In this article, we look at the 15 most powerful militaries in Latin America and where they get their defense equipment from. You can skip our detailed analysis on the subject and head over directly to the 5 Most Powerful Militaries in Latin America.
While final figures for 2023 are still awaited, global military expenditure reached a record-high of $2.2 trillion in 2022, according to the Stockholm International Peace Research Institute (SIPRI). $961 billion of the total amount was incurred in the Americas, 94% of which was contributed by the United States and Canada.
In Latin America – the region comprising parts of North, South and Central America, as well as the Caribbean Islands where Romance languages are predominantly spoken – defense expenditure was measured at $57.2 billion in 2022, at a modest increase of 0.8% compared to 2021.
Brazil had the largest share of this expenditure, with over $20 billion spent on military expenses in 2022. The country has been leveraging its economic strength for quite some time now to upgrade its military. In 2014, Brasilia placed an order for 36 Gripen fighter jets from Sweden to enhance its aerial capabilities, for a deal valued at $5.04 billion. Four more jets were added to the contract in 2022. Six of these fighters have been received so far from Sweden, with the remaining set for delivery by 2027. A year earlier, the Brazilian Air Force provided a contract to Lockheed Martin Corporation (NYSE:LMT)’s subsidiary, Sikorsky, to provide logistics support for Brazil’s 16 UH-60L Black Hawk helicopters for a period of four years.
Argentina has also been investing heavily to strengthen its military. In June last year, the country ordered six Bell 407GXi helicopters from Textron Inc. (NYSE:TXT) to perform in critical search and rescue operations in the country’s mountainous terrains. Later in October, the United States approved the transfer of 24 Lockheed Martin Corporation (NYSE:LMT) F-16 fighter jets from Denmark to Argentina. According to Argentine newspaper La Nacion, these jets will be equipped with air-to-air missiles and paid for with a $40 million financing package.
The approval by Washington to provide Argentina with the F-16s is being seen by analysts as a move to counter Chinese influence in South America. Buenos Aires has been restricted from procuring western military hardware since the Falklands War with the UK in 1982. The Argentines had initially been considering replacing their Dassault Mirage III fighters, which retired back in 2015, with the JF-17 – a joint production of China and Pakistan.
In a similar manner, Colombia has been offered by Lockheed Martin Corporation (NYSE:LMT) to upgrade and modernize its fleet of fighter jets with the F-16s to counter competing offers made by France’s Dassault Aviation and Swedish company Saab AB. The offer is reportedly backed by officials in Washington. Colombia is the fourth largest spender on defense in Latin America, having incurred over $9.9 billion on defense expenditure in 2022. The South American nation, in separate proposals, has also been offered to buy AGM-154 Joint Standoff Weapons from RTX Corporation (NYSE:RTX) for $225 million, and Harpoon anti-ship missiles from The Boeing Company (NYSE:BA) for $177 million.
Methodology
We have considered various metrics to rank the most powerful militaries in Latin America. These include the size of their economy measured in terms of nominal GDP, countries’ defense spending, technological capabilities, number of active military personnel, tanks, armored fighting vehicles, military aircraft fleet, and total naval assets.
It was observed where countries ranked on each metric, and then accordingly, they were assigned scores. For instance, if a country ranked first on any given metric out of 25, it received a score of 1 (25/25), and if it ranked fifth, it got a score of 0.84 (21/25), and so on. Finally their individual scores for each metric were summed to get an overall score. The 15 Most Powerful Militaries in Latin America are listed in this article in ascending order of their overall scores.
Data has been sourced from the 25 Largest Economies in the World in 2024, 20 Countries With Highest Military Spending In The World, 20 Largest Armed Forces in the World Ranked by Active Military Personnel, 15 Countries with the Most Battle Tanks in the World, 15 Militaries with the Most Armored Fighting Vehicles in the World, Global Firepower Index 2024 and Global Innovation Index 2023.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Let’s now head over to the list of the most powerful militaries in Latin America.
Top 15 Most Powerful Militaries in Latin America:
15. Paraguay
GDP (2023): $44 billion
Defense Spending (2022): $366 million
Technological Advancement Rank: 98/132
Active Military Personnel: 15,650
Tanks: 10
Armored Fighting Vehicles: 1,936
Military Aircraft: 41
Naval Assets: 69
Overall Score: 2.84
Paraguay is one of the poorest countries in Latin America, and has a long martial history having been led by military dictators for decades. The country enjoys cordial relations with its more powerful neighbors Brazil, Argentina, and Bolivia, and therefore much of the security challenges facing Paraguay are internal – especially from drug cartels. The Paraguayan Air Force operates 41 military aircraft, including 12 Bell UH-1 Iroquois built by Textron Inc. (NYSE:TXT). It has 69 naval units, and a sizable number of armored fighting vehicles.
14. Guatemala
GDP (2023): $103 billion
Defense Spending (2022): $431 million
Technological Advancement Rank: 122/132
Active Military Personnel: 106,114
Tanks: 10
Armored Fighting Vehicles: 848
Military Aircraft: 34
Naval Assets: 25
Overall Score: 3.16
Guatemala has the seventh largest military in Latin America, with an active manpower of over 100,000 soldiers. In addition to this, it also has a reserve force of 90,000 personnel. Another key area of strength for the country’s military is its large fleet of armored fighting vehicles. Four of the 34 military aircraft operated by the country are used for combat purposes, which include three A-37 manufactured by Textron Inc. (NYSE:TXT)’s subsidiary, Cessna, and one Swiss-made Pilatus PC-7.
