Special Report
See How Russia and Ukraine Military Spending Compares to the World
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Russia’s invasion of Ukraine may well mark the largest shift in the balance of power in Europe since the end of the Cold War – and may also prove to be the largest military conflict on the continent since World War II. The invasion, which has been described as a full-scale attack, comes after four consecutive years of rising military spending worldwide.
A large share of military spending typically goes towards weapons development and improving defensive capabilities, which, along with strategic international alliances, are meant to deter acts of aggression. NATO, a military alliance that includes the U.S. and 29 other countries, was formed after World War II, specifically to check potential aggression from the Soviet Union. NATO members are expected to spend at least 2% of their GDP on defense.
Notably, Ukraine is both a former Soviet republic and an aspiring NATO member. Though Russian military spending topped $61.7 billion in 2020, eclipsing Ukraine’s expenditure of $5.9 billion, it is a small fraction of U.S. military spending, which, at over $778 billion in 2020, is far and away the largest in the world.
Using data from the Stockholm International Peace Research Institute, compiled by the World Bank, 24/7 Wall St. identified the countries spending the most on war. Countries are ranked by their 2020 military expenditure in current U.S. dollars.
We also reviewed data on spending as a share of GDP, which, among the countries on this list, ranges from 0.6% to 10.9%. Total armed services personnel in the countries on this list range from 15,000 up to 3 million. Here is a look at the companies profiting the most from war.
In each of these measures, Ukraine is outmatched by Russia. Ukraine spends the equivalent of 4.1% of its GDP on its military, compared to Russia’s 4.3% expenditure, and its military personnel total just 311,000, compared to 1.5 million in Russia.
Click here to see how Russia and Ukraine military spending compares to the world.
Click here to read our detailed methodology.
40. Portugal
> Military spending, 2020: $4.6 billion (2.1% of GDP)
> Military and paramilitary personnel: 52,000 (1.0% of labor force)
>Total population: 10,305,564
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39. Morocco
> Military spending, 2020: $4.8 billion (4.3% of GDP)
> Military and paramilitary personnel: 246,000 (2.0% of labor force)
>Total population: 36,910,558
38. Denmark
> Military spending, 2020: $5.0 billion (1.4% of GDP)
> Military and paramilitary personnel: 15,000 (0.5% of labor force)
>Total population: 5,831,404
37. Greece
> Military spending, 2020: $5.3 billion (2.8% of GDP)
> Military and paramilitary personnel: 147,000 (3.1% of labor force)
>Total population: 10,715,549
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36. Belgium
> Military spending, 2020: $5.5 billion (1.1% of GDP)
> Military and paramilitary personnel: 26,000 (0.5% of labor force)
>Total population: 11,555,997
35. Switzerland
> Military spending, 2020: $5.7 billion (0.8% of GDP)
> Military and paramilitary personnel: 20,000 (0.4% of labor force)
>Total population: 8,636,896
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34. Romania
> Military spending, 2020: $5.7 billion (2.3% of GDP)
> Military and paramilitary personnel: 126,000 (1.4% of labor force)
>Total population: 19,286,123
24/7 Wall St.33. Ukraine
> Military spending, 2020: $5.9 billion (4.1% of GDP)
> Military and paramilitary personnel: 311,000 (1.5% of labor force)
>Total population: 44,134,693
32. Mexico
> Military spending, 2020: $6.1 billion (0.6% of GDP)
> Military and paramilitary personnel: 328,000 (0.6% of labor force)
>Total population: 128,932,753
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31. Sweden
> Military spending, 2020: $6.5 billion (1.2% of GDP)
> Military and paramilitary personnel: 15,000 (0.3% of labor force)
>Total population: 10,353,442
30. Oman
> Military spending, 2020: $6.7 billion (10.9% of GDP)
> Military and paramilitary personnel: 47,000 (1.7% of labor force)
>Total population: 5,106,622
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29. Kuwait
> Military spending, 2020: $6.9 billion (6.5% of GDP)
> Military and paramilitary personnel: 25,000 (1.0% of labor force)
>Total population: 4,270,563
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28. Iraq
> Military spending, 2020: $7.0 billion (4.1% of GDP)
> Military and paramilitary personnel: 341,000 (3.3% of labor force)
>Total population: 40,222,503
27. Norway
> Military spending, 2020: $7.1 billion (1.9% of GDP)
> Military and paramilitary personnel: 23,000 (0.8% of labor force)
>Total population: 5,379,475
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26. Thailand
> Military spending, 2020: $7.3 billion (1.5% of GDP)
> Military and paramilitary personnel: 455,000 (1.2% of labor force)
>Total population: 69,799,978
25. Colombia
> Military spending, 2020: $9.2 billion (3.4% of GDP)
> Military and paramilitary personnel: 481,000 (1.8% of labor force)
>Total population: 50,882,884
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24. Indonesia
> Military spending, 2020: $9.4 billion (0.9% of GDP)
> Military and paramilitary personnel: 676,000 (0.5% of labor force)
