Korea tops emerging market household debt list

Korea has one of the highest levels of household debt relative to gross domestic product among advanced and newly emerging economies, a report showed Tuesday.

According to a quarterly report by the Bank for International Settlements, Korea had the eighth-highest household debt-to-GDP ratio among 41 rich and emerging countries.

Out of the 17 emerging countries in the list, Korea came top for the 13th consecutive year, with 87.2 percent, followed by Thailand with 70.8 percent and Malaysia with 70.4 percent.

Overall, Switzerland had the highest ratio, at 124.2 percent. Australia, with 123.1 percent, and Denmark with 122.9 percent, came in second and third, respectively.