NATO’s strength doesn’t necessarily come from its aircraft or tanks, but from its sizable financial investments in these military assets. To upkeep and maintain the world’s strongest military alliance, there is a significant price to pay. And as the international debt crisis continues to grow, some of the most heavily impacted nations on the planet are in NATO. Here, 24/7 Wall St. is taking a closer look at the NATO nations with the most external debt.
To determine the NATO countries with the most external debt, 24/7 Wall St. reviewed 2025 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 ranked these countries based on their external debt. We also included supplemental information regarding purchasing power parity, foreign exchange/gold reserves, defense budgets, a composition of military assets, as well as the overall military strength score.
Here is a look at the military powers with the most external debt in NATO:
Why Are We Covering This?
Understanding NATO’s military dynamics is important when looking at the state of global security. Since its inception, NATO has played a pivotal role in shaping international relations through its collective defense and security framework. As geopolitical tensions continue to rise and new threats emerge, knowing and understanding NATO’s military capabilities is important for getting a clearer picture of the world stage. Not to mention, countries like the United States, the United Kingdom, and Germany, among others, contribute significantly to NATO’s military strength, influencing global power balances and regional stability.
32. Montenegro
- External debt: $2,958,500,000
- Military defense budget: $148,100,000 – #136 out of 145
- Foreign exchange and gold reserves: $1,574,000,000
- Purchasing power parity: $17,115,000,000
- Total military aircraft: 11
- Total military vehicles: 471
- Total naval vessels: 14
- Military strength score and world rank: 2.9216 – #127 out of 145
To back up its finances, Montenegro has 7,850 total military personnel, which is composed of 2,350 active personnel and 5,500 paramilitary forces. Montenegro also has a total population of 599,849.
31. Albania
- External debt: $7,312,000,000
- Military defense budget: $558,862,420 – #101 out of 145
- Foreign exchange and gold reserves: $6,455,000,000
- Purchasing power parity: $49,592,000,000
- Total military aircraft: 19
- Total military vehicles: 1,796
- Total naval vessels: 19
- Military strength score and world rank: 1.6815 – #78 out of 145
To back up its finances, Albania has 9,100 total military personnel, which is composed of 6,600 active personnel, 2,000 reserves, and 500 paramilitary forces. Albania also has a total population of 3.107 million.
30. North Macedonia
- External debt: $11,000,000,000
- Military defense budget: $388,421,700 – #114 out of 145
- Foreign exchange and gold reserves: $5,015,000,000
- Purchasing power parity: $42,444,000,000
- Total military aircraft: 20
- Total military vehicles: 1,108
- Total naval vessels: 0
- Military strength score and world rank: 2.4042 – #112 out of 145
To back up its finances, North Macedonia has 7,250 total military personnel, which is composed of 9,000 active personnel, 60,000 reserves, and 3,500 paramilitary forces. North Macedonia also has a total population of 2.136 million.
29. Iceland
- External debt: $22,000,000,000
- Military defense budget: $312,400,000 – #121 out of 145
- Foreign exchange and gold reserves: $5,809,000,000
- Purchasing power parity: $26,155,000,000
- Total military aircraft: 0
- Total military vehicles: 150
- Total naval vessels: 0
- Military strength score and world rank: 3.5181 – #135 out of 145
Iceland also has a total population of 364,036.
28. Estonia
- External debt: $26,400,000,000
- Military defense budget: $1,463,360,000 – #77 out of 145
- Foreign exchange and gold reserves: $2,593,000,000
- Purchasing power parity: $57,377,000,000
- Total military aircraft: 5
- Total military vehicles: 1,685
- Total naval vessels: 8
- Military strength score and world rank: 2.2917 – #107 out of 145
To back up its finances, Estonia has 96,500 total military personnel, which is composed of 7,700 active personnel, 78,800 reserves, and 10,000 paramilitary forces. Estonia also has a total population of 1.194 million.
