Switzerland has relatively modest government debt, but its household debt as a percentage of GDP is the highest in the world at an enormous 125%. The figure was even higher during the pandemic when it hit a record 134%.

Despite relatively low levels of home ownership, Switzerland's household debt is largely driven by mortgage debt, and house prices are very high in the country. Another key driver is the country's steep healthcare costs.

But while a reported 11.5% of Swiss households are behind with at least one repayment, household debt in the country is generally manageable thanks to high wages and the substantial personal wealth of its citizens.

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