Mexico Debt Per Capital Vs. Western Countries.

I am enjoying using ChatGPT to research many topics, mostly financial related and here where the results of my recent query about Mexico's Debt Per Capita versus Western nations. It took several prompts to these figures, and local currencies were converted to USD for ease of comparison. I also didn't dive deeper yet and compare the national debts to GDP as a percentage... these are just pure debt numbers per capita.

From the data below, Mexicans on average are richer than the average Western citizen, because they aren't laden with debt. Yet in today's debt-based world, the more indebted you are, the wealthier you seem, but that may not be the reality for the rest of the world who doesn't have access to debt or doesn't live off debt.

The combined Per Capita Debt (Personal & Gov't) for Mexicans is only about 3-4% of what Americans carry and is only about 10% of the debt these other Western countries listed below. Of course, the interest rates here are much higher and it is harder to get a loan here in Mexico, which does help explain part of the low debt ratio for personal debts, but the gov't has overall been much more responsible in managing country debts.

Do you feel Mexico is better off not using debt like the Western countries, or did it hold Mexico back from expansion and the Western lifestyle of Living? Who do you feel is better off, the indebted or the people who manage it better?

Regards, Vin

Mexico:

• Personal Debt per Capita (estimated): Approximately $1,000 to $2,000 USD.
• Government Debt per Capita: Approximately $3,000 to $4,000 USD.
• Combined Debt per Capita (Personal + Government): Approximately $4,000 to $6,000 USD.

United States:

• Personal Debt per Capita (estimated): Approximately $60,000 USD
• Government Debt per Capita: Approximately $84,600 USD
• Combined Debt per Capita: Approximately $144,600 USD

United Kingdom:

• Personal Debt per Capita (converted to USD): Approximately $11,000 to $13,750 USD (using an exchange rate of 1 GBP = 1.1 to 1.375 USD)
• Government Debt per Capita: Approximately $44,100 USD
• Combined Debt per Capita: Approximately $55,100 to $57,850 USD

Germany:

• Personal Debt per Capita (converted to USD): Approximately $8,800 to $9,900 USD (using an exchange rate of 1 EUR = 1.1 to 1.25 USD)
• Government Debt per Capita: Approximately $31,300 USD
• Combined Debt per Capita: Approximately $40,100 to $41,200 USD

France:

• Personal Debt per Capita (converted to USD): Approximately $9,900 to $11,000 USD (using an exchange rate of 1 EUR = 1.1 to 1.25 USD)
• Government Debt per Capita: Approximately $43,300 USD
• Combined Debt per Capita: Approximately $53,200 to $54,300 USD

Italy:

• Personal Debt per Capita (converted to USD): Approximately $6,600 to $7,700 USD (using an exchange rate of 1 EUR = 1.1 to 1.25 USD)
• Government Debt per Capita: Approximately $53,300 USD
• Combined Debt per Capita: Approximately $59,900 to $61,000 USD

Canada:

• Personal Debt per Capita (converted to USD): Approximately $28,200 to $30,000 USD (using an exchange rate of 1 CAD = 0.88 to 0.94 USD)
• Government Debt per Capita: Approximately $36,800 USD
• Combined Debt per Capita: Approximately $65,000 to $66,800 USD

Australia:

• Personal Debt per Capita (converted to USD): Approximately $19,000 to $20,400 USD (using an exchange rate of 1 AUD = 0.75 to 0.80 USD)
• Government Debt per Capita: Approximately $26,900 USD
• Combined Debt per Capita: Approximately $45,900 to $47,300 USD