These Are the World Military Powers with the Most Puchasing Power

Purchasing Power Parity (PPP) serves as an economic indicator that accounts for the cost of living and inflation rates across countries and currencies. Ultimately, PPP offers a more accurate measure of economic strength and consumer buying power. However, PPP also plays an important role in military strength. Countries that can purchase more assets like fighter jets or tanks tend to have more robust forces. Here, 24/7 Wall St. is taking a closer look at the world’s top military powers with the largest PPP.

To determine the countries with the most PPP in the world, 24/7 Wall St. reviewed the 2025 Military Strength Ranking from Global Firepower, an annually updated defense-related statistics website with information on 145 countries. Global Firepower ranked 145 countries based on their PowerIndex, a composite of over 60 measures in categories such as military might, financials, logistical capability, and geography. The smaller the PowerIndex value the more powerful a nation’s theoretical conventional fighting capability is. We ranked these countries based on PPP. We also included supplemental information regarding foreign exchange/gold reserves, defense budgets, external debt, a composition of military assets, as well as the overall military strength score.

Here is a look at the military powers with the most PPP in the world:

Why Are We Covering This?

Understanding global military dynamics is incredibly important due to the interconnected nature of international relations and conflicts. As long as civilization has existed, the world has witnessed shifting power balances and alliances which have ultimately shaped the current geopolitical landscape. While key players like the United States, China, and Russia are considered the strongest military powers in the world, there are a number of other nations with their own spheres of influence and strengths that impact global relations from a military perspective.

30. Malaysia

• Purchasing power parity: $1,152,000,000,000
• Foreign exchange and gold reserves: $113,438,000,000
• Military defense budget: $4,800,000,000 – #50 out of 145
• External debt: $247,500,000,000
• Total military aircraft: 135
• Total military vehicles: 13,506
• Total naval vessels: 100
• Military strength score and world rank: 0.7429 – #42 out of 145

For some background, Malaysia has a total population of 34.6 million, and of these 13,480,276 are fit for military service. It has 264,600 total military personnel, which is composed of 113,000 active personnel, 51,600 reserves, and 100,000 paramilitary forces.

29. Argentina

• Purchasing power parity: $1,235,000,000,000
• Foreign exchange and gold reserves: $23,081,000,000
• Military defense budget: $928,897,000 – #89 out of 145
• External debt: $178,940,000,000
• Total military aircraft: 239
• Total military vehicles: 21,724
• Total naval vessels: 44
• Military strength score and world rank: 0.6013 – #33 out of 145

For some background, Argentina has a total population of 47.0 million, and of these 17,575,900 are fit for military service. It has 128,000 total military personnel, which is composed of 108,000 active personnel and 20,000 paramilitary forces.

28. Netherlands

• Purchasing power parity: $1,240,000,000,000
• Foreign exchange and gold reserves: $69,830,000,000
• Military defense budget: $27,000,000,000 – #18 out of 145
• External debt: $4,779,954,300,000
• Total military aircraft: 120
• Total military vehicles: 2,755
• Total naval vessels: 64
• Military strength score and world rank: 0.6412 – #36 out of 145

For some background, the Netherlands has a total population of 17.8 million, and of these 6,486,918 are fit for military service. It has 53,145 total military personnel, which is composed of 41,380 active personnel, 6,765 reserves, and 5,000 paramilitary forces.

27. Taiwan

• Purchasing power parity: $1,257,300,000,000
• Foreign exchange and gold reserves: $492,635,000,000
• Military defense budget: $19,740,000,000 – #23 out of 145
• External debt: $209,000,000,000
• Total military aircraft: 761
• Total military vehicles: 19,921
• Total naval vessels: 97
• Military strength score and world rank: 0.3988 – #23 out of 145

For some background, Taiwan has a total population of 23.6 million, and of these 1,061,787 are fit for military service. It has 2,580,000 total military personnel, which is composed of 215,000 active personnel, 2,310,000 reserves, and 55,000 paramilitary forces.

