Military Spending by Country 2026

Executive summary

This index ranks 48 of the world's largest economies by military spending (% of GDP), using World Bank Open Data for cross-country comparability, and goes beyond a single snapshot: it shows the nominal figure, a ten-year history, a regional breakdown and the biggest movers. Ukraine leads at 34.5% (2024); Ireland is lowest among those ranked at 0.2%. Sweden ranks 20th of 48 at 2.0% (2024). As reference points, the EU stands at 1.9%, the OECD at 2.6% and the world at 2.5%. Every figure carries its World Bank series and reference year, and the complete dataset is free to download as CSV and JSON under a CC BY 4.0 licence.

Key findings

Overview

Military expenditure, as a share of GDP, measures the economic weight of a country's defence effort. This index ranks countries by military spending relative to the size of their economy (World Bank, compiled from SIPRI).

The burden varies widely: economies facing acute security threats or with global-power ambitions spend several percent of GDP, while others shelter under alliances and spend far less — a gap now narrowing as NATO members raise budgets.

What drives the ranking

Defence spending reflects the threat environment, alliance commitments (e.g. NATO's 2%-of-GDP target), and strategic ambition. Recent geopolitical tension has driven the sharpest sustained increases in decades across Europe.

Sweden's accession to NATO and the wider European rearmament make this metric especially topical, and it connects directly to the defence names on the Stockholm exchange that Affärslivet tracks.

What the data reveals

The field is highly concentrated at the top: the leader, Ukraine, at 34.5% is about 18.3× the median of 1.9% across the 48 economies, and 3.93× the second-placed Israel. In other words, military spending (% of GDP) is dominated by a handful of standouts.

Benchmarked against the OECD average of 2.6%, 11 of the 48 ranked economies (23%) come out higher, and 11 exceed the world figure of 2.5%. This shows how much of the distribution sits above the rich-world benchmark — a quick read on whether military spending (% of GDP) is broadly high or concentrated among a few.

What the data says about Sweden: at 2.0% it ranks 20th of 48 — the upper half — above the median of 1.9%. That places Sweden in the solid middle of the field on military spending (% of GDP).

The spread is wide: the upper quartile of economies clusters around 2.4% and the lower quartile around 1.1%, while the leader Ukraine is 144.2× the lowest-ranked Ireland (0.2%). The quartile split is a cleaner read on typical military spending (% of GDP) than a simple average, which a few extreme values can distort.

Top 5 vs bottom 5

The five highest and five lowest economies on military spending (% of GDP) side by side — the clearest snapshot of the range across the 48 ranked economies.

Limitations & notes

This ranking uses the latest year each economy reports to the World Bank; reporting lags differ, so some countries carry data a year or two older than others (see the year column in the full table). It measures military spending (% of GDP) as the source defines it — not its causes, quality, or wider welfare implications, and not any single 'best' outcome. Every figure is an official World Bank series, not an Affärslivet estimate; the complete dataset with per-country years and sources is free to download and reproduce below.

How it has changed over time

The chart tracks military spending (% of GDP) for Ukraine (the current leader) against Sweden over the past decade; the table below shows the top economies year by year.

By region

Median military spending (% of GDP) by world region among the ranked economies. Regional medians reveal patterns the country ranking alone can hide.

Biggest movers

The largest changes in military spending (% of GDP) over the available window — where the action has been.

Full ranking — 48 economies

Complete ranking by military spending (% of GDP), most recent World Bank data, with world region. Region aggregates (EU, OECD, World) appear in the At-a-glance box as reference points.

Scoreboard (machine-readable data)

Every headline indicator with its value, period, source and confidence. Free to reuse under CC BY 4.0.

↓ CSV · ↓ JSON

Methodology & verification

Economies are ranked by military spending (% of GDP) using the World Bank Open Data API, which harmonises national statistics for cross-country comparison. Each value is the most recent year available for that economy, shown alongside the figure; the trend table uses each economy's reported history. Economies with no reported value are omitted rather than estimated. Region aggregates (EU, euro area, OECD, World) are reference points, not ranked. Definitions of military spending differ (e.g. treatment of pensions and paramilitaries); the percentage-of-GDP measure captures burden, not absolute capability. Confidence: High (official multilateral source).

Data dictionary

Frequently asked questions

Glossary

Military Spending (% Of Gdp)

Military expenditure (% of GDP) — as reported by the World Bank. ↗

World Bank Open Data

A free, authoritative database of harmonised economic indicators for every country. ↗

Purchasing-power parity (PPP)

A conversion that equalises the price of a comparable basket of goods across countries, so output and incomes can be compared in real terms rather than at market exchange rates. ↗

Nominal (current US$)

A value converted at prevailing market exchange rates and not adjusted for differences in price levels. ↗

GNI per capita

Gross national income per person — like GDP per capita but including net income earned abroad; useful where cross-border corporate flows are large. ↗

Reference year

The year a figure applies to; it can differ across countries because national statistics are published on different schedules. ↗

Region aggregate

A World Bank grouping (e.g. European Union, OECD, World) whose value is a weighted regional total or average, shown here for reference rather than ranked. ↗

Sources

• World Bank Open Data — Military expenditure (% of GDP)
• SIPRI Military Expenditure Database
• World Bank Open Data (home)
• IMF World Economic Outlook (comparison)
• OECD Data
• Affärslivet — Sweden Economic Indicators

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• Affärslivet Business Climate Index
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