From the Middle East to Europe, large-scale violent conflicts have broken out on multiple fronts in recent years. Against the backdrop of ongoing geopolitical instability, countries around the world are rapidly boosting their defense spending.
24/7 Wall St. Key Points:
- Across all countries with available data, defense spending has increased by 10% in the last three years.
- In many countries, however, geopolitical circumstances have fueled a surge in military spending that far outpaces the global average.
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Across all countries with available defense budget data, cumulative, global military spending spiked by 10% — or about $209 billion — between 2021 and 2023 alone, according to the Stockholm International Peace Research Institute. The nations driving this surge include some of the biggest defense spenders in the world. Countries like China, Germany, Japan, Russia, Saudi Arabia, and the United Kingdom all rank among the 10 countries with largest military budgets, and each of them have ramped up military spending by at least as much as the global average in the last three years.
Using data from SIPRI, 24/7 Wall St. identified the countries with surging defense budgets. Countries are ranked on the percent change in military spending between 2021 and 2023 in constant 2022 dollars. Only countries where defense spending has increased by at least 20% in the last three years rank on this list.
Among the 36 countries on this list, defense budgets have increased by anywhere from about 24% to over 800% since 2021. Both Russia and Ukraine are among the highest ranking countries on this list. These two countries have been at war since Russia sent troops across the Ukrainian border in early 2022, launching a full-scale invasion of its neighbor. Since 2021, the year before the war began, Russian military spending has climbed by nearly 60%, while Ukraine’s defense budget is now nine times larger than it was three years ago.
In many other countries on this list, rising defense spending is likely linked to the ongoing conflict between Russia and Ukraine. The North Atlantic Treaty Organization, a collective defense alliance, was formed in the mid-20th century, in part, to counter Soviet expansion in Europe. While many had questioned NATO’s relevance in the post-Cold War world, Russia’s invasion of Ukraine gave the alliance a renewed importance, and 10 countries on this list — including Finland and Sweden, countries that have joined since 2021 — are NATO members.
For many other countries on this list, ramped up investment in defense is likely tied to ongoing conflicts, or potential future confrontations. Several African countries, including Burkina Faso and the Democratic Republic of Congo, are in the throes of political upheaval, shifting military alliances, or regional disputes. In these and other places, military spending has surged by over 70% since 2021. Meanwhile, in the far east, Taiwan has upped its military budget by over 25% in the last three years, under the looming threat of annexation by China. (Here is a look at the countries that go to war most often.)
Notably, even though U.S. military spending has remained relatively flat, climbing by only 1% in the last three years, the United States’ defense budget remains the largest in the world by a wide margin. (Here is a look at the newest U.S. military bases.)
Why It Matters
Following the outbreak of conflict in multiple corners of the globe in recent years, geopolitical stability is lower than it has been in recent memory. In this context, defense spending is surging across the globe. In some countries, increased investment in the military is likely a deterrent against, or preparation for, potential future threats. In others, it is an immediate necessity for ongoing conflict.
36. Sweden
- 3-year change in defense spending, 2021-2023: +23.7% (+$1.7 billion )
- Defense spending by year: $8.6 billion in 2023; $7.0 billion in 2021
- Defense spending as a share of GDP: 1.5% in 2023; 1.2% in 2021
- Defense spending as a share of total government spending: 3.1% in 2023; 2.5% in 2021
- Defense spending per capita: $825 in 2023; $724 in 2021
35. Timor Leste
- 3-year change in defense spending, 2021-2023: +23.9% (+$10.0 million )
