This article looks at 15 countries that have the best military in the world. If interested, you can also read our recent piece on Top 20 Countries with the Strongest Armies, which focuses on the capabilities of ground forces.
Global Defense Spending
Figures released this April by the Stockholm International Peace Research Institute (SIPRI) estimated global defense spending for 2023 at a record high of $2.44 trillion, having risen 6.8% compared to the previous year. This is the biggest spike in military expenditure since 2009 and the ninth successive year defense spending had increased.
With defense bills worth a whopping $916 billion during the year, the United States accounted for 37.5% of the world’s total military spending in 2023. The figure was 2.3% higher than last year and represented more than two-thirds (68%) of NATO’s overall defense expenditure in 2023. $588 billion was spent in Europe, which was 16% higher than in 2022, and made up 24% of the global spending. The spike was triggered by a substantial increase in defense spending by both Russia and Ukraine, while several other countries in the region also bolstered their defenses with war returning to the continent after decades of peace.
Asia incurred $560 billion on defense in 2023. The figure was 40% more than what it was a decade ago in 2014. A major chunk of this expenditure came from East Asia and South Asia, while oil-rich monarchies in the Middle East also spent hefty amounts on strengthening their national security.
The surge in defense spending over the last two years, specifically after Russia’s invasion of Ukraine in February 2022 has created a boom in the global defense industry. The ongoing conflict in the Middle East involving Israel and Hamas has further bolstered their finances. Lockheed Martin Corporation (NYSE:LMT) posted a revenue of $67.6 billion in 2023, representing a 2.4% increase year-over-year. The company’s earnings also grew $1.2 billion compared to 2023.
Since the beginning of the Russia-Ukraine conflict, Lockheed Martin Corporation (NYSE:LMT)’s share price has gained 29%, due to strong demand for its weapons, especially HIMARS, GMLRS, and the F-35 fifth-generation fighter jet. The stock is projected for further growth with no end in sight to the war in Europe and the aggravating situation in the Middle East. In April this year, the United States announced $95 billion in fresh military aid for Ukraine, Israel, and Taiwan. Experts believe a major chunk of this amount is going to go into the procurement of advanced weapons from companies such as Lockheed Martin Corporation (NYSE:LMT). It is one of the best aerospace and defense stocks to buy now, with 47 hedge funds bullish about the company’s prospects in Q1 2024, according to Insider Monkey.
RTX Corporation (NYSE:RTX) is another stock that is flying high amid strong financial results. After a solid 2023, during which it posted nearly $69 billion in revenue, the company had a robust first quarter of 2024 as well, with sales totaling $19.3 billion and registering a 12% YoY growth. Its earnings per share of $1.34 was also 10% higher than in the first quarter of last year. RTX Corporation (NYSE:RTX)’s share price has spiked 15% since the start of the Ukraine war in early 2022.
Anticipating a sustained demand for its weapons, RTX Corporation (NYSE:RTX) expects total revenue between $78-99 billion for FY 2024 and an EPS in the range of $5.25 – $5.40. According to Insider Monkey’s hedge funds database, 62 hedge funds are bullish on the company. Their optimism stems from RTX Corporation (NYSE:RTX)’s impressive backlog of $196 billion, of which $78 billion is related to defense orders, including a $2.8 billion guided-missile order by NATO.
You can read about other best-performing stocks in the industry by heading over to our recent article on the 10 Best Aerospace and Defense Stocks to Buy Now.
NEstudio/Shutterstock.com
Methodology
We considered 14 weighted metrics to rank 15 countries that have the best military in the world. These include GDP and defense spending (20%), technological capabilities (15%), manpower and special forces strength (15%), nuclear weapons (10%), aircraft including fighter jets (10%), aircraft carriers and submarines (10%), tanks and artillery (5%), military satellites in orbit (5%), overseas military bases (5%), and cybersecurity capabilities (5%). It was seen where each country ranked on a given metric and then was assigned a weighted score accordingly. Finally, all weighted scores were aggregated to get an overall score. Countries with the best military in the world are ranked in ascending order of their overall weighted scores.
Data on GDP was sourced from the IMF, while SIPRI was consulted for numbers related to defense spending. For other military-related metrics, we referred to our recent articles such as 20 Largest Air Forces in the World Heading into 2024, 15 Countries with the Most Battle Tanks in the World, Artillery Strength by Country: Top 20 Militaries, amongst others; the Global Firepower Index 2024; and Power Atlas. For technological advancement levels, we referenced the Global Innovation Index 2023.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here).
Let’s now head over to the list of 15 countries that have the best military in the world.
