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
Source: karenfoleyphotography / iStock via Getty Images
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]
Source: AleksandarGeorgiev / E+ via Getty Images
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.
Source: Lukas Bischoff / iStock via Getty Images
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%
Source: scanrail / iStock via Getty Images
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]
Source: Joel Carillet / iStock Unreleased via Getty Images
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%
Source: diegograndi / iStock via Getty Images
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]
Source: MarioGuti / iStock via Getty Images
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%
Source: tawanlubfah / iStock via Getty Images
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%
Source: scanrail / iStock via Getty Images
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]
Source: Grafissimo / E+ via Getty Images
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%
Source: Ekely / iStock via Getty Images
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]
Source: nala_rinaldo / RooM via Getty Images
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.
Source: ferrantraite / E+ via Getty Images
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%
Source: Lukas Bischoff / iStock via Getty Images
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]
Source: muha04 / Getty Images
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%
Source: ToniFlap / iStock via Getty Images
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]
Source: TommL / E+ via Getty Images
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%
Source: HomoCosmicos / iStock via Getty Images
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%
Source: SHansche / iStock via Getty Images
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]
Source: StockByM / iStock via Getty Images
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%
Source: TomasSereda / iStock via Getty Images
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]
Source: mihaiulia / iStock via Getty Images
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%
Source: Seqoya / iStock via Getty Images
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%
Source: microgen / iStock via Getty Images
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]
Source: Eloi_Omella / E+ via Getty Images
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%
Source: RudyBalasko / iStock via Getty Images
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]
Source: Lukas Bischoff / iStock via Getty Images
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%
Source: bukharova / iStock via Getty Images
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%
Source: africanpix / iStock via Getty Images
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]
Source: MasterLu / iStock via Getty Images
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%
Source: SeanPavonePhoto / iStock via Getty Images
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]
Source: tawatchaiprakobkit / iStock via Getty Images
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%
Source: MOHAMED HUSSAIN YOUNIS / iStock via Getty Images
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%
Source: neirfy / iStock via Getty Images
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]
Source: aristotoo / E+ via Getty Images
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]
Source: Vladislav Zolotov / iStock via Getty Images
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%
Source: hadynyah / E+ via Getty Images
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%
Source: XIUYUAN YAO / iStock via Getty Images
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]
Source: Matt Anderson / iStock via Getty Images
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%
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
