equity ratio with *** percent while the United States had the lowest with only *** percent.
The debt to equity ratio is a measure of whether companies finance their activities with equity or debt. It is calculated by dividing the 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.
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OECD. (January 13, 2023). Debt to equity ratio of financial corporations in major advanced economies from 2000 to 2022 [Graph]. In ÌÇÐÄÆÆ½â°æ. Retrieved August 02, 2026, from /statistics/1080127/debt-equity-ratio-financial-corporations-major-advanced-economies/
OECD. "Debt to equity ratio of financial corporations in major advanced economies from 2000 to 2022." Chart. January 13, 2023. ÌÇÐÄÆÆ½â°æ. Accessed August 02, 2026. /statistics/1080127/debt-equity-ratio-financial-corporations-major-advanced-economies/
OECD. (2023). Debt to equity ratio of financial corporations in major advanced economies from 2000 to 2022. ÌÇÐÄÆÆ½â°æ. ÌÇÐÄÆÆ½â°æ Inc.. Accessed: August 02, 2026. /statistics/1080127/debt-equity-ratio-financial-corporations-major-advanced-economies/
OECD. "Debt to Equity Ratio of Financial Corporations in Major Advanced Economies from 2000 to 2022." ÌÇÐÄÆÆ½â°æ, ÌÇÐÄÆÆ½â°æ Inc., 13 Jan 2023, /statistics/1080127/debt-equity-ratio-financial-corporations-major-advanced-economies/
OECD, Debt to equity ratio of financial corporations in major advanced economies from 2000 to 2022 ÌÇÐÄÆÆ½â°æ, /statistics/1080127/debt-equity-ratio-financial-corporations-major-advanced-economies/ (last visited August 02, 2026)
Debt to equity ratio of financial corporations in major advanced economies from 2000 to 2022 [Graph], OECD, January 13, 2023. [Online]. Available: /statistics/1080127/debt-equity-ratio-financial-corporations-major-advanced-economies/