26. Nigeria

• Purchasing power parity: $1,275,000,000,000
• Foreign exchange and gold reserves: $41,349,000,000
• Military defense budget: $3,160,000,000 – #59 out of 145
• External debt: $32,455,500,000
• Total military aircraft: 163
• Total military vehicles: 8,962
• Total naval vessels: 133
• Military strength score and world rank: 0.5771 – #31 out of 145

For some background, Nigeria has a total population of 236.7 million, and of these 90,437,404 are fit for military service. It has 280,000 total military personnel, which is composed of 230,000 active personnel and 50,000 paramilitary forces.

25. Pakistan

• Purchasing power parity: $1,347,000,000,000
• Foreign exchange and gold reserves: $13,730,000,000
• Military defense budget: $7,640,000,000 – #38 out of 145
• External debt: $92,426,000,000
• Total military aircraft: 1,399
• Total military vehicles: 17,516
• Total naval vessels: 121
• Military strength score and world rank: 0.2513 – #12 out of 145

For some background, Pakistan has a total population of 252.4 million, and of these 85,803,614 are fit for military service. It has 1,704,000 total military personnel, which is composed of 654,000 active personnel, 550,000 reserves, and 500,000 paramilitary forces.

24. Vietnam

• Purchasing power parity: $1,354,000,000,000
• Foreign exchange and gold reserves: $97,955,500,000
• Military defense budget: $8,594,000,000 – #35 out of 145
• External debt: $110,000,000,000
• Total military aircraft: 246
• Total military vehicles: 11,912
• Total naval vessels: 110
• Military strength score and world rank: 0.4024 – #24 out of 145

For some background, Vietnam has a total population of 105.8 million, and of these 45,053,323 are fit for military service. It has 5,850,000 total military personnel, which is composed of 600,000 active personnel, 5,000,000 reserves, and 250,000 paramilitary forces.

23. Bangladesh

• Purchasing power parity: $1,413,000,000,000
• Foreign exchange and gold reserves: $21,860,000,000
• Military defense budget: $4,374,000,000 – #56 out of 145
• External debt: $51,965,000,000
• Total military aircraft: 214
• Total military vehicles: 11,584
• Total naval vessels: 118
• Military strength score and world rank: 0.6062 – #35 out of 145

For some background, Bangladesh has a total population of 168.7 million, and of these 66,129,296 are fit for military service. It has 6,963,000 total military personnel, which is composed of 163,000 active personnel and 6,800,000 paramilitary forces.

22. Iran

• Purchasing power parity: $1,440,000,000,000
• Foreign exchange and gold reserves: $120,600,000,000
• Military defense budget: $15,450,000,000 – #25 out of 145
• External debt: $4,134,926,000
• Total military aircraft: 551
• Total military vehicles: 65,825
• Total naval vessels: 107
• Military strength score and world rank: 0.3048 – #16 out of 145

For some background, Iran has a total population of 88.4 million, and of these 41,541,860 are fit for military service. It has 1,180,000 total military personnel, which is composed of 610,000 active personnel, 350,000 reserves, and 220,000 paramilitary forces.

21. Thailand

• Purchasing power parity: $1,516,000,000,000
• Foreign exchange and gold reserves: $224,470,000,000
• Military defense budget: $5,887,883,500 – #45 out of 145
• External debt: $102,694,000,000
• Total military aircraft: 493
• Total military vehicles: 16,935
• Total naval vessels: 293
• Military strength score and world rank: 0.4536 – #26 out of 145

For some background, Thailand has a total population of 69.9 million, and of these 27,968,399 are fit for military service. It has 585,850 total military personnel, which is composed of 360,850 active personnel, 200,000 reserves, and 25,000 paramilitary forces.

20. Australia

• Purchasing power parity: $1,584,000,000,000
• Foreign exchange and gold reserves: $61,703,000,000
• Military defense budget: $55,700,000,000 – #8 out of 145
• External debt: $3,427,504,300,000
• Total military aircraft: 327
• Total military vehicles: 15,648
• Total naval vessels: 44
• Military strength score and world rank: 0.3298 – #18 out of 145

For some background, Australia has a total population of 26.8 million, and of these 9,208,398 are fit for military service. It has 89,400 total military personnel, which is composed of 57,350 active personnel and 32,050 reserves.

