In this article, we look at 15 NATO members with the largest militaries. You can skip our detailed analysis on European countries racking up their defense in response to Russia’s invasion of Ukraine and head over directly to the 5 NATO Members with the Largest Militaries.
Russia’s invasion of Ukraine sent shockwaves around the world, most notably in Europe, where war has returned to the continent after decades of peace. Several countries in the region have begun taking emergency measures to bolster their defense amid turmoil in the neighborhood. Finland and Sweden have joined NATO, Paris is considering increasing the size of the country’s reserve military personnel, while Poland has vowed to recruit about 150,000 new troops over the next decade.
Defense spending in Europe reached $480 billion in 2022 - a 30-year high. Military expenditure of NATO countries, inclusive of the United States and Canada – the two North American members – was also 0.9% higher than in 2021 to total $1.2 trillion. Final figures for 2023 are still awaited, but according to a report by the Stockholm International Peace Research Institute (SIPRI), Europe’s arms imports over the last five years (2019-2023) had grown 94% compared to 2014-2018. The United States is the origin of 55% of all arms imported by Europe between 2019 and 2023.
The situation in Ukraine, coupled with growing calls from NATO and the United States urging member states to increase their military spending in order to meet NATO’s target of members committing at least 2% of their GDP on defense has created a boom for armament manufacturers. Lockheed Martin Corporation (NYSE:LMT) posted a revenue of $67.6 billion in 2023, at an increase of 2.4% compared to the previous year. Its net earnings have also grown from $5.7 billion in 2022 to $6.9 billion in 2023.
Several NATO members are bolstering their aerial capabilities by procuring advanced fighter jets, one of which is Lockheed Martin Corporation (NYSE:LMT)’s fifth-generation fighter, F-35. Canada last year announced to purchase 88 F-35s in its bid to meet NATO’s spending expectations and enhance Arctic security. This was preceded in December 2022 by Germany clinching a $8 billion deal with the United States for the procurement of 35 F-35 fighters. Lockheed Martin Corporation (NYSE:LMT)’s stock price has gained 9.4% since Russia’s invasion of Ukraine.
RTX Corporation (NYSE:RTX)’s revenue is also soaring. The company generated a whopping $68.9 billion figure last year – 3% higher than in 2022. It had received orders worth over $3 billion tied with replenishing Kyiv as of October 2023, and has been lined up by numerous NATO members as well that are looking to enhance their national security. RTX Corporation (NYSE:RTX) signed a $1 billion contract with Hungary in 2022 to supply its air defense missiles to the European country. It is also reportedly in talks with French aerospace manufacturer Safran over the latter buying its flight control units. RTX Corporation (NYSE:RTX) was recently listed as the third best aerospace and defense stock to invest in by Insider Monkey.
Northrop Grumman Corporation (NYSE:NOC), seeing a sustained demand for its weapons, has projected around $41 billion in sales for 2024. In June last year, the company modernized the air defense capabilities of Latvia, Estonia, and Lithuania under a $14.3 million fund provided by the United States. Northrop Grumman Corporation (NYSE:NOC) is also cooperating with Danish company, Terma, on providing electronic warfare training in Northern Europe. The company’s share price has increased 16% since the beginning of Russia’s invasion of Ukraine in early 2022.
Dave Keffer, the chief financial officer for Northrop Grumman Corporation (NYSE:NOC), made the following remarks in the the company’s Q4 2023 Earnings Call:
On the demand side, we ended 2023 with over $84 billion in backlog, a new record for our company. All four of our segments generated a full-year book-to-bill ratio over one-time sales. We also continued to deliver strong top-line results with Q4 sales of $10.6 billion, up 6% compared to the fourth quarter of 2022. Full-year sales were even stronger, up over 7% at $39.3 billion, or roughly $300 million higher than our latest guidance. These top-line results were enabled not only by the strong demand environment we’re seeing among our customers, but also by our ability to ramp on new programs, expand our workforce, and convert our backlog into sales.
While the size of a military has played a critical role throughout history, the evolution of technology has significantly altered the landscape of warfare forever. Therefore, to rank the 15 NATO members with the largest militaries, we have considered five metrics – active military personnel, aircraft, tanks, submarines, and strategic warships which include destroyers, frigates and corvettes.
We observed where countries ranked on each metric, and based on that, assigned them scores. For instance, there are 32 NATO members. If a country ranked 1st on active military personnel, it received a score of 1 (32/32); if it ranked third, it got a score of 0.94 (30/32), and so on. This was done for all metrics, and finally the scores for each metric were aggregated to get a final overall score. The 15 NATO members with the largest militaries are ranked in ascending order of their overall scores.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Let’s now head over to the list of NATO countries with the largest militaries.
15. Bulgaria
Active Military Personnel: 37,000
Aircraft: 65
Tanks: 215
Submarines: 0
Strategic Warships: 7
Score: 2.39
We begin with Bulgaria, which has an active manpower of 37,000 troops, and another 3,000 personnel in the reserve force. The military is equipped with a sizable fleet of aircraft and battle tanks as well. Bulgaria spent 1.84% of its GDP on defense expenditure in 2023, and is inching closer to NATO’s 2% spending target. According to a survey held last year, 83% of Bulgarians prefer their country to increase defense expenditure.
