In terms of economics Purchasing Power Parity (PPP) acts as an indicator that measures the cost of living and inflation rates across countries and currencies. This indicator provides a fairly accurate accounting of economic strength and consumer buying power. At the same time, PPP also plays an integral role in military strength. Nations that can buy more assets like aircraft carrier or Multiple Launch Rocket Systems (MLRS) tend to have a stronger military. Here, 24/7 Wall St. is taking a closer look at NATO’s top military powers with the largest PPP.

To determine the NATO countries with the most PPP, 24/7 Wall St. reviewed the 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 PPP. We also included supplemental information regarding foreign exchange/gold reserves, defense budgets, external debt, a composition of military assets, as well as the overall military strength score.

Here is a look at the military powers with the most PPP 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

• Purchasing power parity: $17,115,000,000
• Foreign exchange and gold reserves: $1,574,000,000
• Military defense budget: $148,100,000 – #136 out of 145
• External debt: $2,958,500,000
• Total military aircraft: 11
• Total military vehicles: 471
• Total naval vessels: 14
• Military strength score and world rank: 2.9216 – #127 out of 145

For some background, Montenegro has a total population of 599,849, and of these 85,179 are fit for military service. It has 7,850 total military personnel, which is composed of 2,350 active personnel and 5,500 paramilitary forces.

31. Iceland

• Purchasing power parity: $26,155,000,000
• Foreign exchange and gold reserves: $5,809,000,000
• Military defense budget: $312,400,000 – #121 out of 145
• External debt: $22,000,000,000
• Total military aircraft: 0
• Total military vehicles: 150
• Total naval vessels: 0
• Military strength score and world rank: 3.5181 – #135 out of 145

For some background, Iceland has a total population of 364,036, and of these 50,237 are fit for military service.

30. North Macedonia

• Purchasing power parity: $42,444,000,000
• Foreign exchange and gold reserves: $5,015,000,000
• Military defense budget: $388,421,700 – #114 out of 145
• External debt: $11,000,000,000
• 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

For some background, North Macedonia has a total population of 2.136 million, and of these 783,773 are fit for military service. It has 7,250 total military personnel, which is composed of 9,000 active personnel, 60,000 reserves, and 3,500 paramilitary forces.

29. Albania

• Purchasing power parity: $49,592,000,000
• Foreign exchange and gold reserves: $6,455,000,000
• Military defense budget: $558,862,420 – #101 out of 145
• External debt: $7,312,000,000
• 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

For some background, Albania has a total population of 3.107 million, and of these 1,292,554 are fit for military service. It has 9,100 total military personnel, which is composed of 6,600 active personnel, 2,000 reserves, and 500 paramilitary forces.

28. Estonia

• Purchasing power parity: $57,377,000,000
• Foreign exchange and gold reserves: $2,593,000,000
• Military defense budget: $1,463,360,000 – #77 out of 145
• External debt: $26,400,000,000
• 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

For some background, Estonia has a total population of 1.194 million, and of these 456,028 are fit for military service. It has 96,500 total military personnel, which is composed of 7,700 active personnel, 78,800 reserves, and 10,000 paramilitary forces.

27. Latvia

• Purchasing power parity: $71,154,000,000
• Foreign exchange and gold reserves: $4,957,000,000
• Military defense budget: $1,138,000,000 – #84 out of 145
• External debt: $44,180,400,000
• 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

For some background, Latvia has a total population of 1.801 million, and of these 648,449 are fit for military service. It has 65,750 total military personnel, which is composed of 17,250 active personnel, 36,000 reserves, and 12,500 paramilitary forces.

26. Luxembourg

• Purchasing power parity: $88,533,000,000
• Foreign exchange and gold reserves: $2,977,000,000
• Military defense budget: $726,092,925 – #98 out of 145
• External debt: $4,730,000,000,000
• Total military aircraft: 1
• Total military vehicles: 182
• Total naval vessels: 0
• Military strength score and world rank: 2.6415 – #117 out of 145

For some background, Luxembourg has a total population of 671,254, and of these 92,633 are fit for military service. It has 1,000 total military personnel, which is entirely composed of its active-duty personnel..

25. Slovenia

• Purchasing power parity: $102,036,000,000
• Foreign exchange and gold reserves: $2,370,000,000
• Military defense budget: $886,860,000 – #91 out of 145
• External debt: $55,000,000,000
• 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

For some background, Slovenia has a total population of 2.098 million, and of these 826,570 are fit for military service. It has 38,300 total military personnel, which is composed of 7,300 active personnel, 26,000 reserves, and 5,000 paramilitary forces.

24. Lithuania

• Purchasing power parity: $132,712,000,000
• Foreign exchange and gold reserves: $6,168,000,000
• Military defense budget: $2,388,900,000 – #66 out of 145
• External debt: $44,000,000,000
• 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

For some background, Lithuania has a total population of 2.628 million, and of these 1,332,490 are fit for military service. It has 141,150 total military personnel, which is composed of 23,000 active personnel, 104,000 reserves, and 14,150 paramilitary forces.

