For the seventh year in a row, global military spending increased in In 2021, exceeding $2 trillion for the first time. This information comes from the Stockholm International Peace Research Institute, or SIPRI, independent military and armament research institute.
While nearly every country allocates some money to defense, only a few dozen, relatively wealthy nations account for the vast majority of military spending. Here is a look at the countries with the strongest militaries.
Using data from SIPRI, 24/7 Wall St. identified the countries with the highest military spending. Countries are ranked based on military spending in 2021 (expressed in 2020 U.S. dollars). Combined, the 40 countries on this list accounted for about 93% of global military expenditures, and the top five countries alone accounted for an estimated 62%.
The 2021 uptick in global military spending is the continuation of a longer-term trend, as military spending has climbed every year since 2015. Countries that have increased their spending the most last year include Finland, Sweden, Iran, Belgium, and Japan.
Notably, the United States is among the minority of countries on this list where military spending fell in 2021. However, the decline in real spending in the U.S. was due entirely to inflation. In nominal terms, America’s military budget actually climbed by nearly 3% from 2020 to 2021.
The U.S. military budget remains the largest in the world by a wide margin, accounting for an estimated 38% of global spending. Over the last 10 years, the U.S. has sharply increased investments in military research and development, while reducing procurement spending. The shift suggests a strategy that relies more on new technologies than on investment in legacy systems. Here is a look at 12 new weapons the U.S. is adding to its arsenal.
All data in this report, including changes in military spending and military spending as a share of gross domestic product is from SIPRI. These are the countries spending the most on their military.
Click here to see 40 countries spending the most on war
40. Romania
> Military expenditure in 2021: $5.6 billion
> 1-yr. change in military spending: +3.1%
> 10-yr. change in military spending: +161.0%
> Military spending as a share of GDP in 2021: 2.0%
[in-text-ad]
39. Switzerland
> Military expenditure in 2021: $5.7 billion
> 1-yr. change in military spending: -13.0%
> 10-yr. change in military spending: +22.0%
> Military spending as a share of GDP in 2021: 0.7%
24/7 Wall St.
38. Oman
> Military expenditure in 2021: $5.8 billion (estimated)
> 1-yr. change in military spending: -9.6%
> 10-yr. change in military spending: -43.0%
> Military spending as a share of GDP in 2021: 7.3%
37. Finland
> Military expenditure in 2021: $5.9 billion
> 1-yr. change in military spending: +36.0%
> 10-yr. change in military spending: +50.0%
> Military spending as a share of GDP in 2021: 2.0%
[in-text-ad-2]
36. Ukraine
> Military expenditure in 2021: $5.9 billion (estimated)
> 1-yr. change in military spending: -8.5%
> 10-yr. change in military spending: +142.0%
> Military spending as a share of GDP in 2021: 3.2%
35. Chile
> Military expenditure in 2021: $6.2 billion
> 1-yr. change in military spending: +8.6%
> 10-yr. change in military spending: +34.0%
> Military spending as a share of GDP in 2021: 2.0%
[in-text-ad]
34. Belgium
> Military expenditure in 2021: $6.3 billion
> 1-yr. change in military spending: +9.2%
> 10-yr. change in military spending: +17.0%
> Military spending as a share of GDP in 2021: 1.1%
24/7 Wall St.
33. Thailand
> Military expenditure in 2021: $6.6 billion
> 1-yr. change in military spending: -8.5%
> 10-yr. change in military spending: +16.0%
> Military spending as a share of GDP in 2021: 1.3%
32. Sweden
> Military expenditure in 2021: $7.9 billion
> 1-yr. change in military spending: +14.0%
> 10-yr. change in military spending: +46.0%
> Military spending as a share of GDP in 2021: 1.3%
[in-text-ad-2]
31. Greece
> Military expenditure in 2021: $8.1 billion
> 1-yr. change in military spending: +46.0%
> 10-yr. change in military spending: +54.0%
> Military spending as a share of GDP in 2021: 3.9%
30. Norway
> Military expenditure in 2021: $8.3 billion
> 1-yr. change in military spending: +0.8%
> 10-yr. change in military spending: +39.0%
> Military spending as a share of GDP in 2021: 1.8%
[in-text-ad]
29. Indonesia
> Military expenditure in 2021: $8.3 billion
> 1-yr. change in military spending: -15.0%
> 10-yr. change in military spending: +35.0%
> Military spending as a share of GDP in 2021: 0.7%
24/7 Wall St.
28. Mexico
> Military expenditure in 2021: $8.7 billion
> 1-yr. change in military spending: -3.4%
> 10-yr. change in military spending: +63.0%
> Military spending as a share of GDP in 2021: 0.7%
27. Kuwait
> Military expenditure in 2021: $9.0 billion
> 1-yr. change in military spending: +25.0%
> 10-yr. change in military spending: +34.0%
> Military spending as a share of GDP in 2021: 6.7%
[in-text-ad-2]
26. Algeria
> Military expenditure in 2021: $9.1 billion
> 1-yr. change in military spending: -6.1%
> 10-yr. change in military spending: +16.0%
> Military spending as a share of GDP in 2021: 5.6%
25. Colombia
> Military expenditure in 2021: $10.2 billion
> 1-yr. change in military spending: +4.7%
> 10-yr. change in military spending: +30.0%
> Military spending as a share of GDP in 2021: 3.4%
[in-text-ad]
24. Singapore
> Military expenditure in 2021: $11.1 billion
> 1-yr. change in military spending: +7.1%
> 10-yr. change in military spending: +24.0%
> Military spending as a share of GDP in 2021: 3.0%
24/7 Wall St.
