In fact, Canada sits eighth in the league table, which has been compiled by Citi Research.
The US, UK, India and South Africa are among the countries where the debt-GDP ratio has fallen but Canada sits between Thailand and South Korea among those where it has increased.
The figures include mortgage debt and are not adjusted to take into consideration the growth in national property markets.
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The increase in private debt compared to GDP in Canada since the financial crisis exceeds that of many developed countries.