27. Bulgaria
- External debt: $27,138,500,000
- Military defense budget: $1,373,232,000 – #80 out of 145
- Foreign exchange and gold reserves: $46,334,000,000
- Purchasing power parity: $214,061,000,000
- Total military aircraft: 65
- Total military vehicles: 4,914
- Total naval vessels: 36
- Military strength score and world rank: 1.2563 – #61 out of 145
To back up its finances, Bulgaria has 40,000 total military personnel, which is composed of 37,000 active personnel and 3,000 reserves. Bulgaria also has a total population of 6.783 million.
26. Lithuania
- External debt: $44,000,000,000
- Military defense budget: $2,388,900,000 – #66 out of 145
- Foreign exchange and gold reserves: $6,168,000,000
- Purchasing power parity: $132,712,000,000
- Total military aircraft: 9
- Total military vehicles: 1,263
- Total naval vessels: 14
- Military strength score and world rank: 1.9075 – #88 out of 145
To back up its finances, Lithuania has 141,150 total military personnel, which is composed of 23,000 active personnel, 104,000 reserves, and 14,150 paramilitary forces. Lithuania also has a total population of 2.628 million.
25. Latvia
- External debt: $44,180,400,000
- Military defense budget: $1,138,000,000 – #84 out of 145
- Foreign exchange and gold reserves: $4,957,000,000
- Purchasing power parity: $71,154,000,000
- Total military aircraft: 7
- Total military vehicles: 1,848
- Total naval vessels: 18
- Military strength score and world rank: 2.1246 – #99 out of 145
To back up its finances, Latvia has 65,750 total military personnel, which is composed of 17,250 active personnel, 36,000 reserves, and 12,500 paramilitary forces. Latvia also has a total population of 1.801 million.
24. Croatia
- External debt: $55,000,000,000
- Military defense budget: $1,176,000,000 – #83 out of 145
- Foreign exchange and gold reserves: $3,176,000,000
- Purchasing power parity: $159,305,000,000
- Total military aircraft: 67
- Total military vehicles: 2,848
- Total naval vessels: 30
- Military strength score and world rank: 1.5074 – #75 out of 145
To back up its finances, Croatia has 36,425 total military personnel, which is composed of 14,325 active personnel, 20,100 reserves, and 2,000 paramilitary forces. Croatia also has a total population of 4.150 million.
23. Slovenia
- External debt: $55,000,000,000
- Military defense budget: $886,860,000 – #91 out of 145
- Foreign exchange and gold reserves: $2,370,000,000
- Purchasing power parity: $102,036,000,000
- Total military aircraft: 39
- Total military vehicles: 1,428
- Total naval vessels: 2
- Military strength score and world rank: 2.1016 – #96 out of 145
To back up its finances, Slovenia has 38,300 total military personnel, which is composed of 7,300 active personnel, 26,000 reserves, and 5,000 paramilitary forces. Slovenia also has a total population of 2.098 million.
22. Slovakia
- External debt: $127,600,000,000
- Military defense budget: $2,656,000,000 – #64 out of 145
- Foreign exchange and gold reserves: $11,288,000,000
- Purchasing power parity: $213,053,000,000
- Total military aircraft: 41
- Total military vehicles: 3,074
- Total naval vessels: 0
- Military strength score and world rank: 1.3978 – #71 out of 145
To back up its finances, Slovakia has 19,500 total military personnel, which is composed entirely of its active-duty personnel. Slovakia also has a total population of 5.564 million.
21. Romania
- External debt: $132,000,000,000
- Military defense budget: $9,700,000,000 – #33 out of 145
- Foreign exchange and gold reserves: $73,000,000,000
- Purchasing power parity: $772,107,000,000
- Total military aircraft: 140
- Total military vehicles: 10,774
- Total naval vessels: 20
- Military strength score and world rank: 0.8984 – #51 out of 145
To back up its finances, Romania has 151,300 total military personnel, which is composed of 81,300 active personnel, 55,000 reserves, and 15,000 paramilitary forces. Romania also has a total population of 18.15 million.
