In this article, we look at the 24 most powerful militaries in the world in 2024. You can skip our detailed analysis on the impact countries racking up their defense capabilities has on the armaments industry and head over directly to the 10 Most Powerful Militaries in the World in 2024.
The world has been marred with conflict over the last few years. The Ukraine-Russia war has been ongoing for over 700 days with no end in sight. Afghanistan has fallen to the Taliban. Azerbaijan and Armenia continue to engage in regular conflict, after the former seized territory in the Nagorno-Karabakh region from Armenian control in 2020. If that was not it, the Middle East is up in flames – in what probably is its worst crisis since the 1973 Arab-Israeli War – after Israel invaded the Gaza strip in response to a deadly attack launched by Hamas in different parts of Israel last October.
While we await final defense expenditure figures for 2023, global defense spending hit a record-high of $2.2 trillion in 2022, according to the Stockholm International Peace Research Institute (SIPRI), with Europe seeing its steepest rise in three decades. The upward trend in military expenditure has meant a boom for the armaments industry.
Lockheed Martin Corporation (NYSE:LMT) reported net sales of $67.6 billion in 2023, a 2.4% increase compared to 2022. The company’s net earnings were also $1.2 billion higher than the previous year. RTX Corporation (NYSE:RTX)’s revenue was also 3% higher than in 2022 to total a whopping $68.9 billion in 2023. General Dynamics Corporation (NYSE:GD) on the other hand posted the highest revenue in its history – $42.3 billion – which was 7.3% higher YoY. Net income for Huntington Ingalls Industries, Inc. (NYSE:HII) in 2023 was also 18% up from FY22.
The United States, which accounts for 40% of all defense expenditure worldwide, continues to maintain military superiority over its rivals, especially when it comes to aerial and naval power. The trend is likely to stay given the level of research and development being carried out in the US on defense technology.
In 2014, the United States Air Force (USAF) launched a highly classified Next Generation Air Dominance (NGAD) Program aimed at developing a sixth-generation fighter jet to replace Lockheed Martin Corporation (NYSE:LMT)’s F-22 Raptor by 2030. The NGAD program is projected to cost $16 billion between 2023-2028, with the USAF requesting $1.7 billion in its FY24 budget for the program.
Five companies, Lockheed Martin Corporation (NYSE:LMT), Pratt & Whitney – a subsidiary of RTX Corporation (NYSE:RTX), General Electric Company (NYSE:GE), The Boeing Company (NYSE:BA), and Northrop Grumman Corporation (NYSE:NOC), received contracts worth $975 million each in 2022 to work on NGAD for a period of ten years.
On the naval side, the United States has the most number of aircraft carriers, including a $13.3 billion warship. Huntington Ingalls Industries, Inc. (NYSE:HII) is developing the nuclear-powered Gerald R. Ford class aircraft carriers to replace the Nimitz class design. The Ford class is expected to reduce 50-year operating costs for each ship by an estimated $4 billion, and its design will also allow greater deployment and higher electric power for ship systems.
When it comes to submarines, the US Navy operates the Virginia-class built by General Dynamics Corporation (NYSE:GD), which is nuclear-powered and offers capabilities such as reconnaissance, anti-shipping, land attacks, and special operations. According to a report, each unit of the Virginia-class costs between $2.8 to $3.2 billion. Work is also underway on the development of the Columbia-class of submarines, which is scheduled to enter service in 2031. General Dynamics Corporation (NYSE:GD) is the primary contractor for the project, while Huntington Ingalls Industries, Inc. (NYSE:HII) is the subcontractor.
With that said, let’s head over to the list of the most powerful militaries in the world in 2024.
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Methodology
Twelve weighted metrics were considered to rank the most powerful militaries in the world in 2024. These were GDP (15%), defense spending (10%), nuclear weapons (5%), tanks (5%), manpower (5%), air force fleet inclusive of fighter jets (20%), aircraft carriers (15%), submarines (5%), military satellites in orbit (5%), overseas military bases (5%), cybersecurity capabilities (5%), and technological advancement (5%).
