Special Report

Countries With the Fastest-Growing Military Powers

24/7 Wall St. Staff

Published: January 28, 2024 12:31 pm

During a September visit to the Albanian capital of Tirana, Kosovo President Vjosa Osmani asserted that Serbia, a strong ally of Russia, was making efforts to disrupt the Western Balkans in order to “attack the values and the system of values on which the U.S. and NATO stand.”

Tensions between the former Yugoslav nations have persisted for much of the past two decades for various reasons. And Serbia, almost totally surrounded by NATO member countries, has been strengthening its military capabilities in recent years. However, Serbia is not the only nation experiencing an increase in military strength.

To identify the countries growing the most in military power, 24/7 Wall St. reviewed military strength scores from defense reference site Global Firepower — which uses an index composed of over 60 factors, including manpower, military equipment, finances, and membership in alliances such as NATO, to determine a country’s conventional fighting capability. We listed the 25 countries with the largest decline in their Global Firepower Index score — meaning an increase in military power — from 2016 to 2023. Only countries ranking within the 65 most powerful militaries as of 2023 were considered.

Lower Firepower Index scores indicate greater military strength. While a perfect score of 0.0000 is realistically unattainable based on the index criteria, the United States currently has the world’s most powerful military with a GFI score of 0.0712. Despite having the most powerful military, the U.S. armed forces’ strength did not increase as much as other countries and the U.S. did not make the list. Meanwhile Serbia’s military, which now ranks 57th most powerful, ranked 82nd most powerful in 2016, as its military strength increased considerably. 

Supplemental data on the number of active armed forces and defense spending as a percentage of GDP in 2022 came from the 2023 Military Balance report of the International Institute for Strategic Studies.

Out of the 25 nations experiencing the most significant increases in military strength, seven belong to NATO. Although all the countries on this list have increased their military capabilities from 2016 to 2023, the theoretical combat effectiveness of three nations — Brazil, Iran, and Spain — decreased from 2021 to 2023, as indicated by their escalating GFI scores.

Included in the list of the world’s growing military powers is Finland, which joined NATO in April, in a move influenced by Russia’s conflict in Ukraine. Finland shares an 830-mile border with Russia, a portion of which is only 120 miles from St. Petersburg, Russia’s second largest city. Meanwhile, Ukraine experienced the seventh largest increase in military strength and now holds the 15th position among the world’s most powerful.

Within this group of 25 countries, there are four in Latin America, three in Southeast Asia, and two in Africa.

These are the countries growing in military power:

25. Finland

Finnish military band (CC BY 2.0) by Lauri Rantala

• Change in Global Firepower Index, 2016 to 2023: -0.09
• Global Firepower Index, 2023: 0.81 (50th most powerful in world)
• Global Firepower Index, 2016: 0.90 (54th most powerful in world)
• Active armed forces, 2022: 19,000 (98th largest in world)
• Defense spending as % of GDP, 2022: 2.1% (37th most in world)

24. Bulgaria

Source: martin-dm / iStock via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.09
• Global Firepower Index, 2023: 0.98 (58th most powerful in world)
• Global Firepower Index, 2016: 1.07 (66th most powerful in world)
• Active armed forces, 2022: 37,000 (70th largest in world)
• Defense spending as % of GDP, 2022: 1.6% (63rd most in world)

23. Indonesia

Source: Yamtono_Sardi / iStock Unreleased via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.11
• Global Firepower Index, 2023: 0.22 (13th most powerful in world)
• Global Firepower Index, 2016: 0.34 (14th most powerful in world)
• Active armed forces, 2022: 396,000 (13th largest in world)
• Defense spending as % of GDP, 2022: 0.7% (123rd most in world)

22. Brazil

Source: pabst_ell / iStock Unreleased via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.12
• Global Firepower Index, 2023: 0.22 (12th most powerful in world)
• Global Firepower Index, 2016: 0.34 (15th most powerful in world)
• Active armed forces, 2022: 367,000 (14th largest in world)
• Defense spending as % of GDP, 2022: 1.2% (91st most in world)