23. Croatia

• Purchasing power parity: $159,305,000,000
• Foreign exchange and gold reserves: $3,176,000,000
• Military defense budget: $1,176,000,000 – #83 out of 145
• External debt: $55,000,000,000
• 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

For some background, Croatia has a total population of 4.150 million, and of these 1,564,594 are fit for military service. It has 36,425 total military personnel, which is composed of 14,325 active personnel, 20,100 reserves, and 2,000 paramilitary forces.

22. Slovakia

• Purchasing power parity: $213,053,000,000
• Foreign exchange and gold reserves: $11,288,000,000
• Military defense budget: $2,656,000,000 – #64 out of 145
• External debt: $127,600,000,000
• 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

For some background, Slovakia has a total population of 5.564 million, and of these 2,353,424 are fit for military service. It has 19,500 total military personnel, which is composed entirely of its active-duty personnel.

21. Bulgaria

• Purchasing power parity: $214,061,000,000
• Foreign exchange and gold reserves: $46,334,000,000
• Military defense budget: $1,373,232,000 – #80 out of 145
• External debt: $27,138,500,000
• 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

For some background, Bulgaria has a total population of 6.783 million, and of these 2,611,324 are fit for military service. It has 40,000 total military personnel, which is composed of 37,000 active personnel and 3,000 reserves.

20. Finland

• Purchasing power parity: $321,126,000,000
• Foreign exchange and gold reserves: $16,929,000,000
• Military defense budget: $6,779,661,000 – #42 out of 145
• External debt: $660,000,000,000
• 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

For some background, Finland has a total population of 5.626 million, and of these 1,912,981 are fit for military service. It has 947,800 total military personnel, which is composed of 24,000 active personnel, 870,000 reserves, and 53,800 paramilitary forces.

19. Greece

• Purchasing power parity: $375,780,000,000
• Foreign exchange and gold reserves: $13,608,000,000
• Military defense budget: $6,500,000,000 – #44 out of 145
• External debt: $550,000,000,000
• 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

For some background, Greece has a total population of 10.46 million, and of these 3,985,676 are fit for military service. It has 419,050 total military personnel, which is composed of 142,700 active personnel, 221,350 reserves, and 55,000 paramilitary forces.

18. Hungary

• Purchasing power parity: $388,906,000,000
• Foreign exchange and gold reserves: $45,719,000,000
• Military defense budget: $4,576,000,000 – #53 out of 145
• External debt: $137,500,000,000
• 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

For some background, Hungary has a total population of 9.856 million, and of these 3,794,462 are fit for military service. It has 76,600 total military personnel, which is composed of 41,600 active personnel, 20,000 reserves, and 15,000 paramilitary forces.

17. Denmark

• Purchasing power parity: $428,385,000,000
• Foreign exchange and gold reserves: $109,371,000,000
• Military defense budget: $7,225,466,250 – #40 out of 145
• External debt: $555,500,000,000
• 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

For some background, Denmark has a total population of 5.973 million, and of these 2,126,436 are fit for military service. It has 83,000 total military personnel, which is composed of 20,000 active personnel, 12,000 reserves, and 51,000 paramilitary forces.

16. Norway

• Purchasing power parity: $449,528,000,000
• Foreign exchange and gold reserves: $80,459,000,000
• Military defense budget: $9,710,000,000 – #32 out of 145
• External debt: $716,144,000,000
• 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

For some background, Norway has a total population of 5.510 million, and of these 1,807,192 are fit for military service. It has 63,250 total military personnel, which is composed of 23,250 active personnel and 40,000 paramilitary forces.

15. Czechia

• Purchasing power parity: $519,007,000,000
• Foreign exchange and gold reserves: $148,379,000,000
• Military defense budget: $6,750,000,000 – #43 out of 145
• External debt: $211,200,000,000
• 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

For some background, Czechia has a total population of 10.84 million, and of these 4,129,236 are fit for military service. It has 32,200 total military personnel, which is composed of 28,000 active personnel and 4,200 reserves.

14. Portugal

• Purchasing power parity: $529,901,000,000
• Foreign exchange and gold reserves: $53,710,000,000
• Military defense budget: $4,627,000,000 – #52 out of 145
• External debt: $399,395,000,000
• 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

For some background, Portugal has a total population of 10.64 million, and of these 4,096,295 are fit for military service. It has 260,400 total military personnel, which is composed of 24,000 active personnel, 211,700 reserves, and 24,700 paramilitary forces.

13. Sweden

• Purchasing power parity: $676,353,000,000
• Foreign exchange and gold reserves: $60,863,000,000
• Military defense budget: $13,000,000,000 – #28 out of 145
• External debt: $1,002,448,700,000
• 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

For some background, Sweden has a total population of 10.59 million, and of these 3,558,185 are fit for military service. It has 82,300 total military personnel, which is composed of 24,400 active personnel, 32,900 reserves, and 25,000 paramilitary forces.

12. Belgium

• Purchasing power parity: $751,592,000,000
• Foreign exchange and gold reserves: $40,813,000,000
• Military defense budget: $10,200,000,000 – #31 out of 145
• External debt: $1,449,264,300,000
• 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

For some background, Belgium has a total population of 11.98 million, and of these 3,880,753 are fit for military service. It has 31,400 total military personnel, which is composed of 25,000 active personnel and 6,400 reserves.

