These Are The World’s Most Militarized Economies

In 2024, the U.S., China, and Russia were the top countries by military spending, representing more than half of the global total.

Overall, global military expenditures hit a record $2.7 trillion, a 9.4% increase over the year. Amid rising geopolitical tensions, all five regions of the world increased their military spending for the second consecutive year.

This graphic, via Visual Capitalist’s Dorothy Neufeld, shows the most militarized countries across three metrics, based on data from the Institute of Economics and Peace.

The Top 10 Countries by Military Spending in 2024

In the table below, we show the countries with the largest military budgets in 2024. Figures are represented in purchasing power parity (PPP) terms:

With a $949 billion budget, America has 1.5 million active duty personnel across 4,790 military sites globally.

China follows next, with $450 billion in spending. Overall, Taiwan stands as a top priority for the People’s Liberation Army (PLA), with widespread U.S. intelligence suggesting that Xi Jinping wants to be capable of seizing the country by force by 2027.

Ranking in third is Russia, which increased expenditures by an estimated 38% in 2024 amid ongoing conflict in Ukraine.

The Top 10 Countries by Military Spending Per Capita

When it comes to military spending on a per capita basis, North Korea ranks first by a wide margin.

Qatar, a small gulf state bordering Saudi Arabia, stands in second, driven by broad-based modernization of its military, navy, and air force.

Interestingly, Singapore comes in third by this measure, despite being known as a neutral state. In fact, Singapore has consistently spent around 3% of GDP on defense for decades, higher than most European countries.

The Top 10 Countries by Military Spending as a Share of GDP

Once again, North Korea leads globally in terms of military spending as a share of GDP, reaching 34% in 2024.

Standing in second place is Ukraine, at 17% of GDP, totalling $103 billion.

In comparison, Russia’s military budget was 6% of GDP, at $352 billion in 2024. Today, Russia has the largest army in Europe, with 1.3 million active duty personnel, while Ukraine follows with 900,000 active troops.

To learn more about this topic, check out this graphic on military spending by country in 2024.