Russia’s invasion of Ukraine in February 2022 sent shockwaves across the world. Most of all in Europe. With war returning to the continent after decades of peace, countries in the region are racking up their defenses amid the turmoil in their neighborhood. French officials are considering increasing the size of the country’s reserve force, while the government in Poland has announced to recruit 150,000 additional troops over the next decade to take its number of active military personnel beyond the 300,000 mark. On the other hand, Sweden has decided to involve its society as a whole for national security, and formed a civil defense force.
Defense expenditure is also on the rise in Europe, with the continent in 2022 witnessing its steepest rise in military spending in three decades. According to a recent report by the Stockholm International Peace Research Institute (SIPRI), arms exports by European countries have grown 94% between 2014-2018 and 2019-2023. The United States was the origin of 55% of all arms imported by European countries in the last five years, which resulted in a 17% increase in its arms exports compared to 2014-2018.
The spike in military spending has meant a boom for the defense industry. Lockheed Martin Corporation (NYSE:LMT) generated $67.6 billion in revenue in 2023, which was 2.4% higher than the previous year. Its net profit also increased from $5.7 billion in 2022 to $6.9 billion in 2023. Lockheed Martin Corporation (NYSE:LMT)’s stock price has risen 9.4% since the Ukraine war broke out two years ago. It is listed among Insider Monkey and Yahoo Finance’s 15 Best Large-Cap Stocks to Buy in 2024.
RiverPark Advisors made the following comment about Lockheed Martin Corporation (NYSE:LMT) in its Q3 2023 investor letter:
Lockheed Martin Corporation (NYSE:LMT): LMT is the world’s largest aerospace and defense contractor. With about 70% of its $66 billion in revenue from the U.S. government, the company is well positioned to benefit from U.S. defense budget growth, historically 5%-6% per year, as well as increased global military spending. With a $158 billion backlog and almost 30% of its revenue coming from building F-35 aircraft with deliveries forecast to reach 180 per year (up from 141 in 2022) in the coming years, we believe the company could grow at a higher rate than overall defense budget growth and Street expectations over the next several years. Further, strategic acquisitions, debt repayment, a 2.9% dividend yield, and continued share buybacks from more than $6 billion per year of free cash flow should lead to even greater shareholder returns. We re-initiated a small position in August.
RTX Corporation (NYSE:RTX) posted a whopping $68.9 billion in sales in 2023 – an increase of 3% compared to last year. The company had received orders tied with replenishing Ukraine worth $3 billion as of October 2023 – including a $624 million contract to build 1,300 stinger missiles for Kyiv. Several other European countries have also lined up RTX Corporation (NYSE:RTX) for their defense procurement. In 2022, Hungary placed a $1 billion order with the company to purchase its air defense missiles, and according to a report by Bloomberg in June 2023, French aerospace manufacturer Safran was in talks with RTX Corporation (NYSE:RTX) to buy one of its flight control units.
General Dynamics Corporation (NYSE:GD) is another defense corporation that has significantly gained from the crisis in Europe. 2023 was the best financial year for the company in terms of revenue, registering a record high of $42.3 billion, which was 7.7% higher than in 2022.
General Dynamics Corporation (NYSE:GD)’s combat systems units’ sales are also 25% higher in comparison to a year ago. The unit is responsible for manufacturing tanks, artillery, and armored vehicles. Its artillery output has already increased from 14,000 rounds per month to 20,000. General Dynamics Corporation (NYSE:GD) is the sixth largest defense contractor in the world currently. You can read more on this in our article, Top 20 Defense Contractors in 2024.
Moreover, expecting a sustained demand for its weapons, Northrop Grumman Corporation (NYSE:NOC) has projected a revenue between $40.8 billion to $41.2 billion for 2024. Early last year, the company was awarded a $522 million contract by the US Army to manufacture artillery ammunition for Kyiv alongside Global Military Products (GMP). Northrop Grumman Corporation (NYSE:NOC)’s CFO, Dave Keffer, made the following remarks in 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.
The value of Northrop Grumman Corporation (NYSE:NOC)’s stocks have surged by over 16% since Russia’s invasion of Ukraine in February 2022.
20 Largest Armed Forces in the World Ranked by Active Military Personnel
LEE SNIDER PHOTO IMAGES/Shutterstock.com
Methodology
The largest armed forces in the world are ranked in ascending order of their number of active military personnel or manpower. Data has been sourced from the 24 Most Powerful Militaries in the World in 2024.
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Let’s now head over to the list of the largest armed forces in the world by manpower.
20 Largest Armed Forces in the World Ranked by Active Military Personnel:
20. Saudi Arabia
Active Military Personnel: 257,000
The Saudi Armed Forces comprises the Army, Navy, Air Force, Air Defense, and the Strategic Missile Force. With 257,000 active personnel, it is one of the largest armed forces in the world. The Saudi military is very well-funded, with the country being the fifth largest spender on defense expenditure in 2022 – having incurred $75 billion on military spending that year.
