This Nation at War Spent a Third of Its Economy on Its Military Last Year

Investing

Published: September 7, 2023 1:20 pm

The war in Ukraine continues to stretch on well into its second year. The brutal conflict continues to take a toll on life, as one report released in August estimated that there had been more than half a million casualties sustained by both sides in the conflict, including close to 200,000 dead. In addition to the lives lost, the war has cost a tremendous amount of money: to Russia, to the nations supporting the defense of the country, and of course to Ukraine itself.

Last year, Ukraine’s military expenditure jumped to an incredible $44 billion. That number incredibly represents a third of the country’s GDP. For comparison, the country spent $3.2 billion in 2017, or 2.9% of the nation’s GDP. Because of this sharp increase, Ukraine is by far the country with the highest military expenditure as a percentage of its total output of goods and services. (See if Ukraine is on this list of nations importing the most weapons and their biggest suppliers.)

Using data from the Stockholm International Peace Research Institute’s Military Expenditure Database, 24/7 Wall St. identified the 25 countries where 2022 military spending represented the largest share of that nation’s GDP. Military spending figures are expressed in current U.S. dollars. Population estimates for 2023 come from the CIA World Factbook. GDP per capita figures come from the World Bank, and are for 2022. SIPRI notes that some values are estimates, including the spending as a percent of GDP in Ukraine and all the spending figures for China, Russia, and Saudi Arabia, among others.

Global military expenditure rose by nearly 4% in real terms in 2022, according to SIPRI, to a record $2.24 trillion, with Russia’s invasion of Ukraine a major contributor to this increase. “Spending increases in parts of Asia and Oceania also contributed to the global growth in 2022,” wrote SIPRI in its 2022 report.

Among the 25 countries on this list, Saudi Arabia comes in second place as it builds up its defense arsenal and continues to lead a coalition in the brutal eight-year-old conflict in neighboring Yemen. The Saudis spent $75 billion on their military in 2022, representing 7.4% of the kingdom’s GDP. By comparison, the United States is ranked 12th on this list, having spent 3.5% of its GDP, or $877 billion, last year. (Here is how the world’s top military spenders compare to the U.S.)

Excluding the United States, which is an outlier in how much it spends on defense, these countries spent a total of $314.1 billion on their militaries last year. The median share of military expenditure as a percentage of GDP among these 25 countries was 3.9% in 2022. A significant portion of the list includes lower-income countries, including several African nations with GDPs per capita of less than $1,000 and several other nations with GDPs per capita less than $10,000.

Here are the countries with the highest military expenditures as a share of GDP.

25. Burundi
> Military expenditure as a pct. of GDP, 2022: 2.8%
> Military expenditure, 2022: $101.4 million (#127 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 2.0% (#138 highest out of 152)
> Military expenditure, 2017: $63.9 million (#138 highest out of 155)
> GDP per capita, 2021 $221 (#203 highest out of 203)
> Population, 2023: 13.2 million (#77 largest out of 237)
> Region: Africa

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BMT passing out parade 100115 by Seloloving

BMT passing out parade 100115 (CC BY-SA 4.0) by Seloloving

24. Singapore
> Military expenditure as a pct. of GDP, 2022: 2.8%
> Military expenditure, 2022: $11.7 billion (#22 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 3.0% (#21 highest out of 152)
> Military expenditure, 2017: $10.2 billion (#21 highest out of 155)
> GDP per capita, 2021 $72,794 (#8 highest out of 203)
> Population, 2023: 6.0 million (#113 largest out of 237)
> Region: East and Southeast Asia

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How the World’s Top Military Spenders Compare to the US

23. Mali
> Military expenditure as a pct. of GDP, 2022: 2.8%
> Military expenditure, 2022: $515.1 million (#89 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 3.0% (#88 highest out of 152)
> Military expenditure, 2017: $460.2 million (#88 highest out of 155)
> GDP per capita, 2021 $874 (#187 highest out of 203)
> Population, 2023: 21.4 million (#61 largest out of 237)
> Region: Africa

22. Chad
> Military expenditure as a pct. of GDP, 2022: 2.9%
> Military expenditure, 2022: $357.4 million (#105 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 2.2% (#109 highest out of 152)
> Military expenditure, 2017: $219.1 million (#109 highest out of 155)
> GDP per capita, 2021 $686 (#192 highest out of 203)
> Population, 2023: 18.5 million (#66 largest out of 237)
> Region: Africa

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21. Namibia
> Military expenditure as a pct. of GDP, 2022: 3.0%
> Military expenditure, 2022: $369.1 million (#102 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 3.5% (#90 highest out of 152)
> Military expenditure, 2017: $456.1 million (#90 highest out of 155)
> GDP per capita, 2021 $4,866 (#121 highest out of 203)
> Population, 2023: 2.8 million (#141 largest out of 237)
> Region: Africa

