I started to notice some interesting numbers about global debt and Hong Kong really stands out. With a total debt load of 380% of GDP, this Chinese administrative region leads the ranking of the most indebted countries in the world. To give you an idea, Japan comes right behind with 372%, and even the U.S. is well back in seventh place with 264%.

What draws attention in Hong Kong is how this debt is distributed. Their government debt is relatively controlled at around 67%, and household debt at 86% follows normal patterns for developed economies. But corporate debt? That’s really impressive — 227% of GDP. Basically, all that heavy load comes from the business sector, which makes sense considering it’s a highly urbanized financial center with 7.5 million inhabitants.

Japan, on the other hand, has a very different profile. Their corporate debt is at 113%, aligned with other developed OECD countries. The real problem is the government’s public debt, which hits nearly 200% of GDP — higher than the total debt of many more indebted countries in the world. It clearly shows how each economy has its own characteristics when it comes to debt.