This Country’s Military Budget Is Just 10% of Will Smith’s Earnings for Men in Black

24/7 Wall St. Insights

Many countries spend minimally on defense because of other priorities, such as education and healthcare, or limited resources.
Will Smith made over $100 million for Men in Black, but the top-ranked country on this list sits at just 10% of that.
This contrasts with the United States, who spends the most on defense globally.

His office faced extreme criticism from the general public after German Chancellor Olaf Scholz shared that the German defense budget would rise in 2025. Scholz shot back that defense spending would continue to rise. However, he stresses the necessity of this increase, saying that it would modernize Germany’s Bundeswehr (army). Yet not every country places as important of a focus on military spending, or cannot afford the immense costs that modern global powers put towards defense. (Here are countries that spend a huge share of their economy on military expenses.)

In many cases, countries with limited military budgets are either more heavily invested in fields like education, or do not have extra money to go towards military spending without hurting the country’s progression in some way. However, this causes its own set of issues. Limited military spending leaves some nations vulnerable to foreign threats, which is why many rely on diplomacy and alliances for military aid. Iceland is notorious for this. The country relies on NATO for defense should the need arise, and spends nothing on military. In fact, the country has no military!

Countries like the United States are on the other end of this spectrum. The U.S. spends the most of any country in the world on its military. In fact, it spends more than the next ten nations combined on their respective militaries. Much of this spending goes to keeping U.S. forces outfitted with the most technologically advanced gear, aircraft and vehicles. However, 24/7 Wall St. is focusing on countries that are spending the least on their militaries. (See how the U.S. military budget has skyrocketed over the years.)

To identify which countries spent the least on their military, 24/7 Wall St. reviewed data on U.S. military spending from the Stockholm International Peace Research Institute Military Expenditure Database, for the 2022 fiscal year. Figures are in current U.S. dollars. We included supplementary data on military expenditure as a percent of GDP, a percent of government spending, region, and 2023 population data from World Population Review. We only included countries with current up-to-date financial data.

Why Are We Covering This?

United States military helicopter. Combat US air force

The balance between military expenditure and other societal needs is a complex challenge for countries with limited resources, requiring careful consideration to ensure both security and prosperity. If a country has a low military expenditure, that country might be spending funds in areas like healthcare or education. This information also explains where many modern military alliances come from.