Military Spending by Country in 2023: 5 Largest Defense Budgets

2. People’s Republic of China

Latest Defense Budget Estimate: $224.8 billion

The People’s Republic of China is an emerging superpower eager to displace the U.S. as the world’s only superpower. It is rapidly building its aircraft carriers and has SLBMs, ICBMs, and advanced submarines. China is also making its own fifth generation aircraft and developing its own jet engines.