In this article, we look at the country with the strongest army in the world. We recently released a list of the most powerful ground troops in the world, to view the full free list, head over to the Top 20 Countries with the Strongest Armies in the World.
According to the Stockholm International Peace Research Institute (SIPRI), an estimated $2.44 trillion were spent on military expenditure across the world in 2023, a record-high, with a 6.8% increase compared to the previous year. This was the ninth successive year during which global military spending had risen, and the steepest rise in expenditure since 2009.
The United States spent $916 billion during the year, which accounted for 37.5% of all global military spending, and represented 68% of NATO’s overall defense expenditure in 2023. The amount was 2.3% more than what Washington incurred in 2022. Europe spent $588 billion on defense, which was equivalent to one-fourths, or 24%, or the world’s defense spending. The figure rose 16% from last year, and was 64% higher than a decade ago in 2014.
On the other hand, countries in Asia spent $560 billion on defense, which was 40% higher than in 2014. The major chunk of this expenditure came from South Asia and East Asia, whereas countries in the Middle East – especially members of the GCC – also spent hefty amounts of their GDP on defense during the year.
The surge in defense spending has resulted in a booming defense industry. Lockheed Martin Corporation (NYSE:LMT)’s stock price has spiked 29% since Russia’s invasion of Ukraine in February 2022. The company posted $67.6 billion in revenue in 2023, which represented a 2.4% increase from 2022. Its net earnings also significantly rose from $5.7 billion in 2022 to $6.9 billion in 2023, which helped Lockheed Martin Corporation (NYSE:LMT)’s earnings per share (EPS) to climb from $21.66 to $27.55 per share.
In the first quarter of 2024, however, Lockheed Martin Corporation (NYSE:LMT) reported its EPS at $6.39, which beat expectations but was 3.3% lower year-on-year. This is likely to have happened due to its cost overruns while being part of several ongoing classified military programs. On the whole, the company’s financial position remains solid, and is set to profit further during 2024, especially after Washington in late April announced fresh military aid worth $61 billion for Ukraine and $26 billion for Israel.
Another company that has consistently been beating earnings estimates is Northrop Grumman Corporation (NYSE:NOC), which in Q1 2024 posted an EPS of $6.32 per share, surpassing Zacks’ estimate of $5.83 by 8.40%. This was the fourth straight quarter in which Northrop Grumman Corporation (NYSE:NOC) had gone past analyst estimates. 2023 remained a stellar year for the company, in which it generated $39.3 billion in revenue. Seeing a sustained demand for its weapons, especially in Europe, Northrop Grumman Corporation (NYSE:NOC) has projected its sales at $41.3 billion for 2024, which is 4.3% higher than last year.
RTX Corporation (NYSE:RTX)’s numbers are soaring as well, having generated $68.9 billion of revenue in 2023 – nearly three-fifths of which came from defense-related sales. Since the start of the Ukraine war, the company has received orders worth $3 billion for its AMRAAM rockets which have been pivotal in pushing back advancing Russian forces. RTX Corporation (NYSE:RTX) has also been providing essential military supplies to other countries in the region, including Germany, which in March last year, entered into a $1.2 billion deal with the company to develop Patriot air and missile defense systems. Later in November of the same year, Hungary received the first two units of the NASAMS air defense system it ordered from RTX Corporation (NYSE:RTX) and Kongsberg Defence & Aerospace.
Methodology
We have considered several weighted metrics to list the top 20 countries with the strongest armies in the world. These include GDP (10%), defense spending (10%), manpower (10%), battle tanks (10%), armored fighting vehicles (5%), self-propelled artillery (5%), towed artillery (5%), rocket projectors (5%), attack helicopters (15%), nuclear weapons (15%), and technological capabilities (10%).
We observed where countries ranked on each metric, and then multiplied their ranking with the weight for that metric. That gave us a weighted ranking for that country on a particular metric. For example, if a country ranked 1st on a metric weighed at 10%, it received a weighted ranking score of 0.1 (1×10%). This was done for all metrics considered in our research. Finally, all weighted ranking scores were aggregated to get an overall weighted ranking.
Data related to GDP, manpower, and battle tanks was sourced from the Top 25 Powerful Countries in the World by Military Strength, while Artillery Strength by Country: Top 20 Militaries was consulted for figures related to self-propelled artillery, towed artillery, and rocket projectors. 15 Militaries with the Most Armored Fighting Vehicles in the World was referred for armored vehicles’ fleet size, and 15 Countries with the Most Attack Helicopters in the World for the number of attack helicopters for each country in the list.
Fresh numbers related to defense spending in 2023 were obtained from SIPRI, whereas Power Atlas was used for information on the nuclear arsenal of countries. Lastly, the Global Innovation Index 2023 was used to determine the technological capabilities of countries.
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The country with the strongest army in the world is the United States!
1. United States
GDP (2023): $26.9 trillion
Defense Spending (2023): $916 billion
Manpower: 1,328,000
Tanks: 4,657
Armored Fighting Vehicles: 360,069
Self-propelled Artillery: 1,595
Towed Artillery: 1,269
Rocket Projectors: 694
Attack Helicopters: 1,000
Nuclear Weapons: 5,550
Technological Capabilities: 3/132
Weighted Ranking: 2.75
The United States has the strongest army in the world. The country spent $916 billion in defense expenditure during 2023, which represented 37% of the global military spending. It is the third most technologically advanced country in the world, which reflects in its massive defense industry at home. Another significant, strategic strength of the US Army is the access it enjoys to America’s military bases spread across 80 countries, which allows them to strike enemy targets anywhere at will.
To learn about other powerful armies, check out our detailed report Top 20 Countries with the Strongest Armies in the World.
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Disclosure: None. This article is originally published on Insider Monkey.