>Total population: 273,523,621
23. Algeria
> Military spending, 2020: $9.7 billion (6.7% of GDP)
> Military and paramilitary personnel: 317,000 (2.5% of labor force)
>Total population: 43,851,043
22. Pakistan
> Military spending, 2020: $10.4 billion (4.0% of GDP)
> Military and paramilitary personnel: 943,000 (1.3% of labor force)
>Total population: 220,892,331
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21. Singapore
> Military spending, 2020: $10.9 billion (3.2% of GDP)
> Military and paramilitary personnel: 59,000 (1.7% of labor force)
>Total population: 5,685,807
20. Netherlands
> Military spending, 2020: $12.6 billion (1.4% of GDP)
> Military and paramilitary personnel: 41,000 (0.4% of labor force)
>Total population: 17,441,139
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19. Poland
> Military spending, 2020: $13.0 billion (2.2% of GDP)
> Military and paramilitary personnel: 189,000 (1.0% of labor force)
>Total population: 37,950,802
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18. Iran
> Military spending, 2020: $15.8 billion (2.2% of GDP)
> Military and paramilitary personnel: 650,000 (2.4% of labor force)
>Total population: 83,992,953
17. Spain
> Military spending, 2020: $17.4 billion (1.4% of GDP)
> Military and paramilitary personnel: 199,000 (0.9% of labor force)
>Total population: 47,351,567
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16. Turkey
> Military spending, 2020: $17.7 billion (2.8% of GDP)
> Military and paramilitary personnel: 512,000 (1.5% of labor force)
>Total population: 84,339,067
15. Brazil
> Military spending, 2020: $19.7 billion (1.4% of GDP)
> Military and paramilitary personnel: 762,000 (0.7% of labor force)
>Total population: 212,559,409
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14. Israel
> Military spending, 2020: $21.7 billion (5.6% of GDP)
> Military and paramilitary personnel: 178,000 (4.3% of labor force)
>Total population: 9,216,900
13. Canada
> Military spending, 2020: $22.8 billion (1.4% of GDP)
> Military and paramilitary personnel: 72,000 (0.3% of labor force)
>Total population: 38,005,238
12. Australia
> Military spending, 2020: $27.5 billion (2.1% of GDP)
> Military and paramilitary personnel: 59,000 (0.4% of labor force)
>Total population: 25,687,041
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11. Italy
> Military spending, 2020: $28.9 billion (1.6% of GDP)
> Military and paramilitary personnel: 342,000 (1.3% of labor force)
>Total population: 59,554,023
10. South Korea
> Military spending, 2020: $45.7 billion (2.8% of GDP)
> Military and paramilitary personnel: 613,000 (2.1% of labor force)
>Total population: 51,780,579
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9. Japan
> Military spending, 2020: $49.1 billion (1.0% of GDP)
> Military and paramilitary personnel: 261,000 (0.4% of labor force)
>Total population: 125,836,021
8. France
> Military spending, 2020: $52.7 billion (2.1% of GDP)
> Military and paramilitary personnel: 304,000 (1.0% of labor force)
>Total population: 67,391,582
7. Germany
> Military spending, 2020: $52.8 billion (1.4% of GDP)
> Military and paramilitary personnel: 184,000 (0.4% of labor force)
>Total population: 83,240,525
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6. Saudi Arabia
> Military spending, 2020: $57.5 billion (8.4% of GDP)
> Military and paramilitary personnel: 252,000 (1.7% of labor force)
>Total population: 34,813,867
5. United Kingdom
> Military spending, 2020: $59.2 billion (2.2% of GDP)
> Military and paramilitary personnel: 149,000 (0.4% of labor force)
>Total population: 67,215,293
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4. Russian Federation
> Military spending, 2020: $61.7 billion (4.3% of GDP)
> Military and paramilitary personnel: 1,454,000 (2.0% of labor force)
>Total population: 144,104,080
3. India
> Military spending, 2020: $72.9 billion (2.9% of GDP)
> Military and paramilitary personnel: 3,045,000 (0.6% of labor force)
>Total population: 1,380,004,385
2. China
> Military spending, 2020: $252.3 billion (1.7% of GDP)
> Military and paramilitary personnel: 2,535,000 (0.3% of labor force)
>Total population: 1,410,929,362
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1. United States
> Military spending, 2020: $778.2 billion (3.7% of GDP)
> Military and paramilitary personnel: 1,388,000 (0.8% of labor force)
>Total population: 329,484,123
Methodology
To determine the countries spending the most on war, 24/7 Wall St. reviewed military expenditure in current U.S. dollars in 2020 from the Stockholm International Peace Research Institute, compiled by the World Bank. Military expenditure covers the expenditures on current military forces and activities, including salaries and benefits, operational expenses, arms and equipment purchases, military construction, research and development, central administration, command, and support.
Supplemental data on military expenditure as a percentage of GDP also came from SIPRI. We also reviewed World Bank data on military personnel from 2019, the most recent year of available data. Personnel counts include active-duty military personnel as well as paramilitary personnel. Population data for 2020 came from the World Bank.
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