eli5: Why is the US commonly called the “wealthiest country” if we have 30T in debt?

Question

eli5: Why is the US commonly called the “wealthiest country” if we have 30T in debt?

In: 5

Answer 1

Most of that 30T sovereign debt is held by Americans, who own that debt and consider it a valuable asset, because the US government reliably pays off the debt on time.