20. Hungary
- External debt: $137,500,000,000
- Military defense budget: $4,576,000,000 – #53 out of 145
- Foreign exchange and gold reserves: $45,719,000,000
- Purchasing power parity: $388,906,000,000
- Total military aircraft: 69
- Total military vehicles: 7,797
- Total naval vessels: 0
- Military strength score and world rank: 1.0259 – #55 out of 145
To back up its finances, Hungary has 76,600 total military personnel, which is composed of 41,600 active personnel, 20,000 reserves, and 15,000 paramilitary forces. Hungary also has a total population of 9.856 million.
19. Czechia
- External debt: $211,200,000,000
- Military defense budget: $6,750,000,000 – #43 out of 145
- Foreign exchange and gold reserves: $148,379,000,000
- Purchasing power parity: $519,007,000,000
- Total military aircraft: 99
- Total military vehicles: 6,340
- Total naval vessels: 0
- Military strength score and world rank: 0.9994 – #53 out of 145
To back up its finances, Czechia has 32,200 total military personnel, which is composed of 28,000 active personnel and 4,200 reserves. Czechia also has a total population of 10.84 million.
18. Turkey
- External debt: $294,441,000,000
- Military defense budget: $47,000,000,000 – #13 out of 145
- Foreign exchange and gold reserves: $140,858,000,000
- Purchasing power parity: $2,936,000,000,000
- Total military aircraft: 1,083
- Total military vehicles: 61,173
- Total naval vessels: 182
- Military strength score and world rank: 0.1902 – #9 out of 145
To back up its finances, Turkey has 883,900 total military personnel, which is composed of 355,200 active personnel, 378,700 reserves, and 150,000 paramilitary forces. Turkey also has a total population of 84.12 million.
17. Poland
- External debt: $386,947,000,000
- Military defense budget: $48,700,000,000 – #12 out of 145
- Foreign exchange and gold reserves: $193,783,000,000
- Purchasing power parity: $1,616,000,000,000
- Total military aircraft: 479
- Total military vehicles: 23,138
- Total naval vessels: 62
- Military strength score and world rank: 0.3776 – #22 out of 145
To back up its finances, Poland has 602,100 total military personnel, which is composed of 202,100 active personnel, 350,000 reserves, and 50,000 paramilitary forces. Poland also has a total population of 38.75 million.
16. Portugal
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- External debt: $399,395,000,000
- Military defense budget: $4,627,000,000 – #52 out of 145
- Foreign exchange and gold reserves: $53,710,000,000
- Purchasing power parity: $529,901,000,000
- Total military aircraft: 115
- Total military vehicles: 10,828
- Total naval vessels: 194
- Military strength score and world rank: 0.6856 – #39 out of 145
To back up its finances, Portugal has 260,400 total military personnel, which is composed of 24,000 active personnel, 211,700 reserves, and 24,700 paramilitary forces. Portugal also has a total population of 10.64 million.
15. Greece
- External debt: $550,000,000,000
- Military defense budget: $6,500,000,000 – #44 out of 145
- Foreign exchange and gold reserves: $13,608,000,000
- Purchasing power parity: $375,780,000,000
- Total military aircraft: 558
- Total military vehicles: 61,888
- Total naval vessels: 192
- Military strength score and world rank: 0.5337 – #30 out of 145
To back up its finances, Greece has 419,050 total military personnel, which is composed of 142,700 active personnel, 221,350 reserves, and 55,000 paramilitary forces. Greece also has a total population of 10.46 million.
