According to figures released by the Stockholm Peace Research Institute (SIPRI) in April this year, global defense spending in 2023 is estimated at a record high of $2.44 trillion, up 6.8% from the previous year. This is the largest increase in military spending since 2009 and the ninth consecutive year of defense spending increases.
With total defense spending for the year reaching a whopping $916 billion, the United States accounted for 37.5% of total global military spending in 2023. This figure was up 2.3% from last year, accounting for more than two-thirds (68%). Of NATO’s total defense spending in 2023. Europe will spend $588 billion, up 16% from 2022 and accounting for 24% of global spending. The surge was driven by large increases in defense spending in both Russia and Ukraine, but several other countries in the region also stepped up their defenses as war returned to the continent after decades of peace.
Asia spent $560 billion on defense in 2023, a 40% increase from 2014, a decade ago. Much of that spending came from East and South Asia, with oil-rich monarchies in the Middle East also spending heavily to bolster their national security.
Increased defense spending over the past two years, especially after Russia’s invasion of Ukraine in February 2022, has created a boom in the global defense industry. Finances have been further strengthened by the ongoing Middle East conflict involving Israel and Hamas. Lockheed Martin Corporation (NYSE: LMT) reported that its 2023 sales will be $67.6 billion, up 2.4% from the previous year. The company’s profits also increased by $1.2 billion compared to 2023.
5. United Kingdom GDP (2023): $3.33 trillion
- Defense Expenditure (2023): $74.94 billion
- Technological Capabilities Rank: 4
- Nuclear Weapons: 225
- Manpower: 184,860
- Special Forces Rank: 2
- Tanks: 213
- Artillery: 238
- Aircraft/Fighter Jets: 466
- Aircraft Carriers: 2
- Submarines: 10
- Military Satellites: 6
- Overseas Military Bases: 60
- Cyber capabilities Rank: 4
- Weighted Score: 8.03
Although the UK has long since lost its former superpower status, it remains a powerful player in today’s multipolar world. The country reportedly operates 60 overseas military bases in various territories, including Cyprus, Gibraltar, Singapore, the South Atlantic Islands, and the British Indian Ocean Territory. The country has active military bases with over 184,000 soldiers and boasts one of the world’s best special forces, the Special Air Service (SAS). Additionally, the UK is ranked fourth in the world for technological advancement and cybersecurity capabilities.
4. India
- GDP (2023): $3.73 trillion
- Defense Expenditure (2023): $83.57 billion
- Technological Capabilities Rank: 40
- Nuclear Weapons: 156
- Manpower: 1,455,550
- Special Forces Rank: 10
- Tanks: 4,614
- Artillery: 4,085
- Aircraft/Fighter Jets: 1,645
- Aircraft Carriers: 2
- Submarines: 18
- Military Satellites: 9
- Overseas Military Bases: 3
- Cyber capabilities Rank: 26
- Weighted Score: 7.69
With over 1.4 million active duty soldiers, India has the second largest standing army in the world after China. The country is actively using its economic power to build up its military, spending a whopping $83.57 billion on defense in 2023. India possesses a large nuclear arsenal, as well as a large fleet of fighter jets, main battle tanks, and artillery units. On the naval front, India has two aircraft carriers with a third under construction in the country. Moreover, to counter China, India has expanded its reach in the region and currently has military bases in three countries: Mauritius, Oman and Tajikistan.
3. Russia
- GDP (2023): $1.86 trillion
- Defense Expenditure (2023): $109.45 billion
- Technological Capabilities Rank: 51
- Nuclear Weapons: 6,255
- Manpower: 1,320,000
- Special Forces Rank: 3
- Tanks: 14,777
- Artillery: 17,638
- Aircraft/Fighter Jets: 3,652
- Aircraft Carriers: 1
- Submarines: 65
- Military Satellites: 102
- Overseas Military Bases: 12
- Cyber capabilities Rank: 3
- Weighted Score: 7.10
There is much talk about Russia’s weapons being outdated. And yet the country has enough power to ensure its military. Despite its problems with deployment in Ukraine, Russia has one of the world’s best militaries, boasts the world’s largest nuclear arsenal and the world’s largest fleet of tanks and submarines. The country has around 1.3 million active duty soldiers, including the Alpha Group, one of the world’s top elite military units specializing in counter-terrorism. Russia ranks third in the world in cybersecurity.
2. China
- GDP (2023): $17.7 trillion
- Defense Expenditure (2023): $296.4 billion
- Technological Capabilities Rank: 12
- Nuclear Weapons: 350
- Manpower: 2,035,000
- Special Forces Rank: N/A
- Tanks: 5,000
- Artillery: 8,464
- Aircraft/Fighter Jets: 2,084
- Aircraft Carriers: 2
- Submarines: 61
- Military Satellites: 125
- Overseas Military Bases: 1
- Cyber capabilities Rank: 2
- Weighted Score: 4.37
China has the world’s largest standing military, with over 2 million active duty troops. The country has been aggressively trying to close the gap with the United States in terms of global hegemony, fueled by advanced technological advances and a massive economy worth over $17 trillion. President Xi Jinping’s government has committed to spending more than $296 billion on national defense in 2023 to further bolster the country’s military, which is already equipped with numerous nuclear weapons, fighter jets and naval assets.
1. United States
- GDP (2023): $26.95 trillion
- Defense Expenditure (2023): $916 billion
- Technological Capabilities Rank: 3
- Nuclear Weapons: 5,550
- Manpower: 1,328,000
- Special Forces Rank: 1
- Tanks: 4,657
- Artillery: 3,556
- Aircraft/Fighter Jets: 5,209
- Aircraft Carriers: 11
- Submarines: 64
- Military Satellites: 218
- Overseas Military Bases: 759
- Cyber capabilities Rank: 1
- Weighted Score: 1.65
The United States has the best military in the world. The country surpasses other nations in terms of ground, air and naval power. In 2023, Washington will spend a staggering $916 billion on defense, accounting for nearly two-fifths of the world’s military expenditure that year and 68% of NATO’s defense spending. The United States has the world’s largest fleet of fighter jets and aircraft carriers, which in itself is a testament to the military might of the United States. Additionally, the country has a distinct geographic advantage through its 759 overseas military bases in 80 countries, allowing it to strike enemy targets anywhere in the world at will. The United States is also the third most technologically advanced country in the world and is ranked number one in cybersecurity.