- Defense spending by year: $52.0 million in 2023; $42.0 million in 2021
- Defense spending as a share of GDP: 1.3% in 2023; 1.1% in 2021
- Defense spending as a share of total government spending: 3.2% in 2023; 2.4% in 2021
- Defense spending per capita: $40 in 2023; $30 in 2021
34. Malta
- 3-year change in defense spending, 2021-2023: +24.8% (+$20.6 million )
- Defense spending by year: $103.6 million in 2023; $83.0 million in 2021
- Defense spending as a share of GDP: 0.6% in 2023; 0.5% in 2021
- Defense spending as a share of total government spending: 1.4% in 2023; 1.1% in 2021
- Defense spending per capita: $211 in 2023; $167 in 2021
33. Dominican Republic
- 3-year change in defense spending, 2021-2023: +25.3% (+$174.6 million )
- Defense spending by year: $865.4 million in 2023; $690.9 million in 2021
- Defense spending as a share of GDP: 0.7% in 2023; 0.6% in 2021
- Defense spending as a share of total government spending: 3.9% in 2023; 3.5% in 2021
- Defense spending per capita: $79 in 2023; $55 in 2021
32. Taiwan
- 3-year change in defense spending, 2021-2023: +26.4% (+$3.6 billion )
- Defense spending by year: $17.0 billion in 2023; $13.5 billion in 2021
- Defense spending as a share of GDP: 2.2% in 2023; 1.9% in 2021
- Defense spending as a share of total government spending: 13.6% in 2023; 10.3% in 2021
- Defense spending per capita: $694 in 2023; $584 in 2021
31. Serbia
- 3-year change in defense spending, 2021-2023: +26.8% (+$389.6 million )
- Defense spending by year: $1.8 billion in 2023; $1.5 billion in 2021
- Defense spending as a share of GDP: 2.9% in 2023; 2.3% in 2021
- Defense spending as a share of total government spending: 6.4% in 2023; 5.0% in 2021
- Defense spending per capita: $299 in 2023; $201 in 2021
30. Moldova
- 3-year change in defense spending, 2021-2023: +27.2% (+$17.0 million )
- Defense spending by year: $79.3 million in 2023; $62.3 million in 2021
- Defense spending as a share of GDP: 0.5% in 2023; 0.4% in 2021
- Defense spending as a share of total government spending: 1.4% in 2023; 1.1% in 2021
- Defense spending per capita: $27 in 2023; $17 in 2021
29. Belarus
- 3-year change in defense spending, 2021-2023: +28.1% (+$274.3 million )
- Defense spending by year: $1.2 billion in 2023; $974.5 million in 2021
- Defense spending as a share of GDP: 1.8% in 2023; 1.4% in 2021
- Defense spending as a share of total government spending: 50.6% in 2023; 37.6% in 2021
- Defense spending per capita: $148 in 2023; $99 in 2021
28. Malawi
- 3-year change in defense spending, 2021-2023: +30.6% (+$28.8 million )
- Defense spending by year: $122.9 million in 2023; $94.1 million in 2021
- Defense spending as a share of GDP: 1.0% in 2023; 0.8% in 2021
- Defense spending as a share of total government spending: 4.0% in 2023; 3.1% in 2021
- Defense spending per capita: $6 in 2023; $5 in 2021
27. Bulgaria
- 3-year change in defense spending, 2021-2023: +31.6% (+$413.4 million )
- Defense spending by year: $1.7 billion in 2023; $1.3 billion in 2021
- Defense spending as a share of GDP: 1.8% in 2023; 1.5% in 2021
- Defense spending as a share of total government spending: 5.0% in 2023; 3.9% in 2021
- Defense spending per capita: $287 in 2023; $185 in 2021
26. Tajikistan
- 3-year change in defense spending, 2021-2023: +31.8% (+$31.9 million )
- Defense spending by year: $132.0 million in 2023; $100.1 million in 2021
- Defense spending as a share of GDP: 1.2% in 2023; 1.0% in 2021
- Defense spending as a share of total government spending: 3.8% in 2023; 3.6% in 2021
- Defense spending per capita: $14 in 2023; $9 in 2021
25. Estonia
- 3-year change in defense spending, 2021-2023: +32.4% (+$257.9 million )
- Defense spending by year: $1.1 billion in 2023; $794.9 million in 2021
- Defense spending as a share of GDP: 2.9% in 2023; 2.0% in 2021
- Defense spending as a share of total government spending: 6.8% in 2023; 4.9% in 2021
- Defense spending per capita: $899 in 2023; $563 in 2021
24. Togo
- 3-year change in defense spending, 2021-2023: +34.2% (+$65.3 million )
- Defense spending by year: $256.2 million in 2023; $190.9 million in 2021
- Defense spending as a share of GDP: 4.0% in 2023; 3.1% in 2021
- Defense spending as a share of total government spending: 12.7% in 2023; 10.9% in 2021