19. Poland

• Purchasing power parity: $1,616,000,000,000
• Foreign exchange and gold reserves: $193,783,000,000
• Military defense budget: $48,700,000,000 – #12 out of 145
• External debt: $386,947,000,000
• Total military aircraft: 479
• Total military vehicles: 23,138
• Total naval vessels: 62
• Military strength score and world rank: 0.3776 – #22 out of 145

For some background, Poland has a total population of 38.7 million, and of these 15,576,017 are fit for military service. It has 602,100 total military personnel, which is composed of 202,100 active personnel, 350,000 reserves, and 50,000 paramilitary forces.

18. Saudi Arabia

• Purchasing power parity: $1,831,000,000,000
• Foreign exchange and gold reserves: $457,949,000,000
• Military defense budget: $74,760,000,000 – #5 out of 145
• External debt: $225,610,000,000
• Total military aircraft: 917
• Total military vehicles: 19,040
• Total naval vessels: 32
• Military strength score and world rank: 0.4201 – #25 out of 145

For some background, Saudi Arabia has a total population of 36.5 million, and of these 17,468,238 are fit for military service. It has 407,000 total military personnel, which is composed of 257,000 active personnel, 0 reserves, and 150,000 paramilitary forces.

17. Egypt

• Purchasing power parity: $1,912,000,000,000
• Foreign exchange and gold reserves: $33,070,000,000
• Military defense budget: $5,879,500,000 – #46 out of 145
• External debt: $103,750,000,000
• Total military aircraft: 1,093
• Total military vehicles: 41,012
• Total naval vessels: 150
• Military strength score and world rank: 0.3427 – #19 out of 145

For some background, Egypt has a total population of 111.2 million, and of these 38,269,053 are fit for military service. It has 1,220,000 total military personnel, which is composed of 440,000 active personnel, 480,000 reserves, and 300,000 paramilitary forces.

16. Canada

• Purchasing power parity: $2,238,000,000,000
• Foreign exchange and gold reserves: $117,551,000,000
• Military defense budget: $41,000,000,000 – #15 out of 145
• External debt: $2,337,375,700,000
• Total military aircraft: 351
• Total military vehicles: 21,704
• Total naval vessels: 73
• Military strength score and world rank: 0.5179 – #28 out of 145

For some background, Canada has a total population of 38.8 million, and of these 13,500,595 are fit for military service. It has 100,500 total military personnel, which is composed of 68,000 active personnel, 27,000 reserves, and 5,500 paramilitary forces.

15. Spain

• Purchasing power parity: $2,242,000,000,000
• Foreign exchange and gold reserves: $103,089,000,000
• Military defense budget: $23,397,000,000 – #22 out of 145
• External debt: $2,572,738,300,000
• Total military aircraft: 461
• Total military vehicles: 17,626
• Total naval vessels: 152
• Military strength score and world rank: 0.3242 – #17 out of 145

For some background, Spain has a total population of 47.3 million, and of these 17,635,602 are fit for military service. It has 226,902 total military personnel, which is composed of 133,282 active personnel, 15,150 reserves, and 78,470 paramilitary forces.

14. South Korea

• Purchasing power parity: $2,615,000,000,000
• Foreign exchange and gold reserves: $420,930,000,000
• Military defense budget: $46,300,000,000 – #14 out of 145
• External debt: $503,519,500,000
• Total military aircraft: 1,592
• Total military vehicles: 58,880
• Total naval vessels: 227
• Military strength score and world rank: 0.1656 – #5 out of 145

For some background, South Korea has a total population of 52.1 million, and of these 21,353,538 are fit for military service. It has 3,820,000 total military personnel, which is composed of 600,000 active personnel, 3,100,000 reserves, and 120,000 paramilitary forces.