23. Pakistan
> Military expenditure in 2021: $11.3 billion
> 1-yr. change in military spending: -0.7%
> 10-yr. change in military spending: +47.0%
> Military spending as a share of GDP in 2021: 3.8%
22. Qatar
> Military expenditure in 2021: $11.6 billion
> 1-yr. change in military spending: +%
> 10-yr. change in military spending: +%
> Military spending as a share of GDP in 2021: 4.8%
[in-text-ad-2]
21. Taiwan
> Military expenditure in 2021: $13.0 billion
> 1-yr. change in military spending: +1.4%
> 10-yr. change in military spending: +7.9%
> Military spending as a share of GDP in 2021: 1.7%
20. Poland
> Military expenditure in 2021: $13.7 billion
> 1-yr. change in military spending: -5.2%
> 10-yr. change in military spending: +58.0%
> Military spending as a share of GDP in 2021: 2.1%
[in-text-ad]
19. Netherlands
> Military expenditure in 2021: $13.8 billion
> 1-yr. change in military spending: -0.5%
> 10-yr. change in military spending: +26.0%
> Military spending as a share of GDP in 2021: 1.4%
24/7 Wall St.
18. Turkey
> Military expenditure in 2021: $15.5 billion
> 1-yr. change in military spending: -4.4%
> 10-yr. change in military spending: +63.0%
> Military spending as a share of GDP in 2021: 2.1%
17. Brazil
> Military expenditure in 2021: $19.2 billion
> 1-yr. change in military spending: -4.3%
> 10-yr. change in military spending: -5.3%
> Military spending as a share of GDP in 2021: 1.2%
[in-text-ad-2]
16. Spain
> Military expenditure in 2021: $19.5 billion
> 1-yr. change in military spending: +5.6%
> 10-yr. change in military spending: +5.2%
> Military spending as a share of GDP in 2021: 1.4%
15. Israel
> Military expenditure in 2021: $24.3 billion
> 1-yr. change in military spending: +3.1%
> 10-yr. change in military spending: +35.0%
> Military spending as a share of GDP in 2021: 5.2%
[in-text-ad]
14. Iran
> Military expenditure in 2021: $24.6 billion
> 1-yr. change in military spending: +11.0%
> 10-yr. change in military spending: -17.0%
> Military spending as a share of GDP in 2021: 2.3%
13. Canada
> Military expenditure in 2021: $26.4 billion
> 1-yr. change in military spending: +3.1%
> 10-yr. change in military spending: +40.0%
> Military spending as a share of GDP in 2021: 1.3%
12. Australia
> Military expenditure in 2021: $31.8 billion
> 1-yr. change in military spending: +4.0%
> 10-yr. change in military spending: +42.0%
> Military spending as a share of GDP in 2021: 2.0%
[in-text-ad-2]
11. Italy
> Military expenditure in 2021: $32.0 billion
> 1-yr. change in military spending: +4.6%
> 10-yr. change in military spending: +9.8%
> Military spending as a share of GDP in 2021: 1.5%
10. South Korea
> Military expenditure in 2021: $50.2 billion
> 1-yr. change in military spending: +4.7%
> 10-yr. change in military spending: +43.0%
> Military spending as a share of GDP in 2021: 2.8%
[in-text-ad]
9. Japan
> Military expenditure in 2021: $54.1 billion
> 1-yr. change in military spending: +7.3%
> 10-yr. change in military spending: +18.0%
> Military spending as a share of GDP in 2021: 1.1%
8. Saudi Arabia
> Military expenditure in 2021: $55.6 billion (estimated)
> 1-yr. change in military spending: -17.0%
> 10-yr. change in military spending: -15.0%
> Military spending as a share of GDP in 2021: 6.6%
7. Germany
> Military expenditure in 2021: $56.0 billion
> 1-yr. change in military spending: -1.4%
> 10-yr. change in military spending: +24.0%
> Military spending as a share of GDP in 2021: 1.3%
[in-text-ad-2]
6. France
> Military expenditure in 2021: $56.6 billion
> 1-yr. change in military spending: +1.5%
> 10-yr. change in military spending: +13.0%
> Military spending as a share of GDP in 2021: 1.9%
5. Russia
> Military expenditure in 2021: $65.9 billion
> 1-yr. change in military spending: +2.9%
> 10-yr. change in military spending: +11.0%
> Military spending as a share of GDP in 2021: 4.1%
[in-text-ad]
4. United Kingdom
> Military expenditure in 2021: $68.4 billion
> 1-yr. change in military spending: +3.0%
> 10-yr. change in military spending: +3.7%
> Military spending as a share of GDP in 2021: 2.2%
3. India
> Military expenditure in 2021: $76.6 billion
> 1-yr. change in military spending: +0.9%
> 10-yr. change in military spending: +33.0%
> Military spending as a share of GDP in 2021: 2.7%
2. China
> Military expenditure in 2021: $293.0 billion (estimated)
> 1-yr. change in military spending: +4.7%
> 10-yr. change in military spending: +72.0%
> Military spending as a share of GDP in 2021: 1.7%
[in-text-ad-2]
1. United States
> Military expenditure in 2021: $801.0 billion
> 1-yr. change in military spending: -1.4%
> 10-yr. change in military spending: -6.1%
> Military spending as a share of GDP in 2021: 3.5%
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
