Against the backdrop of war in Ukraine, conflict in the Middle East and growing tensions between China and the West, global military spending has hit unprecedented levels.

NATO members are at the forefront, with 23 of 32 thought to have met or exceeded the much-vaunted 2% of GDP (gross domestic product) target in 2024. That's compared to just seven who did so in 2022. Even so, with US President Donald Trump calling for the alliance's members to more than double the target to 5%, the spectre of a new global arms race is looming large.

Using 2023 data (the most recent available) from the Stockholm International Peace Research Institute (SIPRI), which has tracked military outlays since 1949, we've ranked 25 major nations in terms of their percentage of GDP spent on defence, from least to most. Read on to discover which countries are spending the most on their military and how their outlay compares.

All dollar amounts in US dollars