In a world characterized by geopolitical tensions, military spending plays a crucial role in safeguarding national interests. This article delves into the top 10 military spending countries analyzing their defense budgets. We will also highlight their significance in the global military landscape. These nations shape the dynamics of international security.
Key facts
According to SIPRI, global military spending saw a significant surge in 2022, with an approximate real-term increase of 4% to surpass the $2 trillion mark. At present, global military expenditure accounts for approximately 2.5% of the total GDP. The Economist predicts global military spending will experience an annual increase of nearly $700 billion.
List of the top 10 military spending countries in the world
The top 10 military spending countries in 2024 are the United States, China, Russia, India, Germany, the United Kingdom, France, Japan, Saudi Arabia, and South Korea.
United States, $816.7 billion, the top military spending country
As the most powerful country in the world, the United States consistently tops the list. Its defense budget for the fiscal year 2024 is $886 billion. It surpasses that of the next several nations combined. It also reflects the country’s commitment to maintaining military dominance.
The United States has experienced a reduction of approximately 5% in its military spending since 2012. Following the aftermath of the 2007-2009 financial crisis, fiscal constraints started to impact defense expenditures.
However, recognizing the importance of maintaining a robust military, a commission authorized by Congress in 2018 recommended a substantial increase in America’s defense spending.
This commission proposed an annual growth rate of 3% to 5% in real terms for a minimum of five years. The goal behind this recommendation was to address the potential gaps in defense capabilities and ensure preparedness for emerging threats.
The United States is investing increasingly in the research and development of future weapons such as hypersonic missiles, powerful lasers, artificial intelligence and robotics. Considering the extraordinary requirement of munitions in a conflict like the Ukraine War, America is preparing itself by heavily buying munitions as its factory can produce — from 155 artillery shells to anti-ship missiles.
China, $224.79 Billion, 2nd highest military budget
With its rapid economic growth and geopolitical ambitions, China has been increasing its military spending over the years. China’s military budget for the fiscal year 2023 is $224.79 billion. It is a 7.1% increase over the previous year’s budget. This also marks a single-digit percentage point increase for eight consecutive years.
China’s defense budget reflects a focus on rapid modernization. China has also been expanding its naval capabilities, and developing advanced weapons systems to become a formidable global military player.
Over the past decade, China has seen a remarkable surge in its military budget, experiencing a substantial growth of approximately 75% in real terms. This significant increase underscores China’s ambitions to achieve a complete modernization of its armed forces by 2035, with the ultimate goal of becoming a world-class military power by 2049.
Russia, $100 Billion, 3rd highest defense budget
Russia, with its rich military heritage, remains a key player in the global defense arena. While its military spending may not match that of the United States or China, Russia invests heavily in its armed forces, nuclear deterrence capabilities, and modernizing its military infrastructure.
Russia increased its 2023 defense spending target to over $100 billion. This doubling of the initial budget allocation was a response to the mounting expenses of the war in Ukraine, which is placing significant strain on Moscow’s finances. According to a Wilson Centre report, Russia’s military and defense industry got a lot more money in 2023 – almost 10 trillion rubles, which was $120 billion. This was three times more than they received before the war started. And this money doesn’t even include what they’re spending on security and other things for the war in Ukraine.
Russia’s military spending will go up by 29% in 2024. It’s expected to reach 12.8 trillion rubles, which is about $140 billion.
India, $73.8 Billion, 4th highest military budget
As the world’s largest democracy and a rising power, India allocates large resources to its defense sector. With a focus on strengthening its conventional forces, modernizing its navy, and enhancing indigenous defense capabilities, India aims to secure its regional interests and maintain a strategic edge. In the past decade, India’s military budget has grown by about 50% in real terms.
India also ranks top on the list of the largest arms importers in the world.
Germany, $68.1 Billion
Germany, Europe’s economic powerhouse, dedicates significant resources to its defense sector. With a focus on modernizing its armed forces, contributing to NATO missions, and enhancing cybersecurity capabilities, Germany ensures its preparedness to address evolving security challenges.
As a NATO member, Germany has a plan to meet or exceed spending of 2% of GDP on defense. The country is actively acquiring advanced F-35 jets known for their stealth capabilities, in addition to procuring cutting-edge command-and-control systems.
United Kingdom, $65.5 Billion
The United Kingdom, with a rich history of military prowess, continues to invest in its armed forces. As a key NATO member and a global security player, the UK’s defense budget supports its commitments to international peacekeeping operations, strategic partnerships, and military modernization.
From 2014 to 2023, the UK’s defense spending increased by just 0.2%, which is the smallest rise among NATO countries. This means the UK’s defense budget stayed pretty steady while others increased theirs to handle more threats. In 2014, the UK used about 2.14% of its real GDP for defense. By 2023, this had dropped slightly to 2.07%.