19. Colombia
Active Military Personnel: 293,200
Colombia has one of largest militaries in Latin America. Having fought against rebel groups and drug-trafficking cartels for decades, Colombian soldiers are among the most battle-hardened and well-experienced in the world. However, due to low pay, several personnel take early retirements. Hundreds of Colombian armed forces personnel over the last two years have gone to Ukraine to fight against Russian forces.
18. Algeria
Active Military Personnel: 325,000
Decades-long conflict with Morocco and the threat of instability spilling over from Libya have meant that Algeria raises a large armed force. Algeria is the third most powerful military in Africa, and one of its key strengths is its sizable manpower. You can read more on this in our article, 15 Most Powerful Militaries in Africa.
17. Sri Lanka
Active Military Personnel: 346,000
Despite being a tiny island country in the Indian Ocean, Sri Lanka boasts one of the largest armed forces in the world, with an active manpower of an estimated 346,000 personnel. The military is widely acclaimed across the nation for its role in defeating the insurgency led by a group called the Liberation Tigers of Tamil Eelam in a civil war that devastated the country from 1983 till 2009.
16. Turkiye
Active Military Personnel: 355,200
Next on our list of the largest armed forces in the world ranked by active military personnel is Turkiye, which has a manpower of over 355,000 troops. In addition to this, the country also has an estimated 378,700 reserve personnel. The Turkish Armed Forces consist of the Land Forces, Naval Forces, and Air Forces.
15. Brazil
Active Military Personnel: 360,000
Brazil has the largest armed forces in Latin America, and the third largest in the Americas after the United States and Mexico, with a manpower of 360,000 personnel. According to the 2024 Global Firepower Index, 88 million people or 40% of Brazil’s overall population is of the age where they could join the military if required, with 3.5 million new people reaching the military age each year.
14. Thailand
Active Military Personnel: 360,850
Thailand has one of the largest armed forces in the world. The country recruits between 80,000 to 100,000 new recruits each year, with about 70,000 joining the Army, 13,000 going to the Air Force, and the rest go to the Navy, Royal Thai Armed Forces Headquarters, and the Defense Ministry.
13. Indonesia
Active Military Personnel: 400,000
Indonesia boasts one of the most powerful militaries in Southeast Asia, and one key determinant of its strength is the manpower of its armed forces. The country has an estimated 400,000 active military personnel. In addition to this, there are also another 400,000 reserve troops and 250,000 men strong paramilitary force.
12. Mexico
Active Military Personnel: 412,000
Mexico, with a manpower of 412,000 active troops, is one of the largest militaries in the world. It also has a big force of reserves comprising about 98,000 soldiers. The country’s military is well experienced and battle-hardened due to years of war against drug cartels.
11. Egypt
Active Military Personnel: 440,000
Egypt has the most powerful military in Africa. The country is a key strategic ally of the United States in the war against terror. Cairo has a long history of being led under military dictators who have ensured to raise a strong armed force. In addition to a large number of active personnel, Egypt also has a reserve force of 480,000 personnel and about 300,000 paramilitary soldiers.
10. Vietnam
Active Military Personnel: 600,000
Vietnam, with about 600,000 active military personnel, is the tenth largest armed force in the world. According to the Global Firepower Index, nearly 1.8 million Vietnamese reach military age every year. Moreover, it has the largest reserve manpower force in the world with 5 million troops.
9. South Korea
Active Military Personnel: 600,000
Given its tense ties with North Korea, it is no surprise that South Korea has one of the largest armed forces in the world, with a manpower of 600,000 troops. The country ranks high on technological advancement and has equipped its military personnel with modern, advanced weaponry.
8. Iran
Active Military Personnel: 610,000
Iran has been under sanctions for decades and despite that it boasts one of the most powerful militaries in the world. A key reason for that is its large number of military personnel who are battle-hardened due to Iran’s active role in conflicts across the Middle East.
7. Pakistan
Active Military Personnel: 654,000
Pakistan has the seventh largest armed forces in the world. Due to strained relations and a history of wars with arch-rival India, and a troubled security climate along the border with Afghanistan, Islamabad has raised a strong and large military to tackle its national security challenges. The Pakistani army also lends support to its allies in the Arab world, and several thousand Pakistani troops are deployed in various GCC countries. Pakistan is the fifth biggest contributor of troops to UN peacekeeping missions as well.
6. Ukraine
Active Military Personnel: 900,000
All men aged between 18 and 60 are subject to conscription in Ukraine according to the new laws introduced by Kyiv after Russia’s invasion of the country in February 2022. As a result, Ukraine has the sixth largest armed forces in the world currently with about 0.9 million active military personnel. Conscription has long been practiced in the country. It was abolished in 2013 briefly before being reinstated in 2014 after Moscow annexed Crimea. At that time, about 40% of the Ukrainian armed forces was made up of conscripts. You can read more on this in the20 Biggest Countries With Mandatory Military Service.