15. Brazil
GDP (2023): $2.13 trillion
Defense Expenditure (2023): $22.88 billion
Technological Capabilities Rank: 49
Nuclear Weapons: None
Manpower: 360,000
Special Forces Rank: N/A
Tanks: 469
Artillery: 710
Aircraft/Fighter Jets: 527
Aircraft Carriers: 1
Submarines: 4
Military Satellites: 1
Overseas Military Bases: None
Cyber capabilities Rank: 24
Weighted Score: 16.95
Brazil is rapidly emerging on the world stage for its military prowess due to a sizable number of active military personnel and its strength on the naval front fueled by an economy that has crossed the $2 trillion mark in nominal terms. The country is actively leveraging its economic power to raise a strong air force as well. In 2014, Brazil ordered 36 Gripen fighter jets from Sweden, with the final shipment scheduled for delivery in 2027. These new inductions are set to further bolster the country’s already potent air force.
14. Australia
GDP (2023): $1.69 trillion
Defense Expenditure (2023): $32.34 billion
Technological Capabilities Rank: 24
Nuclear Weapons: None
Manpower: 57,350
Special Forces Rank: N/A
Tanks: 59
Artillery: 48
Aircraft/Fighter Jets: 296
Aircraft Carriers: N/A
Submarines: 6
Military Satellites: 4
Overseas Military Bases: 2
Cyber capabilities Rank: 5
Weighted Score: 16.94
Australia is among countries that has the best military in the world due to its sizable fleet of potent military aircraft, including the 37 F-35 fifth-generation fighter jets, amongst others. The country fares well on the naval front as well with up to six submarines. The fleet is on track to be further strengthened after the country receives the Virginia class of submarines from the United States in 2032 as part of the AUKUS pact. This will make Australia the second country in the world to operate this class of submarine.
13. Pakistan
GDP (2023): $340 billion
Defense Expenditure (2023): $8.52 billion
Technological Capabilities Rank: 88
Nuclear Weapons: 165
Manpower: 654,000
Special Forces Rank: 6
Tanks: 3,742
Artillery: 4,592
Aircraft/Fighter Jets: 818
Aircraft Carriers: None
Submarines: 8
Military Satellites: None
Overseas Military Bases: None
Cyber capabilities Rank: N/A
Weighted Score: 16.43
Pakistan boasts one of the strongest militaries in the world. Despite the ongoing structural challenges to its economy, the country spends heavily on defense and has raised a potent force to counter the perceived threat of aggression from arch-rival India on the east and the volatile situation across its western front in Afghanistan. The country is equipped with 165 nuclear weapons, according to Power Atlas, and has leapfrogged ahead of India in the nuclear arms race. It also has a sizable inventory of battle tanks and artillery units. Pakistan’s Special Services Group (SSG) is an elite special force that has taken part in complex operations against militant groups in the country’s tribal north, playing a key role in improving Pakistan’s security challenges. It is widely recognized among the best special forces in the world.
12. Italy
GDP (2023): $2.19 trillion
Defense Expenditure (2023): $35.53 billion
Technological Capabilities Rank: 26
Nuclear Weapons: None
Manpower: 165,500
Special Forces Rank: N/A
Tanks: 200
Artillery: 193
Aircraft/Fighter Jets: 506
Aircraft Carriers: 2
Submarines: 8
Military Satellites: 8
Overseas Military Bases: 1
Cyber capabilities Rank: 23
Weighted Score: 15.07
The Italian armed forces are recognized around the world for their military expertise and contributions to international peacekeeping missions. The country’s navy is one of the rare navies to have two aircraft carriers which are a significant component of Italy’s military strength. Italy also enjoys a tactical presence in space through its eight military satellites. It is among the highly-ranked countries when it comes to technological advancement and cybersecurity capabilities.
11. Turkiye
GDP (2023): $1.15 trillion
Defense Expenditure (2023): $15.82 billion
Technological Capabilities Rank: 39
Nuclear Weapons: None
Manpower: 355,200
Special Forces Rank: N/A
Tanks: 2,231
Artillery: 3,071
Aircraft/Fighter Jets: 618
Aircraft Carriers: 1
Submarines: 12
Military Satellites: 2
Overseas Military Bases: 3
Cyber capabilities Rank: 20
Weighted Score: 14.95
With an active manpower of over 350,000 troops and a large fleet of battle tanks and artillery units, Turkiye has one of the most powerful militaries in the world. It has 618 military aircraft, of which 157 are active F-16 fighter jets. Turkiye also has a strong navy that operates an aircraft carrier and 12 submarines, among other vessels. Ankara operates three overseas military bases in Qatar, Somalia, and Northern Cyprus, providing the country with a critical geographic and strategic edge in the regions these countries are located in.
10. Israel
GDP (2023): $522 billion
Defense Expenditure (2023): $27.5 billion
Technological Capabilities Rank: 14
Nuclear Weapons: 90
Manpower: 170,000
Special Forces Rank: 4
Tanks: 1,370
Artillery: 1,100
Aircraft/Fighter Jets: 581
Aircraft Carriers: None
Submarines: 5
Military Satellites: 8
Overseas Military Bases: 1
Cyber capabilities Rank: 17
Weighted Score: 13.39
Israel is the most technologically advanced country in the Middle East, and that is reflected in its defense sector at home, with the locally-made Iron Dome being one of the best air defense systems being operated currently. The country has a manpower of 170,000 active personnel that are equipped with potent machinery and weapons, including 90 nuclear warheads. Israel’s large fleet of military aircraft is 40% comprised of fighter jets, which is a testament to its aerial strength.