14. Portugal
Active Military Personnel: 24,000
Aircraft: 104
Tanks: 34
Submarines: 2
Strategic Warships: 2
Score: 2.48
Portugal is among NATO members with the largest militaries. In addition to the 24,000 active military troops, Lisbon has a large reserve force of 211,700 personnel as well. According to the Global Firepower Index, over 125,000 Portuguese reach military age each year. The country has two submarines and two corvettes to meet its naval needs, while its air force has 104 aircraft.
13. Norway
Active Military Personnel: 23,250
Aircraft: 110
Tanks: 36
Submarines: 6
Strategic Warships: 6
Score: 2.71
A key strength of the Norwegian military is its advanced aircraft fleet, which includes 30 F-35 fifth-generation fighter jets, with another 12 on order, according to FlightGlobal. The country also boasts 36 battle tanks, while on the naval front, it is equipped with six submarines and six corvettes. Norway spent 1.67% of its GDP on defense expenditure in 2023.
12. Netherlands
Active Military Personnel: 41,380
Aircraft: 171
Tanks: 18
Submarines: 3
Strategic Warships: 6
Score: 2.84
The Netherlands has one of the most powerful militaries among NATO members, primarily due to the country’s investments in air power. Its current fleet of aircraft includes 26 F-16A and 26 F-35A, among several other jets and combat helicopters. In addition to the 41,380 active troops, the Netherlands also has close to 7,000 reserves and 5,000 paramilitary personnel. The country spent 1.7% of its GDP on defense last year. With its economy crossing the $1 trillion mark, Amsterdam can look to further increase military spending to meet NATO’s 2% goal.
11. Romania
Active Military Personnel: 81,300
Aircraft: 140
Tanks: 345
Submarines: 0
Strategic Warships: 10
Score: 2.94
Next up on our list of NATO members with the largest militaries is Romania, which is set to grow further in size in terms of manpower. In January this year, defense minister Angel Tilvar told a media group about wanting to recruit an additional 20,000 troops amid security challenges in the region. The country currently has 55,000 personnel in its reserve force. Romania is also well equipped when it comes to battle tanks and aircraft. Its strategic warships comprise three frigates and seven corvettes.
10. Canada
Active Military Personnel: 68,000
Aircraft: 395
Tanks: 74
Submarines: 4
Strategic Warships: 12
Score: 3.58
Canada is one of the two North American members of NATO, along with the United States. In addition to the 68,000 active military soldiers, Canada also has a reserve force of 27,000 personnel. Over 423,000 Canadians reach military age annually. The country boasts a large fleet of aircraft and has a sizable number of battle tanks. It is also well-covered on the naval side with four submarines and 12 strategic warships.
9. Poland
Active Military Personnel: 202,100
Aircraft: 275
Tanks: 612
Submarines: 1
Strategic Warships: 2
Score: 3.71
Poland is one the strongest NATO members due to its large military. Mateusz Morawiecki, the country’s prime minister, vowed in November 2022 to make Poland the most powerful military in Europe in the next few years as Warsaw plans on recruiting an additional 150,000 troops by 2035 to further increase its manpower – which is already the third largest among NATO members. The Polish military has a sizable fleet of battle tanks and military aircraft as well, but lacks strength on the naval side.
8. Spain
Active Military Personnel: 133,282
Aircraft: 393
Tanks: 327
Submarines: 3
Strategic Warships: 11
Score: 3.81
Spain spends only 1.26% of its GDP on defense expenditure, which is the third lowest among all NATO members, excluding Iceland which has no armed forces. Despite that, Spain has one of the largest militaries in the alliance with an active manpower of over 133,000 troops and a reserve force of 15,150 personnel. The country plans on doubling its military expenditure from current levels by 2029. It is among the few countries in the world to have an aircraft carrier. You can read more on this in our article, 12 Countries Have Aircraft Carriers But Only One Has A $13.3 Billion Warship.
7. Italy
Active Military Personnel: 165,500
Aircraft: 506
Tanks: 200
Submarines: 8
Strategic Warships: 17
Score: 4.10
Italy is regarded as among the most powerful militaries in the world, and its troops have been recognized world over for their contributions to global peacekeeping missions. It is among NATO members with the largest militaries, having an active manpower of over 165,000 troops. A key strength of the Italian military is on the naval front, where it boasts 2 aircraft carriers, 4 destroyers, 8 submarines, and 13 frigates.
6. Germany
Active Military Personnel: 181,600
Aircraft: 394
Tanks: 295
Submarines: 6
Strategic Warships: 17
Score: 4.16
Germany is sixth on our list of NATO countries with the largest militaries. It has a sizable manpower of 181,600 active troops, and also has another 34,000 personnel in reserves. The country spent 1.57% of its GDP on defense expenditure last year, and can look to further increase spending and enhance regional security given that it is the third largest economy in the world, valued at $4.43 trillion in 2023.