21. South Korea

Source: Chung Sung-Jun / Getty Images News via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.13
• Global Firepower Index, 2023: 0.15 (6th most powerful in world)
• Global Firepower Index, 2016: 0.28 (11th most powerful in world)
• Active armed forces, 2022: 555,000 (9th largest in world)
• Defense spending as % of GDP, 2022: 2.5% (27th most in world)

20. Spain

Source: ManuelVelasco / iStock Unreleased via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.14
• Global Firepower Index, 2023: 0.36 (21st most powerful in world)
• Global Firepower Index, 2016: 0.49 (26th most powerful in world)
• Active armed forces, 2022: 124,000 (38th largest in world)
• Defense spending as % of GDP, 2022: 1.1% (102nd most in world)

19. Iran

Source: Majid Saeedi / Getty Images News via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.14
• Global Firepower Index, 2023: 0.27 (17th most powerful in world)
• Global Firepower Index, 2016: 0.41 (20th most powerful in world)
• Active armed forces, 2022: 610,000 (8th largest in world)
• Defense spending as % of GDP, 2022: 2.2% (33rd most in world)

18. Hungary

Source: Public Domain / Wikimedia Commons

• Change in Global Firepower Index, 2016 to 2023: -0.14
• Global Firepower Index, 2023: 0.86 (53rd most powerful in world)
• Global Firepower Index, 2016: 1.00 (61st most powerful in world)
• Active armed forces, 2022: 32,000 (78th largest in world)
• Defense spending as % of GDP, 2022: 1.6% (62nd most in world)

17. Netherlands

Soldiers boarding a RNLAF CH-4... (CC BY 2.0) by Nicky Boogaard

• Change in Global Firepower Index, 2016 to 2023: -0.14
• Global Firepower Index, 2023: 0.58 (38th most powerful in world)
• Global Firepower Index, 2016: 0.72 (38th most powerful in world)
• Active armed forces, 2022: 34,000 (73rd largest in world)
• Defense spending as % of GDP, 2022: 1.5% (69th most in world)

16. Pakistan

Source: Mirko Kuzmanovic / iStock Editorial via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.16
• Global Firepower Index, 2023: 0.17 (7th most powerful in world)
• Global Firepower Index, 2016: 0.32 (13th most powerful in world)
• Active armed forces, 2022: 652,000 (7th largest in world)
• Defense spending as % of GDP, 2022: 2.6% (25th most in world)

15. Mexico

Source: Joel Carillet / iStock Unreleased via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.16
• Global Firepower Index, 2023: 0.47 (30th most powerful in world)
• Global Firepower Index, 2016: 0.63 (30th most powerful in world)
• Active armed forces, 2022: 216,000 (23rd largest in world)
• Defense spending as % of GDP, 2022: 0.4% (144th most in world)

14. Australia

Source: Ryan Fletcher / iStock Editorial via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.16
• Global Firepower Index, 2023: 0.26 (16th most powerful in world)
• Global Firepower Index, 2016: 0.42 (22nd most powerful in world)
• Active armed forces, 2022: 60,000 (56th largest in world)
• Defense spending as % of GDP, 2022: 2.0% (41st most in world)

13. Norway

Source: Michele Ursi / iStock Editorial via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.19
• Global Firepower Index, 2023: 0.53 (34th most powerful in world)
• Global Firepower Index, 2016: 0.71 (37th most powerful in world)
• Active armed forces, 2022: 25,000 (87th largest in world)
• Defense spending as % of GDP, 2022: 1.5% (71st most in world)

12. Iraq

Source: Public Domain / Wikimedia Commons

• Change in Global Firepower Index, 2016 to 2023: -0.20
• Global Firepower Index, 2023: 0.74 (44th most powerful in world)
• Global Firepower Index, 2016: 0.93 (58th most powerful in world)
• Active armed forces, 2022: 193,000 (26th largest in world)
• Defense spending as % of GDP, 2022: 3.2% (16th most in world)

11. Nigeria

2022 Army DSSC graduation (CC BY-SA 4.0) by EngrgeneralG

• Change in Global Firepower Index, 2016 to 2023: -0.23
• Global Firepower Index, 2023: 0.56 (35th most powerful in world)
• Global Firepower Index, 2016: 0.79 (43rd most powerful in world)
• Active armed forces, 2022: 143,000 (34th largest in world)
• Defense spending as % of GDP, 2022: 0.6% (136th most in world)

