Global debt climbed to a record $348 trillion at the end of 2025, after nearly $29 trillion was added over the year in the fastest yearly build-up since the pandemic surge, a banking trade group reported on Wednesday. The increase was driven primarily by governments, which accounted for more than $10 trillion of the rise, with the United States, China and the euro area responsible for roughly three-quarters of the jump, the Institute of International Finance said in its latest Global Debt Monitor.