In this article, we discuss the most powerful military in the world. We have created a list of 25 most powerful militaries, for full free list, visit Top 25 Powerful Countries in the World by Military Strength.
Figures released last month by the Stockholm International Peace Research Institute (SIPRI) estimated the global defense expenditure at $2.44 trillion for 2023, a record-high, having risen 6.8% compared to the previous year. This was the biggest spike in military spending since 2009, and the ninth successive year during which military expenditure had risen.
The United States represented 37.5% of the world’s overall defense expenditure, having spent $916 billion during the year. This figure, which grew 2.3% from 2022, amounted to 68% of all NATO spending in 2023. In Europe, $588 billion were spent on military expenses, which made up around one-fourths (24%) of the global expenditure. This was 16% more than in 2022, and 64% higher than a decade ago in 2014. Both Moscow and Kyiv substantially increased their military expenditure, while several other countries in the continent also bolstered their defenses with war returning to Europe after decades of peace.
Moreover, $560 billion was incurred on military expenditure in Asia, with the figure having risen 40% compared to 2014. The major chunk of this spending came from East Asia and South Asia, while countries in the Middle East also spent hefty amounts on bolstering their national security.
The surge in global military spending since the beginning of the war in Ukraine has meant a boom for major corporations in the defense industry. The ongoing conflict in the Middle East, which started in October 2023, has also bolstered their finances. Lockheed Martin Corporation (NYSE:LMT)’s stocks have spiked 29% since Russia invaded Ukraine. In 2023, the company generated $67.6 billion in revenue, which represented a 2.4% increase from 2022. Lockheed Martin Corporation (NYSE:LMT)’s net earnings for the year were also $1.2 billion higher than the previous year.
RTX Corporation (NYSE:RTX)’s numbers are also soaring. The company posted a whopping $68.9 billion in revenue in 2023, nearly 60% of which came from defense related sales. RTX Corporation (NYSE:RTX) has received orders worth $3 billion alone for its AMRAAM rockets that have been instrumental for Ukraine in pushing back advancing Russian troops. Last year in March, the company was awarded a $1.2 billion contract from Germany as well to develop Patriot air and missile defense systems for the country. Later in November during 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
On the other hand, General Dynamics Corporation (NYSE:GD) recorded its highest revenue in history in 2023, totaling $42.3 billion, a year-on-year increase of 7.3%. The company’s artillery production went up last year from 14,000 rounds per month to 20,000. General Dynamics Corporation (NYSE:GD)’s 155-millimeter artillery replacements have played a vital role in leading Ukraine’s fightback against Russia. These have been regularly provided by the Americans to Kyiv as part of Washington’s military assistance. Nearly three-fourths of General Dynamics Corporation (NYSE:GD)’s overall revenue comes from defense-related sales.
BPTU/Shutterstock.com
Methodology
We have considered thirteen weighted metrics to rank the top 25 powerful countries in the world by military strength. These include GDP and defense spending (25%); strength of ground forces (25%) which comprised manpower, tanks, artillery, and nuclear weapons; fleet of military aircraft (20%); naval assets including aircraft carriers and submarines (10%); military technological advancement (10%); military satellites in orbit (5%); overseas military bases (3%); and cyber-capabilities (2%).
It was observed where each country ranked on a given metric, and assigned them weighted ranking scores. Finally, weighted scores for each metric were summed to get an overall score. Additional 5%, or 0.05 points, were added to the tally of countries that had battle-hardened troops. The most powerful countries in the world by military strength are ranked in ascending order of their overall scores.
Data related to GDP figures for countries in 2023 was sourced from the IMF, while SIPRI was consulted for figures related to defense expenditure during the year. For other metrics, we considered Insider Monkey’s recent articles: 20 Largest Air Forces in the World Heading into 2024, 15 Countries with the Most Battle Tanks in the World, Artillery Strength by Country: Top 20 Militaries, 15 Navies with the Most Submarines in the World, 12 Countries With Most Aircraft Carriers, 13 Countries With The Most Overseas Military Bases, 15 Countries with the Highest Number of Military Satellites in Orbit, and 12 Most Advanced Countries in Cybersecurity. Moreover, for manpower we referred to the Global Firepower Index 2024, whereas Power Atlas was considered for information related to nuclear weapons. Lastly, the Global Innovation Index 2023 was referenced for technological capabilities.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points. (see more details here).
The most powerful country in the world by military strength is the United States.
1. United States
GDP (2023): $27 trillion
Defense Spending (2023): $916 billion
Nuclear Weapons: 5,550
Manpower: 1,328,000
Tanks: 4,657
Artillery: 3,556
Aircraft/Fighter Jets: 5,209
Aircraft Carriers: 11
Submarines: 64
Military Satellites in Orbit: 218
Overseas Military Bases: 759
Cyber Capabilities Rank: 1
Technological Capabilities Rank: 3
Overall Score: 0.87
The United States is the most powerful country in the world by military strength. It outranks all countries of the world in three key areas of military power – ground forces, air force, and navy. The country spent $916 billion on defense expenditure in 2023, which was equivalent to nearly two-fifths of the world military spending. Moreover, the country has the largest fleet of fighter jets and aircraft carriers in the world, which is testament to its military strength. Another vital factor that makes the US military so powerful is the geographic advantage it enjoys with its 759 overseas bases spread across 80 countries which allow Washington to strike any enemy anywhere at will.
To find out the rest of the 24 countries, visit our free list of Top 25 Most Powerful Militaries in the World.
If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.
Disclosure: None. This article is originally published at Insider Monkey.
