Europe’s households most indebted — in the wealthy north and west

Europe’s most indebted households are concentrated in the wealthy north and west, not in the southern countries often stereotyped as overspending. In 2025, EU household debt averaged about 49.4% of GDP, with the euro area around 50.7%, down from levels above 60% in 2020. The top countries include the Netherlands (93.5%), Denmark (84.1%), Sweden (82.3%), and Finland (62.9%), while Italy (35.9%), Greece (38.0%), and Spain (42.9%) are much lower.