Developed country wealth based on debt

The following chart created by FT Alphaville is suggestive:

In this chart it seems like there is a fairly good correlation between GDP per capita and private sector leverage;  in that the countries with higher GDP are all  developed countries and have more leverage.

This suggests that GDP per capita is a function of leverage; and thereby indicates that a lot of the “wealth” measured by GDP is a mirage; because the debt will need to be paid down by reducing GDP per capita in the future.

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