Generals of South Sudan (CC BY 2.0) by Steve Evans

20. South Sudan
> Military expenditure as a pct. of GDP, 2022: 3.0%
> Military expenditure, 2022: $378.8 million (#100 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 2.1% (#134 highest out of 152)
> Military expenditure, 2017: $72.4 million (#134 highest out of 155)
> GDP per capita, 2021 Not available
> Population, 2023: 12.1 million (#80 largest out of 237)
> Region: Africa

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19. Myanmar
> Military expenditure as a pct. of GDP, 2022: 3.0%
> Military expenditure, 2022: $1.9 billion (#62 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 3.6% (#57 highest out of 152)
> Military expenditure, 2017: $2.2 billion (#57 highest out of 155)
> GDP per capita, 2021 $1,210 (#176 highest out of 203)
> Population, 2023: 58.0 million (#26 largest out of 237)
> Region: East and Southeast Asia

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18. Colombia
> Military expenditure as a pct. of GDP, 2022: 3.1%
> Military expenditure, 2022: $9.9 billion (#25 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 3.2% (#23 highest out of 152)
> Military expenditure, 2017: $10.0 billion (#23 highest out of 155)
> GDP per capita, 2021 $6,104 (#108 highest out of 203)
> Population, 2023: 49.3 million (#29 largest out of 237)
> Region: South America

17. Burkina Faso
> Military expenditure as a pct. of GDP, 2022: 3.1%
> Military expenditure, 2022: $562.6 million (#88 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 1.4% (#113 highest out of 152)
> Military expenditure, 2017: $191.1 million (#113 highest out of 155)
> GDP per capita, 2021 $893 (#185 highest out of 203)
> Population, 2023: 22.5 million (#60 largest out of 237)
> Region: Africa

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16. Bahrain
> Military expenditure as a pct. of GDP, 2022: 3.2%
> Military expenditure, 2022: $1.4 billion (#66 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 4.3% (#65 highest out of 152)
> Military expenditure, 2017: $1.5 billion (#65 highest out of 155)
> GDP per capita, 2021 $26,563 (#46 highest out of 203)
> Population, 2023: 1.6 million (#155 largest out of 237)
> Region: Middle East

15. United States
> Military expenditure as a pct. of GDP, 2022: 3.5%
> Military expenditure, 2022: $876.9 billion (#1 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 3.3% (#1 highest out of 152)
> Military expenditure, 2017: $646.8 billion (#1 highest out of 155)
> GDP per capita, 2021 $70,249 (#9 highest out of 203)
> Population, 2023: 339.7 million (#3 largest out of 237)
> Region: North America

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14. Greece
> Military expenditure as a pct. of GDP, 2022: 3.7%
> Military expenditure, 2022: $8.1 billion (#31 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 2.6% (#35 highest out of 152)
> Military expenditure, 2017: $5.1 billion (#35 highest out of 155)
> GDP per capita, 2021 $20,193 (#53 highest out of 203)
> Population, 2023: 10.5 million (#89 largest out of 237)
> Region: Europe

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13. Morocco
> Military expenditure as a pct. of GDP, 2022: 3.9%
> Military expenditure, 2022: $5.0 billion (#41 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 3.2% (#46 highest out of 152)
> Military expenditure, 2017: $3.5 billion (#46 highest out of 155)
> GDP per capita, 2021 $3,795 (#136 highest out of 203)
> Population, 2023: 37.1 million (#40 largest out of 237)
> Region: Africa

12. Russia
> Military expenditure as a pct. of GDP, 2022: 4.1%
> Military expenditure, 2022: $86.4 billion (#3 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 4.2% (#4 highest out of 152)
> Military expenditure, 2017: $66.9 billion (#4 highest out of 155)
> GDP per capita, 2021 $12,195 (#74 highest out of 203)
> Population, 2023: 141.7 million (#9 largest out of 237)
> Region: Central Asia

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11. Armenia
> Military expenditure as a pct. of GDP, 2022: 4.3%
> Military expenditure, 2022: $795.2 million (#81 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 3.8% (#91 highest out of 152)
> Military expenditure, 2017: $443.6 million (#91 highest out of 155)
> GDP per capita, 2021 $4,967 (#119 highest out of 203)
> Population, 2023: 3.0 million (#139 largest out of 237)
> Region: Middle East

