Tim: "But what about taking GDP into account? I think North Korea would probably be near the top of the list..."
Technically, he's right: North Korea spends 5.91% of it's GDP on Military spending. The US spends 3.96%.
However... North Korea's GDP is 0.22% of the US's GDP (NK = 22 billion, US = 10,000 billion). Also, North Korea spends $59.09 per person, per year on military, while the US spends $1,414.64 per person per year.
Cuba, Iraq, Iran, and Libya spend between 2 and 3 percent of their GDP's on Military spending; Sudan and Syria betwen 1.22 and 1.48%.
I'd imagine that a gun costs $N no matter what your GDP is, right?
Here's the Excel spreadsheet I used. Feel free to check the math and the source data.
3:41:09 PM 
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