The 2026-27 UEFA Nations League gets underway this month, with 54 European nations competing across four leagues and the tournament featuring some of the most valuable squads in international football.
Using the latest available Transfermarkt market values, we have ranked every Nations League squad from France at the top to Liechtenstein at the bottom, with the figures providing an interesting insight into the huge financial gap between the competing nations.
Rank Nation Market value 1France€1.52bn 2England€1.36bn 3Spain€1.22bn 4Portugal€1.01bn 5Germany€947.00m 6Netherlands€804.20m 7Norway€589.90m 8Belgium€547.50m 9Turkey€473.70m 10Denmark€418.50m 11Sweden€406.08m 12Croatia€387.30m 13Switzerland€332.50m 14Italy€315.70m 15Greece€278.60m 16Georgia€260.60m 17Ukraine€247.00m 18Austria€245.20m 19Poland€232.10m 20Hungary€209.20m 21Serbia€206.00m 22Czechia€188.18m 23Wales€180.65m 24Scotland€170.25m 25Kosovo€147.45m 26Republic of Ireland€146.85m 27Bosnia and Herzegovina€146.40m 28Slovenia€100.50m 29Albania€88.75m 30Iceland€81.10m 31Northern Ireland€79.90m 32Montenegro€68.45m 33Israel€68.10m 34Slovakia€61.35m 35Romania€56.95m 36Finland€41.85m 37Armenia€40.65m 38North Macedonia€34.45m 39Bulgaria€30.15m 40Azerbaijan€21.68m 41Cyprus€19.30m 42Kazakhstan€17.35m 43Lithuania€16.18m 44Belarus€15.38m 45Malta€15.00m 46Luxembourg€15.00m 47Estonia€12.80m 48Moldova€10.43m 49Latvia€8.23m 50Faroe Islands€5.10m 51Andorra€3.71m 52Gibraltar€1.84m 53San Marino€1.17m 54Liechtenstein€625kMarket values correct as of September 20, 2026, based on the latest available Transfermarkt data.
France sit at the top of the rankings with a squad valued at €1.52bn, putting them comfortably ahead of England and Spain.
Les Bleus' huge valuation is driven by a host of world-class players, with Kylian Mbappe, Michael Olise and William Saliba among the most valuable members of Zinedine Zidane's squad, with the former Real Madrid boss set to take charge of his first France game against Turkey on Friday, September 25.
Spain boast the most valuable player in the entire competition, with Lamine Yamal valued at €220m, matching Erling Haaland's valuation and highlighting the quality at their disposal.
Portugal's €1.01bn valuation is built around a deep group of elite players, with Vitinha, Joao Neves, Ruben Dias, Rafael Leao and Bruno Fernandes all contributing heavily to their impressive squad value, while Cristiano Ronaldo remains the headline name in Jorge Jesus's squad despite speculation he could retire from international football.
There is a significant drop after the leading nations, although Norway's €589.90m valuation stands out given that they are competing alongside Portugal, Denmark and Wales in League A.
Norway's €589.9m total is heavily boosted by Erling Haaland, whose €220m valuation makes him comfortably their most valuable player, while Wales' squad value would also have been significantly higher had Gareth Bale still been available, with the former Real Madrid forward having one of the most valuable players in the world for more than a decade.
Belgium, Turkey, Denmark and Sweden also rank inside the top 11.
Italy's €315.70m valuation is notably lower than several of their traditional rivals, while Greece, Georgia, Ukraine and Austria all sit between €245m and €280m.
Georgia's ranking is particularly eye-catching, with Khvicha Kvaratskhelia alone valued at €140m.
The Republic of Ireland sit around the halfway mark in the rankings, with their €147.65m squad valuation led by Caoimhín Kelleher at €28m, while Troy Parrott's strong start to life at Real Betis could see his €25m market value rise further if he continues to impress in La Liga and Europe.
At the other end of the table, San Marino have a squad valued at just €1.17m, while Liechtenstein's €625k valuation is the lowest of all 54 nations.
Andorra, Gibraltar and the Faroe Islands are also below €10m.
The figures highlight the enormous financial disparity across the Nations League, but market value is only one measure of a national team's strength, with coaching, experience and team cohesion also playing major roles in determining what happens on the pitch.
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