13. Honduras
GDP (2023): $34 billion
Defense Spending (2022): $478 million
Technological Advancement Rank: 116/132
Active Military Personnel: 52,225
Tanks: 22
Armored Fighting Vehicles: 614
Military Aircraft: 44
Naval Assets: 71
Overall Score: 3.37
Next on our list is Honduras, which has a large fleet of armored fighting vehicles and an active manpower of over 50,000 troops. The country faces a serious security problem with violent gang groups terrorizing local populations, and has increased military spending by 36% over the last two years to be better prepared for the challenge at hand.
12. Cuba
GDP (2023): $94 billion
Defense Spending (2022): $129 million
Technological Advancement Rank: N/A
Active Military Personnel: 45,500
Tanks: 225
Armored Fighting Vehicles: 4,826
Military Aircraft: 81
Naval Assets: 24
Overall Score: 3.53
Cuba has been under western sanctions for several decades, which has impeded its military strength significantly, with most of its weapons being outdated. However, it still boasts a sizable military with over 45,000 active personnel and the fifth largest fleet of battle tanks in Latin America. Cuba also operates 38 combat aircraft, all Russian – 24 MiG-23, 11 MiG-21, and 3 MiG-29.
11. Uruguay
GDP (2023): $76 billion
Defense Spending (2022): $1.38 billion
Technological Advancement Rank: 63/132
Active Military Personnel: 25,000
Tanks: 39
Armored Fighting Vehicles: 3,993
Military Aircraft: 43
Naval Assets: 11
Overall Score: 3.68
Uruguay is one of the most powerful militaries in Latin America, despite having a small armed force in terms of both manpower. It has a sizable number of armored fighting vehicles and a tank fleet of 39 units. The country’s military aircraft include 7 combat, 6 special-mission, and 6 transport aircraft, along with 2 tankers and several military purpose helicopters. Uruguay is also among the more technologically advanced countries in the region.
10. Bolivia
GDP (2023): $47 billion
Defense Spending (2022): $640 million
Technological Advancement Rank: 97/132
Active Military Personnel: 40,000
Tanks: 54
Armored Fighting Vehicles: 452
Military Aircraft: 63
Naval Assets: 173
Overall Score: 3.74
Next up is Bolivia, which has 40,000 active military personnel, 54 tanks, and 452 armored fighting vehicles. The country’s air force operates two Learjet 35 aircraft for special mission operations. It also has a fleet of 22 combat helicopters. In addition to this, the country’s military possesses 14 transport aircraft, including 4 C-130B. Moreover, despite being landlocked for over a century, the country maintains a strong naval force, with most of the boats docked at a lake. Bolivia hopes to regain its coast lost to Chile in a conflict more than 100 years ago.
9. Dominican Republic
GDP (2023): $169 billion
Defense Spending (2022): $761 million
Technological Advancement Rank: 94/132
Active Military Personnel: 50,000
Tanks: 10
Armored Fighting Vehicles: 540
Military Aircraft: 69
Naval Assets: 34
Overall Score: 3.95
The Dominican Republic boasts the seventh largest economy in Latin America, and the largest in the Caribbean region. The country has leveraged its economic strength to raise a strong military, and raised its defense expenditure 31% in 2022 compared to 2021. The island nation boasts a manpower of 50,000 active troops and a sizable fleet of armored vehicles. It also has 69 military aircraft, and a naval fleet of 34 units.
8. Venezuela
GDP (2023): $94 billion
Defense Spending (2022): $5 million
Technological Advancement Rank: N/A
Active Military Personnel: 109,000
Tanks: 180
Armored Fighting Vehicles: 14,966
Military Aircraft: 242
Naval Assets: 32
Overall Score: 4.11
Venezuela too remains under western sanctions with arms sales and retransfers prohibited to the country. Despite that, it boasts a large military. It has the fifth biggest military in terms of active personnel, has the fourth most armored fighting vehicles in Latin America, and the six largest fleets of both military aircraft and battle tanks in the region.
7. Ecuador
GDP (2023): $119 billion
Defense Spending (2022): $2.49 billion
Technological Advancement Rank: 104/132
Active Military Personnel: 41,250
Tanks: 55
Armored Fighting Vehicles: 5,662
Military Aircraft: 110
Naval Assets: 27
Overall Score: 4.42
Ecuador finds a place in the most powerful militaries in Latin America, due to a large fleet of armored fighting vehicles and a sizable number of active troops. The country’s fleet of military aircraft include 7 special-mission jets, 22 transport aircraft and 46 combat helicopters, as well as several other training aircraft.
6. Colombia
GDP (2023): $364 billion
Defense Spending (2022): $9.9 billion
Technological Advancement Rank: 66/132
Active Military Personnel: 293,200
Tanks: 0
Armored Fighting Vehicles: 2,724
Military Aircraft: 434
Naval Assets: 237
Overall Score: 6.05
Colombia, which ranks sixth on our list of the most powerful militaries in Latin America, has had a long history of internal conflict with deadly guerilla communist militant groups and violent drug cartels. The kind of warfare the Colombian military engages in requires light and mobile infantry, and that is why it has no battle tanks. The country boasts the 19th largest military in the world in terms of manpower. It has the third largest fleet of military aircraft and the most number of naval assets in the region.
Click to continue reading and see the 5 Most Powerful Militaries in Latin America.
Suggested Articles:
- 24 Most Powerful Militaries in the World in 2024
- 15 Most Powerful Militaries in Asia
- 15 Most Powerful Militaries in Africa
Disclosure: None. 15 Most Powerful Militaries in Latin America is originally published on Insider Monkey.