14. Denmark
- External debt: $555,500,000,000
- Military defense budget: $7,225,466,250 – #40 out of 145
- Foreign exchange and gold reserves: $109,371,000,000
- Purchasing power parity: $428,385,000,000
- Total military aircraft: 117
- Total military vehicles: 3,856
- Total naval vessels: 50
- Military strength score and world rank: 0.8109 – #45 out of 145
To back up its finances, Denmark has 83,000 total military personnel, which is composed of 20,000 active personnel, 12,000 reserves, and 51,000 paramilitary forces. Denmark also has a total population of 5.973 million.
13. Finland
- External debt: $660,000,000,000
- Military defense budget: $6,779,661,000 – #42 out of 145
- Foreign exchange and gold reserves: $16,929,000,000
- Purchasing power parity: $321,126,000,000
- Total military aircraft: 163
- Total military vehicles: 11,704
- Total naval vessels: 264
- Military strength score and world rank: 0.8437 – #48 out of 145
To back up its finances, Finland has 947,800 total military personnel, which is composed of 24,000 active personnel, 870,000 reserves, and 53,800 paramilitary forces. Finland also has a total population of 5.626 million.
12. Norway
- External debt: $716,144,000,000
- Military defense budget: $9,710,000,000 – #32 out of 145
- Foreign exchange and gold reserves: $80,459,000,000
- Purchasing power parity: $449,528,000,000
- Total military aircraft: 97
- Total military vehicles: 6,552
- Total naval vessels: 43
- Military strength score and world rank: 0.6811 – #38 out of 145
To back up its finances, Norway has 63,250 total military personnel, which is composed of 23,250 active personnel and 40,000 paramilitary forces. Norway also has a total population of 5.510 million.
11. Sweden
- External debt: $1,002,448,700,000
- Military defense budget: $13,000,000,000 – #28 out of 145
- Foreign exchange and gold reserves: $60,863,000,000
- Purchasing power parity: $676,353,000,000
- Total military aircraft: 169
- Total military vehicles: 6,795
- Total naval vessels: 308
- Military strength score and world rank: 0.4835 – #27 out of 145
To back up its finances, Sweden has 82,300 total military personnel, which is composed of 24,400 active personnel, 32,900 reserves, and 25,000 paramilitary forces. Sweden also has a total population of 10.59 million.
10. Belgium
- External debt: $1,449,264,300,000
- Military defense budget: $10,200,000,000 – #31 out of 145
- Foreign exchange and gold reserves: $40,813,000,000
- Purchasing power parity: $751,592,000,000
- Total military aircraft: 108
- Total military vehicles: 4,606
- Total naval vessels: 9
- Military strength score and world rank: 1.2564 – #62 out of 145
To back up its finances, Belgium has 31,400 total military personnel, which is composed of 25,000 active personnel and 6,400 reserves. Belgium also has a total population of 11.98 million.
9. Canada
- External debt: $2,337,375,700,000
- Military defense budget: $41,000,000,000 – #15 out of 145
- Foreign exchange and gold reserves: $117,551,000,000
- Purchasing power parity: $2,238,000,000,000
- Total military aircraft: 351
- Total military vehicles: 21,704
- Total naval vessels: 73
- Military strength score and world rank: 0.5179 – #28 out of 145
To back up its finances, Canada has 100,500 total military personnel, which is composed of 68,000 active personnel, 27,000 reserves, and 5,500 paramilitary forces. Canada also has a total population of 38.79 million.
8. Spain
- External debt: $2,572,738,300,000
- Military defense budget: $23,397,000,000 – #22 out of 145
- Foreign exchange and gold reserves: $103,089,000,000
- Purchasing power parity: $2,242,000,000,000
- Total military aircraft: 461
- Total military vehicles: 17,626
- Total naval vessels: 152
- Military strength score and world rank: 0.3242 – #17 out of 145
To back up its finances, Spain has 226,902 total military personnel, which is composed of 133,282 active personnel, 15,150 reserves, and 78,470 paramilitary forces. Spain also has a total population of 47.28 million.