13. Mexico

• Purchasing power parity: $2,873,000,000,000
• Foreign exchange and gold reserves: $214,317,000,000
• Military defense budget: $7,600,000,000 – #39 out of 145
• External debt: $371,359,000,000
• Total military aircraft: 433
• Total military vehicles: 19,658
• Total naval vessels: 167
• Military strength score and world rank: 0.5965 – #32 out of 145

For some background, Mexico has a total population of 130.7 million, and of these 49,811,912 are fit for military service. It has 630,655 total military personnel, which is composed of 412,000 active personnel, 98,655 reserves, and 120,000 paramilitary forces.

12. Turkey

• Purchasing power parity: $2,936,000,000,000
• Foreign exchange and gold reserves: $140,858,000,000
• Military defense budget: $47,000,000,000 – #13 out of 145
• External debt: $294,441,000,000
• Total military aircraft: 1,083
• Total military vehicles: 61,173
• Total naval vessels: 182
• Military strength score and world rank: 0.1902 – #9 out of 145

For some background, Turkey has a total population of 84.1 million, and of these 36,087,279 are fit for military service. It has 883,900 total military personnel, which is composed of 355,200 active personnel, 378,700 reserves, and 150,000 paramilitary forces.

11. Italy

• Purchasing power parity: $3,097,000,000,000
• Foreign exchange and gold reserves: $247,396,000,000
• Military defense budget: $30,890,000,000 – #16 out of 145
• External debt: $2,750,000,000,000
• Total military aircraft: 729
• Total military vehicles: 73,480
• Total naval vessels: 196
• Military strength score and world rank: 0.2164 – #10 out of 145

For some background, Italy has a total population of 61.0 million, and of these 22,191,235 are fit for military service. It has 289,000 total military personnel, which is composed of 165,500 active personnel, 18,500 reserves, and 105,000 paramilitary forces.

10. United Kingdom

• Purchasing power parity: $3,700,000,000,000
• Foreign exchange and gold reserves: $177,915,000,000
• Military defense budget: $71,500,540,000 – #6 out of 145
• External debt: $9,593,749,000,000
• Total military aircraft: 631
• Total military vehicles: 38,200
• Total naval vessels: 109
• Military strength score and world rank: 0.1785 – #6 out of 145

For some background, the United Kingdom has a total population of 68.5 million, and of these 25,192,932 are fit for military service. It has 1,108,860 total military personnel, which is composed of 184,860 active personnel and 924,000 reserves.

9. France

• Purchasing power parity: $3,764,000,000,000
• Foreign exchange and gold reserves: $240,792,000,000
• Military defense budget: $55,000,000,000 – #9 out of 145
• External debt: $6,992,104,900,000
• Total military aircraft: 976
• Total military vehicles: 110,932
• Total naval vessels: 129
• Military strength score and world rank: 0.1878 – #8 out of 145

For some background, France has a total population of 68.4 million, and of these 23,794,358 are fit for military service. It has 376,000 total military personnel, which is composed of 200,000 active personnel, 26,000 reserves, and 150,000 paramilitary forces.

8. Indonesia

• Purchasing power parity: $3,906,000,000,000
• Foreign exchange and gold reserves: $146,359,000,000
• Military defense budget: $10,600,000,000 – #29 out of 145
• External debt: $440,000,000,000
• Total military aircraft: 459
• Total military vehicles: 20,440
• Total naval vessels: 331
• Military strength score and world rank: 0.2557 – #13 out of 145

For some background, Indonesia has a total population of 281.6 million, and of these 114,595,923 are fit for military service. It has 1,050,000 total military personnel, which is composed of 400,000 active personnel, 400,000 reserves, and 250,000 paramilitary forces.

7. Brazil

• Purchasing power parity: $4,016,000,000,000
• Foreign exchange and gold reserves: $355,021,000,000
• Military defense budget: $26,157,300,000 – #19 out of 145
• External debt: $432,224,000,000
• Total military aircraft: 513
• Total military vehicles: 22,464
• Total naval vessels: 64
• Military strength score and world rank: 0.2415 – #11 out of 145

For some background, Brazil has a total population of 220.1 million, and of these 88,680,759 are fit for military service. It has 900,000 total military personnel, which is composed of 360,000 active personnel, 340,000 reserves, and 200,000 paramilitary forces.