11. Romania

• Purchasing power parity: $772,107,000,000
• Foreign exchange and gold reserves: $73,000,000,000
• Military defense budget: $9,700,000,000 – #33 out of 145
• External debt: $132,000,000,000
• 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

For some background, Romania has a total population of 18.15 million, and of these 7,731,114 are fit for military service. It has 151,300 total military personnel, which is composed of 81,300 active personnel, 55,000 reserves, and 15,000 paramilitary forces.

10. Netherlands

• Purchasing power parity: $1,240,000,000,000
• Foreign exchange and gold reserves: $69,830,000,000
• Military defense budget: $27,000,000,000 – #18 out of 145
• External debt: $4,779,954,300,000
• 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

For some background, the Netherlands has a total population of 17.77 million, and of these 6,486,918 are fit for military service. It has 53,145 total military personnel, which is composed of 41,380 active personnel, 6,765 reserves, and 5,000 paramilitary forces.

9. Poland

• Purchasing power parity: $1,616,000,000,000
• Foreign exchange and gold reserves: $193,783,000,000
• Military defense budget: $48,700,000,000 – #12 out of 145
• External debt: $386,947,000,000
• 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

For some background, Poland has a total population of 38.75 million, and of these 15,576,017 are fit for military service. It has 602,100 total military personnel, which is composed of 202,100 active personnel, 350,000 reserves, and 50,000 paramilitary forces.

8. Canada

• Purchasing power parity: $2,238,000,000,000
• Foreign exchange and gold reserves: $117,551,000,000
• Military defense budget: $41,000,000,000 – #15 out of 145
• External debt: $2,337,375,700,000
• 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

For some background, Canada has a total population of 38.79 million, and of these 13,500,595 are fit for military service. It has 100,500 total military personnel, which is composed of 68,000 active personnel, 27,000 reserves, and 5,500 paramilitary forces.

7. Spain

• Purchasing power parity: $2,242,000,000,000
• Foreign exchange and gold reserves: $103,089,000,000
• Military defense budget: $23,397,000,000 – #22 out of 145
• External debt: $2,572,738,300,000
• 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

For some background, Spain has a total population of 47.28 million, and of these 17,635,602 are fit for military service. It has 226,902 total military personnel, which is composed of 133,282 active personnel, 15,150 reserves, and 78,470 paramilitary forces.

6. Turkey

• Purchasing power parity: $2,936,000,000,000
• Foreign exchange and gold reserves: $140,858,000,000
• Military defense budget: $47,000,000,000 – #13 out of 145
• External debt: $294,441,000,000
• 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

For some background, Turkey has a total population of 84.12 million, and of these 36,087,279 are fit for military service. It has 883,900 total military personnel, which is composed of 355,200 active personnel, 378,700 reserves, and 150,000 paramilitary forces.

5. Italy

• Purchasing power parity: $3,097,000,000,000
• Foreign exchange and gold reserves: $247,396,000,000
• Military defense budget: $30,890,000,000 – #16 out of 145
• External debt: $2,750,000,000,000
• 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

For some background, Italy has a total population of 60.96 million, and of these 22,191,235 are fit for military service. It has 289,000 total military personnel, which is composed of 165,500 active personnel, 18,500 reserves, and 105,000 paramilitary forces.

4. United Kingdom

• Purchasing power parity: $3,700,000,000,000
• Foreign exchange and gold reserves: $177,915,000,000
• Military defense budget: $71,500,540,000 – #6 out of 145
• External debt: $9,593,749,000,000
• 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

For some background, the United Kingdom has a total population of 68.46 million, and of these 25,192,932 are fit for military service. It has 1,108,860 total military personnel, which is composed of 184,860 active personnel and 924,000 reserves.

3. France

• Purchasing power parity: $3,764,000,000,000
• Foreign exchange and gold reserves: $240,792,000,000
• Military defense budget: $55,000,000,000 – #9 out of 145
• External debt: $6,992,104,900,000
• 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

For some background, France has a total population of 68.37 million, and of these 23,794,358 are fit for military service. It has 376,000 total military personnel, which is composed of 200,000 active personnel, 26,000 reserves, and 150,000 paramilitary forces.

2. Germany

• Purchasing power parity: $5,230,000,000,000
• Foreign exchange and gold reserves: $322,700,000,000
• Military defense budget: $50,000,000,000 – #11 out of 145
• External debt: $6,238,609,300,000
• 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

For some background, Germany has a total population of 84.12 million, and of these 30,955,829 are fit for military service. It has 215,600 total military personnel, which is composed of 181,600 active personnel and 34,000 reserves.

1. United States

• Purchasing power parity: $24,662,000,000,000
• Foreign exchange and gold reserves: $773,426,000,000
• Military defense budget: $895,000,000,000 – #1 out of 145
• External debt: $22,303,546,100,000
• 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

For some background, the United States has a total population of 341.96 million, and of these 124,816,644 are fit for military service. It has 2,127,500 total military personnel, which is composed of 1,328,000 active personnel and 799,500 reserves.

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