The global leaders in military spending in 2024.
In 2024, the US, China, and Russia topped the list of countries with the largest military expenditures, accounting for more than half of global defense spending.
Overall, global military spending reached a historic record of $2.7 trillion, marking an increase of 9.4% in just one year. Within an environment of escalating geopolitical tensions, all five regions of the planet increased their defense spending for the second consecutive year.
The chart by Dorothy Neufeld for Visual Capitalist, based on data from the Institute of Economics and Peace, illustrates which countries are considered the most militarized, through three different indicators.
The 10 countries with the largest military spending in 2024
The table below presents the countries with the highest military budgets for 2024, calculated in terms of purchasing power parity (PPP).
With a budget of $949 billion, the US maintains 1.5 million active soldiers and 4,790 military installations worldwide.
China follows, with expenditures of $450 billion. Taiwan remains a top priority for the People's Liberation Army (PLA), as US intelligence estimates suggest Xi Jinping aims to have the operational capability to seize the island by force by 2027.
In third place is Russia, which increased its military spending by approximately 38% in 2024, amidst the ongoing conflict in Ukraine.
The 10 countries with the highest military spending per capita
Based on spending per capita, North Korea is by far in first place globally.
In second place is Qatar, which, despite its small size, has undertaken an extensive program to modernize its army, navy, and air force.
Interestingly, Singapore ranks third, a state traditionally considered neutral. Nevertheless, the country has spent approximately 3% of its GDP on defense for decades—a percentage higher than that of most European countries.
The 10 countries with the largest military spending as a percentage of GDP
In this indicator as well, North Korea leads globally, with military spending reaching 34% of its GDP in 2024.
In second place is Ukraine, with 17% of its GDP and a total budget of $103 billion.
In contrast, Russia spent 6% of its GDP—an amount translating to $352 billion for 2024. The country currently fields the largest army in Europe, with 1.3 million active soldiers, while Ukraine follows with approximately 900,000.
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Overall, global military spending reached a historic record of $2.7 trillion, marking an increase of 9.4% in just one year. Within an environment of escalating geopolitical tensions, all five regions of the planet increased their defense spending for the second consecutive year.
The chart by Dorothy Neufeld for Visual Capitalist, based on data from the Institute of Economics and Peace, illustrates which countries are considered the most militarized, through three different indicators.
The 10 countries with the largest military spending in 2024
The table below presents the countries with the highest military budgets for 2024, calculated in terms of purchasing power parity (PPP).
With a budget of $949 billion, the US maintains 1.5 million active soldiers and 4,790 military installations worldwide.
China follows, with expenditures of $450 billion. Taiwan remains a top priority for the People's Liberation Army (PLA), as US intelligence estimates suggest Xi Jinping aims to have the operational capability to seize the island by force by 2027.
In third place is Russia, which increased its military spending by approximately 38% in 2024, amidst the ongoing conflict in Ukraine.
The 10 countries with the highest military spending per capita
Based on spending per capita, North Korea is by far in first place globally.
In second place is Qatar, which, despite its small size, has undertaken an extensive program to modernize its army, navy, and air force.
Interestingly, Singapore ranks third, a state traditionally considered neutral. Nevertheless, the country has spent approximately 3% of its GDP on defense for decades—a percentage higher than that of most European countries.
The 10 countries with the largest military spending as a percentage of GDP
In this indicator as well, North Korea leads globally, with military spending reaching 34% of its GDP in 2024.
In second place is Ukraine, with 17% of its GDP and a total budget of $103 billion.
In contrast, Russia spent 6% of its GDP—an amount translating to $352 billion for 2024. The country currently fields the largest army in Europe, with 1.3 million active soldiers, while Ukraine follows with approximately 900,000.
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