6. Germany

• Purchasing power parity: $5,230,000,000,000
• Foreign exchange and gold reserves: $322,700,000,000
• Military defense budget: $50,000,000,000 – #11 out of 145
• External debt: $6,238,609,300,000
• Total military aircraft: 584
• Total military vehicles: 83,260
• Total naval vessels: 61
• Military strength score and world rank: 0.2601 – #14 out of 145

For some background, Germany has a total population of 84.1 million, and of these 30,955,829 are fit for military service. It has 215,600 total military personnel, which is composed of 181,600 active personnel and 34,000 reserves.

5. Japan

• Purchasing power parity: $5,761,000,000,000
• Foreign exchange and gold reserves: $1,295,000,000,000
• Military defense budget: $57,000,000,000 – #7 out of 145
• External debt: $4,679,698,100,000
• Total military aircraft: 1,443
• Total military vehicles: 31,964
• Total naval vessels: 159
• Military strength score and world rank: 0.1839 – #7 out of 145

For some background, Japan has a total population of 123.2 million, and of these 42,874,277 are fit for military service. It has 328,150 total military personnel, which is composed of 247,150 active personnel, 56,000 reserves, and 25,000 paramilitary forces.

4. Russia

• Purchasing power parity: $5,816,000,000,000
• Foreign exchange and gold reserves: $597,217,000,000
• Military defense budget: $126,000,000,000 – #3 out of 145
• External debt: $317,650,500,000
• Total military aircraft: 4,292
• Total military vehicles: 131,527
• Total naval vessels: 419
• Military strength score and world rank: 0.0788 – #2 out of 145

For some background, Russia has a total population of 140.8 million, and of these 46,189,226 are fit for military service. It has 3,570,000 total military personnel, which is composed of 1,320,000 active personnel, 2,000,000 reserves, and 250,000 paramilitary forces.

3. India

• Purchasing power parity: $13,104,000,000,000
• Foreign exchange and gold reserves: $627,793,000,000
• Military defense budget: $75,000,000,000 – #4 out of 145
• External debt: $371,020,500,000
• Total military aircraft: 2,229
• Total military vehicles: 148,594
• Total naval vessels: 293
• Military strength score and world rank: 0.1184 – #4 out of 145

For some background, India has a total population of 1.41 billion, and of these 522,786,598 are fit for military service. It has 5,137,550 total military personnel, which is composed of 1,455,550 active personnel, 1,155,000 reserves, and 2,527,000 paramilitary forces.

2. United States

• Purchasing power parity: $24,662,000,000,000
• Foreign exchange and gold reserves: $773,426,000,000
• Military defense budget: $895,000,000,000 – #1 out of 145
• External debt: $22,303,546,100,000
• Total military aircraft: 13,043
• Total military vehicles: 391,963
• Total naval vessels: 440
• Military strength score and world rank: 0.0744 – #1 out of 145

For some background, the United States has a total population of 342.0 million, and of these 124,816,644 are fit for military service. It has 2,127,500 total military personnel, which is composed of 1,328,000 active personnel and 799,500 reserves.

1. China

• Purchasing power parity: $31,227,000,000,000
• Foreign exchange and gold reserves: $3,450,000,000,000
• Military defense budget: $266,850,000,000 – #2 out of 145
• External debt: $1,218,458,500,000
• Total military aircraft: 3,309
• Total military vehicles: 144,017
• Total naval vessels: 754
• Military strength score and world rank: 0.0788 – #3 out of 145

For some background, China has a total population of 1.42 million, and of these 626,864,169 are fit for military service. It has 3,170,000 total military personnel, which is composed of 2,035,000 active personnel, 510,000 reserves, and 625,000 paramilitary forces.

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