7. Italy
- External debt: $2,750,000,000,000
- Military defense budget: $30,890,000,000 – #16 out of 145
- Foreign exchange and gold reserves: $247,396,000,000
- Purchasing power parity: $3,097,000,000,000
- Total military aircraft: 729
- Total military vehicles: 73,480
- Total naval vessels: 196
- Military strength score and world rank: 0.2164 – #10 out of 145
To back up its finances, Italy has 289,000 total military personnel, which is composed of 165,500 active personnel, 18,500 reserves, and 105,000 paramilitary forces. Italy also has a total population of 60.96 million.
6. Luxembourg
- External debt: $4,730,000,000,000
- Military defense budget: $726,092,925 – #98 out of 145
- Foreign exchange and gold reserves: $2,977,000,000
- Purchasing power parity: $88,533,000,000
- Total military aircraft: 1
- Total military vehicles: 182
- Total naval vessels: 0
- Military strength score and world rank: 2.6415 – #117 out of 145
To back up its finances, Luxembourg has 1,000 total military personnel, which is composed entirely of its active-duty personnel. Luxembourg also has a total population of 671,254.
5. Netherlands
- External debt: $4,779,954,300,000
- Military defense budget: $27,000,000,000 – #18 out of 145
- Foreign exchange and gold reserves: $69,830,000,000
- Purchasing power parity: $1,240,000,000,000
- Total military aircraft: 120
- Total military vehicles: 2,755
- Total naval vessels: 64
- Military strength score and world rank: 0.6412 – #36 out of 145
To back up its finances, the Netherlands has 53,145 total military personnel, which is composed of 41,380 active personnel, 6,765 reserves, and 5,000 paramilitary forces. The Netherlands also has a total population of 17.77 million.
4. Germany
- External debt: $6,238,609,300,000
- Military defense budget: $50,000,000,000 – #11 out of 145
- Foreign exchange and gold reserves: $322,700,000,000
- Purchasing power parity: $5,230,000,000,000
- Total military aircraft: 584
- Total military vehicles: 83,260
- Total naval vessels: 61
- Military strength score and world rank: 0.2601 – #14 out of 145
To back up its finances, Germany has 215,600 total military personnel, which is composed of 181,600 active personnel and 34,000 reserves. Germany also has a total population of 84.12 million.
3. France
- External debt: $6,992,104,900,000
- Military defense budget: $55,000,000,000 – #9 out of 145
- Foreign exchange and gold reserves: $240,792,000,000
- Purchasing power parity: $3,764,000,000,000
- Total military aircraft: 976
- Total military vehicles: 110,932
- Total naval vessels: 129
- Military strength score and world rank: 0.1878 – #8 out of 145
To back up its finances, France has 376,000 total military personnel, which is composed of 200,000 active personnel, 26,000 reserves, and 150,000 paramilitary forces. France also has a total population of 68.37 million.
2. United Kingdom
- External debt: $9,593,749,000,000
- Military defense budget: $71,500,540,000 – #6 out of 145
- Foreign exchange and gold reserves: $177,915,000,000
- Purchasing power parity: $3,700,000,000,000
- Total military aircraft: 631
- Total military vehicles: 38,200
- Total naval vessels: 109
- Military strength score and world rank: 0.1785 – #6 out of 145
To back up its finances, the United Kingdom has 1,108,860 total military personnel, which is composed of 184,860 active personnel and 924,000 reserves. The United Kingdom also has a total population of 68.46 million.
1. United States
- External debt: $22,303,546,100,000
- Military defense budget: $895,000,000,000 – #1 out of 145
- Foreign exchange and gold reserves: $773,426,000,000
- Purchasing power parity: $24,662,000,000,000
- Total military aircraft: 13,043
- Total military vehicles: 391,963
- Total naval vessels: 440
- Military strength score and world rank: 0.0744 – #1 out of 145
To back up its finances, the United States has 2,127,500 total military personnel, which is composed of 1,328,000 active personnel and 799,500 reserves. The United States also has a total population of 341.96 million.
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