A recent report from Standard & Poor’s shows that 40 percent of global sovereign debt belongs to monarchies. However, only 39 out of the 129 countries have a king or queen as head of state, estimated the agency.
Here’s a pie chart that shows the debts owed by royal states.
The most indebted monarchy is Japan, led by Emperor Akihito. Tokyo owes more than $11 trillion, over 25 percent of the total debt.
Britain’s Queen Elizabeth II, who is also the head of state of more than a dozen nations within the Commonwealth, has the second-highest debt.
S&P drew a distinction in its assessment of constitutional and absolute monarchies.
“Absolute monarchies score higher, on average, in our fiscal and external assessments, reflecting their stronger balance sheets. But constitutional monarchies have higher credit ratings, on average, than absolute monarchies, indicating the importance of the effectiveness, stability, and predictability of a sovereign’s policymaking and political institutions,” said the report.