9. Germany
GDP (2023): $4.43 trillion
Defense Expenditure (2023): $66.84 billion
Technological Capabilities Rank: 8
Nuclear Weapons: None
Manpower: 181,600
Special Forces Rank: 9
Tanks: 295
Artillery: 167
Aircraft/Fighter Jets: 394
Aircraft Carriers: None
Submarines: 6
Military Satellites: 7
Overseas Military Bases: None
Cyber capabilities Rank: 11
Weighted Score: 13.08
Germany has the third largest economy in the world, valued at $4.43 trillion in 2023. The country spent heavily on defense last year amid the volatile situation in Europe. Its military strength stems from its advanced modern equipment. Germany ranks eighth in the world for technological advancement and is also widely acclaimed for its cybersecurity capabilities. The country also maintains a military presence in space through seven military satellites.
8. South Korea
GDP (2023): $1.71 trillion
Defense Expenditure (2023): $47.92 billion
Technological Capabilities Rank: 10
Nuclear Weapons: None
Manpower: 600,000
Special Forces Rank: N/A
Tanks: 2,501
Artillery: 8,633
Aircraft/Fighter Jets: 890
Aircraft Carriers: None
Submarines: 22
Military Satellites: 2
Overseas Military Bases: None
Cyber capabilities Rank: 8
Weighted Score: 12.20
Given its tense ties with North Korea, Seoul has raised a strong military with an active manpower of around 600,000 personnel. It is the tenth most technologically advanced country in the world and boasts a highly-capable defense industry at home. It has locally built the KF-21 Boramae fourth-generation fighter jet, which defense experts believe has similar radar-evading capabilities that are found in fifth-generation fighters. South Korea also has a huge arsenal of battle tanks and artillery units, which makes it well-equipped in the eventuality of a conflict breaking out with Pyongyang.
7. Japan
GDP (2023): $4.23 trillion
Defense Expenditure (2023): $50.16 billion
Technological Capabilities Rank: 13
Nuclear Weapons: None
Manpower: 247,150
Special Forces Rank: N/A
Tanks: 518
Artillery: 707
Aircraft/Fighter Jets: 779
Aircraft Carriers: 2
Submarines: 23
Military Satellites: 2
Overseas Military Bases: 1
Cyber capabilities Rank: 16
Weighted Score: 11.41
Despite being a tiny island nation, Japan finds itself among countries that have the best military in the world, with a sizable number of active military personnel, battle tanks, fighter jets, and naval assets. The country also maintains a military presence in space through its two satellites that are used for military purposes. Japan ranks 13th in the world for technological advancement and 16th for cybersecurity capabilities.
6. France
GDP (2023): $3.05 trillion
Defense Expenditure (2023): $61.3 billion
Technological Capabilities Rank: 11
Nuclear Weapons: 290
Manpower: 200,000
Special Forces Rank: 5
Tanks: 222
Artillery: 105
Aircraft/Fighter Jets: 658
Aircraft Carriers: 1
Submarines: 9
Military Satellites: 10
Overseas Military Bases: 5
Cyber capabilities Rank: 9
Weighted Score: 8.35
With a manpower of 200,000 troops, France has one of the largest standing militaries in Europe, which is well-equipped with 290 nuclear warheads and a large fleet of fighter jets. The country also has a sizable number of naval assets, including nine submarines and an aircraft carrier. France has a history of colonial influence over parts of Africa and still has thousands of troops deployed in its five overseas military bases in Chad, Gabon, Djibouti, Senegal, and Ivory Coast.
5. United Kingdom
GDP (2023): $3.33 trillion
Defense Expenditure (2023): $74.94 billion
Technological Capabilities Rank: 4
Nuclear Weapons: 225
Manpower: 184,860
Special Forces Rank: 2
Tanks: 213
Artillery: 238
Aircraft/Fighter Jets: 466
Aircraft Carriers: 2
Submarines: 10
Military Satellites: 6
Overseas Military Bases: 60
Cyber capabilities Rank: 4
Weighted Score: 8.03
The United Kingdom has long lost the superpower status that it once had, but it remains a formidable player in today’s multi-polar world. The country reportedly operates 60 overseas military bases across various regions, including in Cyprus, Gibraltar, Singapore, the South Atlantic Islands, and the British Indian Ocean Territory. The country has an active manpower of over 184,000 troops and boasts one of the best special forces in the world, the Special Air Service (SAS). Moreover, the UK ranks fourth in the world for technological advancement and cybersecurity capabilities.