We observed where every country ranked on each metric and then calculated its weighted score for that metric. Then all weighted metric scores were aggregated to get an overall score. Battle-hardened militaries received additional 0.5 points to their tally.
Countries are ranked in ascending order of their overall scores. Data on GDP was sourced from the IMF. These are 2023’s numbers. For defense spending, we referred to the article on 20 Countries With Highest Military Spending In The World, where the data is from 2022 – the latest year for which data is available.
For tanks, fighter jets, aircraft carriers, submarines, military satellites, overseas bases, and cybersecurity capabilities, we referred to our recent articles: 15 Countries with the Most Battle Tanks in the World, 20 Largest Air Forces in the World Heading into 2024, 12 Countries With Most Aircraft Carriers, 15 Navies with the Most Submarines in the World, 15 Countries with the Highest Number of Military Satellites in Orbit, 13 Countries With The Most Overseas Military Bases, and 12 Most Advanced Countries in Cybersecurity.
Power Atlas was considered for information on nuclear weapons, Global Firepower Index 2024 for manpower, while the Global Innovation Index 2023 was consulted for technological capabilities.
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 the world in 2024.
24. United Arab Emirates
GDP (2023): $509 billion
Defense Spending (2022): $22.7 billion
Nuclear Weapons: None
Manpower: 65,000
Tanks: 354
Aircraft including Fighter Jets: 335
Aircraft Carriers: None
Submarines: None
Military Satellites in Orbit: 3
Overseas Bases: 3
Cybersecurity Ranking: N/A
Technological Advancement Ranking: 32
Overall Score: 0.245
We begin our list with the United Arab Emirates, which is one of the most powerful countries in the Middle East. The Emirati rulers have leveraged their nation’s economic strength to build a strong military, which is now being seen playing an active role in conflicts in the Middle East – most notably in Yemen.
23. Algeria
GDP (2023): $224 billion
Defense Spending (2022): $9.14 billion
Nuclear Weapons: None
Manpower: 325,000
Tanks: 1,632
Aircraft including Fighter Jets: 541
Aircraft Carriers: None
Submarines: 6
Military Satellites in Orbit: None
Overseas Bases: None
Cybersecurity Ranking: N/A
Technological Advancement Ranking: 119
Overall Score: 0.256
Algeria has the third most powerful military in Africa. It had the highest defense expenditure in the continent in 2022 in its quest for advanced equipment and defense systems, which stems from its strained relations with Morocco, and the threat of terrorism spilling over into the country from Libya. The country relies on Russia for much of its military equipment. You can read more about Algeria’s military strength in our article, 15 Most Powerful Militaries in Africa.
22. Iran
GDP (2023): $366 billion
Defense Spending (2022): $6.84 billion
Nuclear Weapons: None
Manpower: 610,000
Tanks: 1,996
Aircraft including Fighter Jets: 343
Aircraft Carriers: None
Submarines: 19
Military Satellites in Orbit: 1
Overseas Bases: None
Cybersecurity Ranking: 10
Technological Advancement Ranking: 62
Overall Score: 0.273
Despite being under sanctions for decades, Iran boasts one of the most powerful militaries in the world, made possible by its large fleet of tanks and a sizable number of active troops. Iran ranks as the tenth most advanced country in cybersecurity capabilities, according to Belfer Center’s National Cyber Power Index 2022.
21. Taiwan
GDP (2023): $752 billion
Defense Spending (2022): $12.51 billion
Nuclear Weapons: None
Manpower: 215,000
Tanks: 1,010
Aircraft including Fighter Jets: 518
Aircraft Carriers: None
Submarines: 4
Military Satellites in Orbit: None
Overseas Bases: None
Cybersecurity Ranking: N/A
Technological Advancement Ranking: N/A
Overall Score: 0.292
Taiwan finds itself in the list of the most powerful militaries in the world. The country has focused on raising a strong force right since independence, due to the perceived threat from China. In August last year, Taipei announced to increase its defense expenditure to $19.1 billion, which would be equivalent to 2.6% of their GDP.
