In this piece, we will take a look at military spending by country in 2023 and the five largest defense budgets in the world. For more countries, head on over to Military Spending by Country in 2023: 20 Largest Defense Budgets.
5. Kingdom of Saudi Arabia
Latest Defense Budget Estimate: $69 billion
The Kingdom of Saudi Arabia is a Middle Eastern country that seeks to become a regional power through heavy defense spending. While Saudi Arabia is one of the biggest defense spenders in the world, it does not have a developed defense industrial base. Instead, the country relies on others to procure the equipment. The backbone of the Saudi Air Force are American F-15 strike and air superiority aircraft, and they form the majority of the combat aircraft in its fleet. Saudi Arabia is not a nuclear power and doesn’t have submarines.
4. Republic of India
Latest Defense Budget Estimate: $72.6 billion
The Republic of India, or India, is one of the largest economies in the world. It also has one of the largest armies in the world, and procures most of its aircraft and other defense equipment from Russia. India is also aiming to make its own aircraft, and it has several deadly weapons in its portfolio such as the Brahmos cruise missile. Additionally, with aspirations of becoming a global power – and even a superpower – India spends heavily on defense, through equipment such as intercontinental ballistic missiles, aircraft carriers, and fighter jets. Its proximity to China also leads to worries in New Delhi of a large and hostile neighbor with one with which it has territorial disputes.
3. Russian Federation
Latest Defense Budget Estimate: $84 billion
The Russian Federation is Europe’s largest country by area and a global power. A successor to the Soviet Union, it has some of the most advanced weapons in the world, such as submarine launched ballistic missiles (SLBMs), aircraft carriers, fifth generation aircraft, intercontinental ballistic missiles (ICBMs), and even hypersonic weapons.
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.
1. United States of America
Latest Defense Budget Estimate: $886 billion
The U.S. is the largest country in terms of defense spending and has occupied this title for years. America is the world’s only superpower, and in fact, is history’s first hyperpower. In military terms, America has thousands of fighter jets, nearly a dozen aircraft carriers, dozens of submarines, and thousands of nuclear warheads.
Disclosure: None. You can also take a look at Top 20 Companies in Japan by Market Cap and 12 Best Low-Priced Technology Stocks To Invest In.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and investors. Please subscribe to our daily free newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below
