24/7 Wall St. Insights

• Latin American countries are improving their military strength, allowing for more modern armies, better defensive strategies, and larger fleets.
• The military dominance of the top country on this list stems from its large defense budget and extensive military personnel.
• Unlike its counterparts, Panama has no active military as it was outlawed for stability. Instead, Panama focuses on internal and state security.
• Also: 2 Dividend Legends to Hold Forever 

Cybersecurity and cyber-defense are two increasingly important missions in our technology-focused world. In May 2024, the United States’ 12th Airforce began working with 31 countries and 12 dependencies in Latin America and the Caribbean to enhance their cybersecurity and defensibility. This follows a cyberattack at the end of 2023 in which 760 hospitals and businesses were disrupted. While the Caribbean and South America work to improve online defense capabilities, countries across these regions also continue growing their militaries for combat capabilities. (For cybersecurity and other technological interventions, here are 5 different defense startups worth watching.)

Militaries in South America, and Latin America in particular, are not only powerful in terms of personnel and assets; they also play vitally important roles in regional security. Brazil stands out as one of the dominant military powers in the Western hemisphere. With the largest national defense budget in South America, Brazil also owns one of the larger navies in the world. At the same time, recent modernization efforts have helped to further improve Brazil’s military strength, making it easily one of the most powerful nations in the region. (These are the countries with the most military expenditures.)

To determine the countries with the strongest military might in Latin America, 24/7 Wall St. reviewed 2024 Military Strength Ranking from Global Firepower, an annually updated defense-related statistics website with information on 145 countries. Global Firepower ranked 145 countries based on their PowerIndex, a composite of over 60 measures in categories such as military might, financials, logistical capability, and geography. The smaller the PowerIndex value the more powerful a nation’s theoretical conventional fighting capability is. We included supplemental information regarding active military personnel, military aircraft, vehicles, and naval power as well.

Why Are We Covering This?

Latin America is a region of great strategic importance, encompassing diverse nations with varied military capabilities. The value of this region cannot be understated. The countries making up Latin America hold its security in the balance. Understanding the militaries within Latin America offers context for a broader geopolitical view of military power.

Here is a look at the strongest militaries in Latin America:

19. Belize

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 3.6437
• Active military personnel: 1,650
• Total military aircraft: 2
• Total military vehicles: 130
• Total navy ships and submarines: 8

18. Panama

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 3.3388
• Active military personnel: 0
• Total military aircraft: 38
• Total military vehicles: 524
• Total navy ships and submarines: 45

17. El Salvador

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 2.8204
• Active military personnel: 25,000
• Total military aircraft: 49
• Total military vehicles: 1,850
• Total navy ships and submarines: 15

16. Dominican Republic

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 2.7431
• Active military personnel: 50,000
• Total military aircraft: 69
• Total military vehicles: 540
• Total navy ships and submarines: 34

15. Nicaragua

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 2.4889
• Active military personnel: 45,000
• Total military aircraft: 17
• Total military vehicles: 3,739
• Total navy ships and submarines: 23

14. Guatemala

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 2.1301
• Active military personnel: 106,114
• Total military aircraft: 34
• Total military vehicles: 848
• Total navy ships and submarines: 25

13. Uruguay

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 1.9695
• Active military personnel: 25,000
• Total military aircraft: 43
• Total military vehicles: 3,993
• Total navy ships and submarines: 11

12. Honduras

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 1.9629
• Active military personnel: 52,225
• Total military aircraft: 44
• Total military vehicles: 614
• Total navy ships and submarines: 71

11. Paraguay

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 1.7053
• Active military personnel: 15,650
• Total military aircraft: 41
• Total military vehicles: 1,936
• Total navy ships and submarines: 0

10. Bolivia

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 1.4851
• Active military personnel: 40,000
• Total military aircraft: 63
• Total military vehicles: 452
• Total navy ships and submarines: 0

9. Ecuador

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 1.2388
• Active military personnel: 41,250
• Total military aircraft: 110
• Total military vehicles: 5,662
• Total navy ships and submarines: 27

8. Cuba

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 1.1869
• Active military personnel: 45,500
• Total military aircraft: 81
• Total military vehicles: 4,826
• Total navy ships and submarines: 24

7. Venezuela

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 0.9447
• Active military personnel: 109,000
• Total military aircraft: 242
• Total military vehicles: 14,966
• Total navy ships and submarines: 32

6. Peru

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 0.8475
• Active military personnel: 120,000
• Total military aircraft: 258
• Total military vehicles: 7,896
• Total navy ships and submarines: 69

5. Chile

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 0.8128
• Active military personnel: 80,000
• Total military aircraft: 289
• Total military vehicles: 9,492
• Total navy ships and submarines: 130

4. Colombia

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 0.7347
• Active military personnel: 293,200
• Total military aircraft: 434
• Total military vehicles: 2,724
• Total navy ships and submarines: 237

3. Mexico

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 0.4274
• Active military personnel: 412,000
• Total military aircraft: 462
• Total military vehicles: 17,601
• Total navy ships and submarines: 194

2. Argentina

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 0.3823
• Active military personnel: 108,000
• Total military aircraft: 229
• Total military vehicles: 21,724
• Total navy ships and submarines: 41

1. Brazil

• Military strength score (the closer to 0.0000, the more powerful the military capabilities): 0.1944
• Active military personnel: 360,000
• Total military aircraft: 628
• Total military vehicles: 44,044
• Total navy ships and submarines: 134

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