20. Canada
GDP (2023): $2.12 trillion
Defense Spending (2022): $26.89 billion
Nuclear Weapons: None
Manpower: 68,000
Tanks: 74
Aircraft including Fighter Jets: 395
Aircraft Carriers: None
Submarines: 4
Military Satellites in Orbit: 1
Overseas Bases: None
Cybersecurity Ranking: 13
Technological Advancement Ranking: 15
Overall Score: 0.329
The Canadian government has vowed to increase its defense spending in order to meet NATO’s 2% spending expectation. In January 2023, the country announced to purchase 88 F-35 fighter jets from Lockheed Martin Corporation (NYSE:LMT) to further boost its aerial capabilities. Canada is among the most advanced countries in cybersecurity and technological capabilities.
19. Australia
GDP (2023): $1.69 trillion
Defense Spending (2022): $32.29 billion
Nuclear Weapons: None
Manpower: 57,350
Tanks: 59
Aircraft including Fighter Jets: 296
Aircraft Carriers: None
Submarines: 6
Military Satellites in Orbit: 4
Overseas Bases: 2
Cybersecurity Ranking: 5
Technological Advancement Ranking: 24
Overall Score: 0.333
Australia has one of the most powerful militaries in the world, with its major strength being its fleet of military aircraft and fighter jets, which include 37 F-35 fighter jets. The country has an order for another 72 of these fighters placed with Lockheed Martin Corporation (NYSE:LMT), according to a report in February 2023. On the naval side, Australia has six submarines and is set to be the second country in the world to possess the Virginia-class of nuclear submarines, with delivery expected from the US in 2032 and 2035 under the AUKUS pact.
18. Spain
GDP (2023): $1.58 trillion
Defense Spending (2022): $20.31 billion
Nuclear Weapons: None
Manpower: 133,282
Tanks: 327
Aircraft including Fighter Jets: 393
Aircraft Carriers: 1
Submarines: 3
Military Satellites in Orbit: 4
Overseas Bases: None
Cybersecurity Ranking: 15
Technological Advancement Ranking: 29
Overall Score: 0.341
Next up is Spain, which is one of Europe’s most powerful militaries. The country, which spends about 1% of its GDP on defense, announced to raise its military spending after Russia’s invasion of Ukraine, and double its spending from current levels by 2029. Spain is among only twelve countries to have an aircraft carrier.
17. North Korea
GDP (2023): $21.24 billion
Defense Spending (2022): $1.6 billion
Nuclear Weapons: 40
Manpower: 1,320,000
Tanks: 5,845
Aircraft including Fighter Jets: 951
Aircraft Carriers: None
Submarines: 35
Military Satellites in Orbit: None
Overseas Bases: None
Cybersecurity Ranking: 14
Technological Advancement Ranking: N/A
Overall Score: 0.347
There is little information that comes out of North Korea. According to Trading Economics, the country’s economy was projected to touch $21.24 billion by the end of 2023. Despite being sanctioned, the country has a strong military, and boasts a large fleet of tanks, fighter jets, and submarines. North Korea also has one of the largest standing armies in the world with a manpower of over 1.3 million troops.
16. Brazil
GDP (2023): $2.13 trillion
Defense Spending (2022): $20.21 billion
Nuclear Weapons: None
Manpower: 360,000
Tanks: 469
Aircraft including Fighter Jets: 527
Aircraft Carriers: 1
Submarines: 4
Military Satellites in Orbit: 1
Overseas Bases: None
Cybersecurity Ranking: 30
Technological Advancement Ranking: 49
Overall Score: 0.396
The size of the Brazilian economy has surpassed the $2 trillion dollar. The country is actively leveraging its economic strength to upgrade its military which is already sizable and has a large fleet of fighter jets. In 2014, Brazil placed an order for 36 Gripen fighters from Sweden. The final shipment of these jets is expected to be delivered by 2027. Brazil’s navy is equipped with four submarines and an aircraft carrier. The country also uses one of its satellites in orbit for military purposes.