- Defense spending per capita: $31 in 2023; $23 in 2021
23. Lithuania
- 3-year change in defense spending, 2021-2023: +38.3% (+$533.2 million )
- Defense spending by year: $1.9 billion in 2023; $1.4 billion in 2021
- Defense spending as a share of GDP: 2.7% in 2023; 2.0% in 2021
- Defense spending as a share of total government spending: 6.9% in 2023; 5.3% in 2021
- Defense spending per capita: $795 in 2023; $469 in 2021
22. Zambia
- 3-year change in defense spending, 2021-2023: +39.9% (+$113.7 million )
- Defense spending by year: $398.7 million in 2023; $285.0 million in 2021
- Defense spending as a share of GDP: 1.3% in 2023; 1.0% in 2021
- Defense spending as a share of total government spending: 4.7% in 2023; 3.2% in 2021
- Defense spending per capita: $18 in 2023; $11 in 2021
21. Kyrgyz Republic
- 3-year change in defense spending, 2021-2023: +44.1% (+$132.8 million )
- Defense spending by year: $433.6 million in 2023; $300.9 million in 2021
- Defense spending as a share of GDP: 3.6% in 2023; 2.8% in 2021
- Defense spending as a share of total government spending: 10.5% in 2023; 8.9% in 2021
- Defense spending per capita: $69 in 2023; $40 in 2021
20. Armenia
- 3-year change in defense spending, 2021-2023: +48.3% (+$375.6 million )
- Defense spending by year: $1.2 billion in 2023; $777.2 million in 2021
- Defense spending as a share of GDP: 5.5% in 2023; 4.5% in 2021
- Defense spending as a share of total government spending: 20.0% in 2023; 15.6% in 2021
- Defense spending per capita: $479 in 2023; $222 in 2021
19. Benin
- 3-year change in defense spending, 2021-2023: +48.6% (+$42.7 million )
- Defense spending by year: $130.5 million in 2023; $87.8 million in 2021
- Defense spending as a share of GDP: 0.7% in 2023; 0.6% in 2021
- Defense spending as a share of total government spending: 3.8% in 2023; 2.8% in 2021
- Defense spending per capita: $10 in 2023; $7 in 2021
18. Denmark
- 3-year change in defense spending, 2021-2023: +51.0% (+$2.6 billion )
- Defense spending by year: $7.6 billion in 2023; $5.0 billion in 2021
- Defense spending as a share of GDP: 2.0% in 2023; 1.3% in 2021
- Defense spending as a share of total government spending: 4.1% in 2023; 2.6% in 2021
- Defense spending per capita: $1,378 in 2023; $901 in 2021
17. Guinea
- 3-year change in defense spending, 2021-2023: +51.2% (+$154.6 million )
- Defense spending by year: $456.4 million in 2023; $301.8 million in 2021
- Defense spending as a share of GDP: 2.1% in 2023; 1.5% in 2021
- Defense spending as a share of total government spending: 13.8% in 2023; 10.0% in 2021
- Defense spending per capita: $36 in 2023; $18 in 2021
16. Albania
- 3-year change in defense spending, 2021-2023: +56.0% (+$122.1 million )
- Defense spending by year: $339.9 million in 2023; $217.9 million in 2021
- Defense spending as a share of GDP: 1.7% in 2023; 1.2% in 2021
- Defense spending as a share of total government spending: 5.6% in 2023; 3.9% in 2021
- Defense spending per capita: $140 in 2023; $78 in 2021
15. Kosovo
- 3-year change in defense spending, 2021-2023: +56.7% (+$44.8 million )
- Defense spending by year: $123.8 million in 2023; $79.0 million in 2021
- Defense spending as a share of GDP: 1.3% in 2023; 0.8% in 2021
- Defense spending as a share of total government spending: 4.0% in 2023; 2.9% in 2021
- Defense spending per capita: $80 in 2023; $48 in 2021
14. Russia
- 3-year change in defense spending, 2021-2023: +59.9% (+$47.4 billion )
- Defense spending by year: $126.5 billion in 2023; $79.1 billion in 2021
- Defense spending as a share of GDP: 5.9% in 2023; 3.6% in 2021
- Defense spending as a share of total government spending: 16.1% in 2023; 10.3% in 2021
- Defense spending per capita: $758 in 2023; $454 in 2021
13. Luxembourg
- 3-year change in defense spending, 2021-2023: +63.9% (+$243.8 million )
- Defense spending by year: $625.2 million in 2023; $381.4 million in 2021
- Defense spending as a share of GDP: 0.7% in 2023; 0.5% in 2021
- Defense spending as a share of total government spending: 1.6% in 2023; 1.1% in 2021
- Defense spending per capita: $1,011 in 2023; $631 in 2021
12. Niger
- 3-year change in defense spending, 2021-2023: +64.6% (+$121.1 million )
- Defense spending by year: $308.7 million in 2023; $187.6 million in 2021