10. Israel
> Military expenditure as a pct. of GDP, 2022: 4.5%
> Military expenditure, 2022: $23.4 billion (#15 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 5.4% (#15 highest out of 152)
> Military expenditure, 2017: $19.4 billion (#15 highest out of 155)
> GDP per capita, 2021 $52,171 (#19 highest out of 203)
> Population, 2023: 9.0 million (#98 largest out of 237)
> Region: Middle East

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9. Kuwait
> Military expenditure as a pct. of GDP, 2022: 4.5%
> Military expenditure, 2022: $8.2 billion (#30 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 5.6% (#30 highest out of 152)
> Military expenditure, 2017: $6.8 billion (#30 highest out of 155)
> GDP per capita, 2021 Not available
> Population, 2023: 3.1 million (#135 largest out of 237)
> Region: Middle East

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8. Azerbaijan
> Military expenditure as a pct. of GDP, 2022: 4.5%
> Military expenditure, 2022: $3.0 billion (#54 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 3.8% (#66 highest out of 152)
> Military expenditure, 2017: $1.5 billion (#66 highest out of 155)
> GDP per capita, 2021 $5,388 (#113 highest out of 203)
> Population, 2023: 10.4 million (#90 largest out of 237)
> Region: Middle East

7. Algeria
> Military expenditure as a pct. of GDP, 2022: 4.8%
> Military expenditure, 2022: $9.1 billion (#26 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 5.9% (#22 highest out of 152)
> Military expenditure, 2017: $10.1 billion (#22 highest out of 155)
> GDP per capita, 2021 $3,691 (#139 highest out of 203)
> Population, 2023: 44.8 million (#34 largest out of 237)
> Region: Africa

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6. Jordan
> Military expenditure as a pct. of GDP, 2022: 4.8%
> Military expenditure, 2022: $2.3 billion (#60 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 4.7% (#61 highest out of 152)
> Military expenditure, 2017: $1.9 billion (#61 highest out of 155)
> GDP per capita, 2021 $4,103 (#130 highest out of 203)
> Population, 2023: 11.1 million (#84 largest out of 237)
> Region: Middle East

5. Oman
> Military expenditure as a pct. of GDP, 2022: 5.2%
> Military expenditure, 2022: $5.8 billion (#36 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 8.4% (#29 highest out of 152)
> Military expenditure, 2017: $6.8 billion (#29 highest out of 155)
> GDP per capita, 2021 $19,509 (#55 highest out of 203)
> Population, 2023: 3.8 million (#130 largest out of 237)
> Region: Middle East

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Au00e9rospatiale Alouette II 5V-MCK by Jeff Attaway

Au00e9rospatiale Alouette II 5V-MCK (CC BY 2.0) by Jeff Attaway

4. Togo
> Military expenditure as a pct. of GDP, 2022: 5.4%
> Military expenditure, 2022: $336.6 million (#106 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 1.9% (#127 highest out of 152)
> Military expenditure, 2017: $88.4 million (#127 highest out of 155)
> GDP per capita, 2021 $973 (#182 highest out of 203)
> Population, 2023: 8.7 million (#101 largest out of 237)
> Region: Africa

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Soldiers at Military Parade on Qatar National Day on the 18th of December 2018. Photo by Ijas Muhammed Photography by Ijasmuhammed

Soldiers at Military Parade on Qatar National Day on the 18th of December 2018. Photo by Ijas Muhammed Photography (CC BY-SA 4.0) by Ijasmuhammed

3. Qatar
> Military expenditure as a pct. of GDP, 2022: 7.0%
> Military expenditure, 2022: $15.4 billion (#20 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 0.0% (#0 highest out of 152)
> Military expenditure, 2017: (#0 highest out of 155)
> GDP per capita, 2021 $66,838 (#13 highest out of 203)
> Population, 2023: 2.5 million (#143 largest out of 237)
> Region: Middle East

2. Saudi Arabia
> Military expenditure as a pct. of GDP, 2022: 7.4%
> Military expenditure, 2022: $75.0 billion (#5 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 10.2% (#3 highest out of 152)
> Military expenditure, 2017: $70.4 billion (#3 highest out of 155)
> GDP per capita, 2021 $23,186 (#49 highest out of 203)
> Population, 2023: 35.9 million (#42 largest out of 237)
> Region: Middle East

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1. Ukraine
> Military expenditure as a pct. of GDP, 2022: 33.5%
> Military expenditure, 2022: $44.0 billion (#11 highest out of 152)
> Military expenditure as a pct. of GDP, 2017: 2.9% (#49 highest out of 152)
> Military expenditure, 2017: $3.2 billion (#49 highest out of 155)
> GDP per capita, 2021 $4,836 (#122 highest out of 203)
> Population, 2023: 43.3 million (#35 largest out of 237)
> Region: Europe

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