15. Egypt
GDP (2023): $398 billion
Defense Spending (2022): $4.65 billion
Nuclear Weapons: None
Manpower: 440,000
Tanks: 5,340
Aircraft including Fighter Jets: 1,122
Aircraft Carriers: None
Submarines: 8
Military Satellites in Orbit: 1
Overseas Bases: None
Cybersecurity Ranking: 24
Technological Advancement Ranking: 86
Overall Score: 0.398
Egypt boasts the most powerful military in Africa, with the country outranking all African nations when it comes to manpower, tanks, fighter jets, and naval vessels. Its fleet of 1,122 military aircraft and fighter jets include 168 active F-18s, which is testament to the country’s aerial strength. Egypt also finds itself among the top 30 most advanced countries in cybersecurity.
14. Saudi Arabia
GDP (2023): $1.07 trillion
Defense Spending (2022): $75 billion
Nuclear Weapons: None
Manpower: 257,000
Tanks: 1,485
Aircraft including Fighter Jets: 702
Aircraft Carriers: None
Submarines: None
Military Satellites in Orbit: None
Overseas Bases: 21
Cybersecurity Ranking: 21
Technological Advancement Ranking: 48
Overall Score: 0.404
Saudi Arabia is among the most powerful militaries in the world. In 2022, the kingdom spent over $75 billion on defense expenditure, which made it the fifth top spender on military equipment in the world during that year. The amount represented over 40% of all military spending in the Middle East in 2022, and nearly 8% of Saudi Arabia’s GDP. Riyadh boasts a large fleet of battle tanks and fighter jets. It has a significant number of overseas military bases in the region that provide it with the capability to strike enemy targets at will in the MENA region.
13. Pakistan
GDP (2023): $340 billion
Defense Spending (2022): $10.33 billion
Nuclear Weapons: 165
Manpower: 654,000
Tanks: 3,742
Aircraft including Fighter Jets: 818
Aircraft Carriers: None
Submarines: 8
Military Satellites in Orbit: None
Overseas Bases: None
Cybersecurity Ranking: N/A
Technological Advancement Ranking: 88
Overall Score: 0.425
Pakistan continues to have one of the most powerful militaries in the world. Despite a volatile economic situation over the last decade, the country spends heavily on defense due to the threat it faces from India on its east and instability along the bordering region with Afghanistan on the west. Pakistan has leapfrogged ahead of India in the nuclear arms race, with 165 weapons according to Power Atlas. Its fighter jets include 135 F-7, 109 JF-17, and 44 F-16 among others.
12. Israel
GDP (2023): $522 billion
Defense Spending (2022): $23.41 billion
Nuclear Weapons: 90
Manpower: 170,000
Tanks: 1,370
Aircraft including Fighter Jets: 581
Aircraft Carriers: None
Submarines: 5
Military Satellites in Orbit: 8
Overseas Bases: 1
Cybersecurity Ranking: 19
Technological Advancement Ranking: 14
Overall Score: 0.430
Israel has one of the most powerful militaries in the world. A key strength of the country’s armed forces is that 40% of its military aircraft consist of fighter jets, which include 175 F-16s and 27 F-35s. Israel is also a highly advanced country when it comes to technological capabilities, and has leveraged this to its advantage in its defense industry as well. Israel’s Iron Dome is one of the world’s most effective air defense systems with a very high success rate of striking down incoming projectiles.
11. Germany
GDP (2023): $4.43 trillion
Defense Spending (2022): $55.76 billion
Nuclear Weapons: None
Manpower: 181,600
Tanks: 295
Aircraft including Fighter Jets: 394
Aircraft Carriers: None
Submarines: 6
Military Satellites in Orbit: 7
Overseas Bases: None
Cybersecurity Ranking: 11
Technological Advancement Ranking: 8
Overall Score: 0.437
Germany is the third largest economy in the world in nominal terms after the United States and China. Having an economy worth nearly $4.5 trillion allows it to spend heavily on defense. The country incurred over $55 billion in military spending in 2022. It maintains significant space presence and is among the top ranked countries for cybersecurity as well.
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Disclosure: None. 24 Most Powerful Militaries in the World in 2024 is originally published on Insider Monkey.
