Countries by Military expenditure (current USD)

Ranking 2024

Values shown in USD.

Analysis

This metric measures military spending in current USD, converted at the exchange rate for the given year, as reported under World Bank World Development Indicators indicator code MS.MIL.XPND.CD. The unit is current US dollars, meaning values reflect both real spending changes and currency fluctuation year to year. The ranking covers 160 countries, with 156 of those (97.5%) supplying data from the last seven years. All 160 datapoints are classified as official-quality sources. The dataset contains 17 extreme outliers as identified by a 3-sigma threshold, and the average year-over-year change across the dataset is 16.0%, well within the 50% volatility threshold. Data year is 2024, with 151 of 160 countries (94.4%) reporting for that specific year.

The top of the ranking is heavily concentrated among a small number of high-income and geopolitically active nations. The United States ranks first at $997.3 billion, followed by China at $313.7 billion and the Russian Federation at $148.97 billion. Germany ranks 4th at $88.5 billion, narrowly ahead of India at $86.1 billion and the United Kingdom at $81.8 billion. Saudi Arabia ranks 7th at $80.3 billion, and Ukraine — ranked 8th at $64.7 billion — sits fractionally above France at $64.7 billion in 9th place. Japan rounds out the top 10 at $55.3 billion. These ten countries account for a dominant share of total global military expenditure recorded in the dataset.

The middle of the ranking shows meaningful variation. Poland (rank 13, $38.0 billion) and Israel (rank 12, $46.5 billion) exceed several larger economies in absolute spending. Algeria ranks 20th at $21.8 billion, the highest-ranked African country in the dataset. In the lower half of the ranking, countries such as Kosovo (rank 131, $165.6 million), Montenegro (rank 133, $150.0 million), and Burundi (rank 130, $171.8 million) record spending below $200 million. Four countries — Costa Rica, Iceland, Panama, and Venezuela — each report zero expenditure, sharing the lowest rank of 157. North Korea (Korea, Dem. People's Rep.) appears at rank 67 with $1.6 billion, placing it well below South Korea at rank 11 with $47.6 billion.

Several limitations apply to this metric. Values are expressed in current USD without inflation adjustment, which means nominal growth over time can overstate real increases in military capacity. Exchange rate movements can shift rankings for countries with volatile currencies independent of actual spending changes. Reporting practices vary by country, and some governments do not fully disclose military budgets. The four countries recording zero expenditure may reflect genuine absence of a standing military, non-reporting, or data gaps rather than confirmed zero budgets. Venezuela's zero value is particularly notable given its geopolitical context. The 17 extreme outliers flagged in the dataset, primarily at the top of the ranking, can distort aggregate comparisons.

Methodology

Data is drawn from the World Bank World Development Indicators, indicator code MS.MIL.XPND.CD, for the year 2024. The source definition is: military spending USD, in current prices (converted at the exchange rate for the given year). The ranking covers 160 countries. Of these, 156 (97.5%) have data from the last seven years, and 151 (94.4%) report specifically for 2024. All datapoints are classified as official quality, meeting the 70% threshold. The dataset contains 17 extreme outliers identified using a 3-sigma threshold. Average year-over-year change is 16.0%, below the 50% volatility threshold. Values are in current USD and are not adjusted for inflation or purchasing power parity. The range across the dataset runs from $0 to $997,309,000,000, a spread that reflects structural inequality in global military capacity. No microstate exclusions were applied, as zero of the 160 countries have populations below one million.

Sources

• World Bank