France, $56.6 Billion
France’s long-standing military tradition and its role as a nuclear power contribute to its notable defense expenditure.
On March 27, 2023, France made an announcement that it was transitioning to a “war economy” model. The objective of this shift is to enhance the country’s industrial production capabilities in order to achieve various strategic goals. These goals include providing continued support to Ukraine, modernizing its armed forces, and safeguarding national sovereignty. It will also boost France’s export capacity.
France has already begun to witness the initial outcomes of this transition. By the end of the year, the production rate of Ground Master radars, Mistral surface-to-air missiles, and Caesar guns will be doubled. Additionally, eight production units are being relocated within France, further strengthening the country’s industrial capacity.
France has also joined the Collaborative Procurement of Ammunition project initiated by the European Defense Agency. This project facilitates the joint and efficient procurement of ammunition by coordinating and consolidating contracts with the European defense industry.
Japan, $52 Billion
Japan, known for its pacifist constitution, still maintains a robust defense budget. With rising concern over regional security, Japan invests in advanced defense technologies, maritime security, and strategic partnerships.
Moreover, with a planned increase of two-thirds in defense expenditures by 2027, Japan will become the world’s third-largest military spender. The country is now focusing on strengthening its counter-strike missile capabilities to hit back at China and North Korea.
Saudi Arabia, $45.6 Billion
Driven by regional security concerns, Saudi Arabia consistently ranks among the top military spending countries. With a focus on defense procurement, advanced weaponry, and technology transfer agreements, the nation seeks to bolster its military capabilities and maintain a strong defense posture.
Saudia Arabia is also the second largest arms importer in the world.
South Korea, $ 44.2 Billion, 10th top military spending country
Given its proximity to North Korea and China and the volatile security situation in the region, South Korea invests heavily in its defense capabilities. The nation focuses on modernizing its armed forces, enhancing missile defense systems, and maintaining a strong deterrent against potential threats.
According to GlobalData’s recent report, South Korea’s defense budget went down by 10.5% from $48.3 billion in 2022 to $44.2 billion in 2023. But, in the next five years, from 2024 to 2028, South Korea plans to spend $73.5 billion to update its military equipment. They’re going to focus on improving their Air Force and Navy.
While South Korea is buying 60 Lockheed Martin F-35A and F-35B planes, they also want to rely less on foreign purchases. So, they’re working on their own fighter jet called the KF-21 Boramae to make their air force stronger.
Summary of the top military spending countries
The top 10 military spending countries are
1. United States, $816.7 Billion
2. China, $224.79 Billion
3. Russia, $100 Billion
4. India, $73.8 Billion
5. Germany, $68.1 Billion
6. United Kingdom, $65.5 Billion
7.France, $56.6 Billion
8. Japan, $52 Billion
9. Saudi Arabia, $45.6 Billion
10. South Korea, $ 44.2 Billion
In conclusion, the list ( top 10 military budget by country) reflects a diverse mix of global powers, emerging players, and key regional actors. Their defense budgets are a testament to their priorities, strategic interests, and commitment to maintaining military capabilities in an ever-changing security landscape.
With the intensification of great power rivalry, it is expected that the proportion of defense spending will rise in the years to come. As geopolitical tensions escalate and countries seek to protect their national interests, there is a growing recognition of the need to invest in defense capabilities.
Top 10 military spending countries: FAQs
Q1: Which country has the highest military spending?
Ans: With a staggering $816.7 billion defense budget for 2023, the United States is the highest military spending country in the world.
Q2: Which country has 2nd highest spending on military?
Ans: In 2023, China has the second-highest military spending in the world, with a defense budget of $224.79 billion.
Q3: Which countries spend the most GDP on military?
Ans: According to the International Institute For Strategic Studies (IISS), Oman allocates the highest proportion of its GDP to the military in the world, at 12%. Oman is followed by Afghanistan (10.6%), Lebanon (10.5%), Kuwait (7.1%), Saudi Arabia (7.1%), Algeria (6.7%), Iraq (5.8%), UAE (5.6%), Azerbaijan (5.4%), Morocco (5.3) and Israel (5.2%).
Q4: How much is China’s military budget?
Ans: China’s military budget is $224.79 billion for 2023.
Q5: Which country has the lowest military budget?
Ans: In 2021, Zimbabwe had the lowest military budget at 0.01% of its GDP.
Q7: What is America’s future military budget?
Ans: The US Department of Defense has requested $842 billion for the fiscal year 2024. It is a 3.2% increase over the fiscal year 2023, and 13.4% higher than the fiscal year 2022.