- Defense spending as a share of GDP: 2.1% in 2023; 1.4% in 2021
- Defense spending as a share of total government spending: 10.2% in 2023; 5.6% in 2021
- Defense spending per capita: $12 in 2023; $8 in 2021
11. Algeria
- 3-year change in defense spending, 2021-2023: +69.8% (+$6.6 billion )
- Defense spending by year: $16.1 billion in 2023; $9.5 billion in 2021
- Defense spending as a share of GDP: 8.2% in 2023; 5.6% in 2021
- Defense spending as a share of total government spending: 19.3% in 2023; 15.0% in 2021
- Defense spending per capita: $400 in 2023; $206 in 2021
10. Burkina Faso
- 3-year change in defense spending, 2021-2023: +70.3% (+$327.5 million )
- Defense spending by year: $793.4 million in 2023; $465.8 million in 2021
- Defense spending as a share of GDP: 4.0% in 2023; 2.3% in 2021
- Defense spending as a share of total government spending: 15.1% in 2023; 8.4% in 2021
- Defense spending per capita: $36 in 2023; $21 in 2021
9. Hungary
- 3-year change in defense spending, 2021-2023: +72.8% (+$1.6 billion )
- Defense spending by year: $3.9 billion in 2023; $2.2 billion in 2021
- Defense spending as a share of GDP: 2.1% in 2023; 1.3% in 2021
- Defense spending as a share of total government spending: 4.4% in 2023; 2.7% in 2021
- Defense spending per capita: $429 in 2023; $248 in 2021
8. Poland
- 3-year change in defense spending, 2021-2023: +76.7% (+$11.6 billion )
- Defense spending by year: $26.8 billion in 2023; $15.2 billion in 2021
- Defense spending as a share of GDP: 3.8% in 2023; 2.2% in 2021
- Defense spending as a share of total government spending: 8.1% in 2023; 5.1% in 2021
- Defense spending per capita: $771 in 2023; $399 in 2021
7. Venezuela
- 3-year change in defense spending, 2021-2023: +77.9% (+$1.6 million )
- Defense spending by year: $3.6 million in 2023; $2.0 million in 2021
- Defense spending as a share of GDP: 0.5% in 2023; 0.3% in 2021
- Defense spending as a share of total government spending: N/A
- Defense spending per capita: $0.1 in 2023; $0.1 in 2021
6. Ethiopia
- 3-year change in defense spending, 2021-2023: +81.4% (+$448.5 million )
- Defense spending by year: $999.2 million in 2023; $550.7 million in 2021
- Defense spending as a share of GDP: 0.8% in 2023; 0.5% in 2021
- Defense spending as a share of total government spending: 7.5% in 2023; 3.6% in 2021
- Defense spending per capita: $10 in 2023; $4 in 2021
5. Finland
- 3-year change in defense spending, 2021-2023: +87.6% (+$3.2 billion )
- Defense spending by year: $6.8 billion in 2023; $3.7 billion in 2021
- Defense spending as a share of GDP: 2.4% in 2023; 1.3% in 2021
- Defense spending as a share of total government spending: 4.4% in 2023; 2.3% in 2021
- Defense spending per capita: $1,325 in 2023; $692 in 2021
4. Burundi
- 3-year change in defense spending, 2021-2023: +93.8% (+$73.8 million )
- Defense spending by year: $152.4 million in 2023; $78.6 million in 2021
- Defense spending as a share of GDP: 3.7% in 2023; 2.0% in 2021
- Defense spending as a share of total government spending: 10.2% in 2023; 6.7% in 2021
- Defense spending per capita: $11 in 2023; $5 in 2021
3. Democratic Republic of the Congo
- 3-year change in defense spending, 2021-2023: +131.9% (+$432.9 million )
- Defense spending by year: $761.1 million in 2023; $328.2 million in 2021
- Defense spending as a share of GDP: 1.2% in 2023; 0.5% in 2021
- Defense spending as a share of total government spending: 7.0% in 2023; 3.4% in 2021
- Defense spending per capita: $8 in 2023; $3 in 2021
2. South Sudan
- 3-year change in defense spending, 2021-2023: +269.1% (+$674.7 million )
- Defense spending by year: $925.4 million in 2023; $250.7 million in 2021
- Defense spending as a share of GDP: 6.3% in 2023; 2.6% in 2021
- Defense spending as a share of total government spending: 8.6% in 2023; 3.4% in 2021
- Defense spending per capita: $97 in 2023; $20 in 2021
1. Ukraine
- 3-year change in defense spending, 2021-2023: +802.4% (+$55.2 billion )
- Defense spending by year: $62.1 billion in 2023; $6.9 billion in 2021
- Defense spending as a share of GDP: 36.7% in 2023; 3.4% in 2021
- Defense spending as a share of total government spending: 58.2% in 2023; 8.5% in 2021
- Defense spending per capita: $1,762 in 2023; $158 in 2021
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