10. Bangladesh

Victory Day Parade, Dhaka, Bangladesh (CC BY-SA 4.0) by Jubair Bin Iqbal

• Change in Global Firepower Index, 2016 to 2023: -0.28
• Global Firepower Index, 2023: 0.59 (39th most powerful in world)
• Global Firepower Index, 2016: 0.87 (51st most powerful in world)
• Active armed forces, 2022: 163,000 (30th largest in world)
• Defense spending as % of GDP, 2022: 0.9% (108th most in world)

9. Argentina

Source: nickalbi / iStock Editorial via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.28
• Global Firepower Index, 2023: 0.42 (27th most powerful in world)
• Global Firepower Index, 2016: 0.71 (34th most powerful in world)
• Active armed forces, 2022: 72,000 (50th largest in world)
• Defense spending as % of GDP, 2022: 0.5% (137th most in world)

8. Cuba

Source: PhotosByByron / iStock Editorial via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.31
• Global Firepower Index, 2023: 1.15 (65th most powerful in world)
• Global Firepower Index, 2016: 1.46 (78th most powerful in world)
• Active armed forces, 2022: 49,000 (61st largest in world)
• Defense spending as % of GDP, 2022: N/A

7. Ukraine

Source: Olena_Z / iStock via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.34
• Global Firepower Index, 2023: 0.25 (15th most powerful in world)
• Global Firepower Index, 2016: 0.59 (29th most powerful in world)
• Active armed forces, 2022: 688,000 (6th largest in world)
• Defense spending as % of GDP, 2022: N/A

6. South Africa

Source: Public Domain / Wikimedia Commons

• Change in Global Firepower Index, 2016 to 2023: -0.34
• Global Firepower Index, 2023: 0.49 (32nd most powerful in world)
• Global Firepower Index, 2016: 0.83 (45th most powerful in world)
• Active armed forces, 2022: 74,000 (49th largest in world)
• Defense spending as % of GDP, 2022: 0.8% (117th most in world)

5. Philippines

Source: ClaudineVM / iStock Editorial via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.39
• Global Firepower Index, 2023: 0.48 (31st most powerful in world)
• Global Firepower Index, 2016: 0.87 (50th most powerful in world)
• Active armed forces, 2022: 145,000 (33rd largest in world)
• Defense spending as % of GDP, 2022: 1.4% (79th most in world)

4. Portugal

Source: mtcurado / iStock Unreleased via Getty Images

• Change in Global Firepower Index, 2016 to 2023: -0.41
• Global Firepower Index, 2023: 0.61 (40th most powerful in world)
• Global Firepower Index, 2016: 1.02 (62nd most powerful in world)
• Active armed forces, 2022: 27,000 (83rd largest in world)
• Defense spending as % of GDP, 2022: 1.0% (104th most in world)

3. Singapore

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

• Change in Global Firepower Index, 2016 to 2023: -0.56
• Global Firepower Index, 2023: 0.46 (28th most powerful in world)
• Global Firepower Index, 2016: 1.02 (63rd most powerful in world)
• Active armed forces, 2022: 51,000 (60th largest in world)
• Defense spending as % of GDP, 2022: 2.8% (23rd most in world)

2. Serbia

Nora B52 M15 VS - Odbrana slobode 2019 Niu0161 4 (CC BY-SA 4.0) by Sru0111an Popoviu0107

• Change in Global Firepower Index, 2016 to 2023: -0.63
• Global Firepower Index, 2023: 0.96 (57th most powerful in world)
• Global Firepower Index, 2016: 1.59 (82nd most powerful in world)
• Active armed forces, 2022: 28,000 (82nd largest in world)
• Defense spending as % of GDP, 2022: 2.0% (44th most in world)

1. Qatar

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

• Change in Global Firepower Index, 2016 to 2023: -0.77
• Global Firepower Index, 2023: 1.13 (64th most powerful in world)
• Global Firepower Index, 2016: 1.90 (92nd most powerful in world)
• Active armed forces, 2022: 17,000 (102nd largest in world)
• Defense spending as % of GDP, 2022: 3.8% (11th most in world)