The Military Forces of Alech'nor

The largest and most powerful army belongs to the Mountain Dwarves. King Vard could, on short notice, raise 60,000-70,000 troops from his own specific domain alone, and call on about 30,000 each from his sub-kings. Given time to prepare and mobilize his reserves, he could raise more than 100,000, and call on up to 50,000 each. And when we are talking about Mountain Dwarven troops, we are talking about exclusively hardened combat-veterans, even in the reserves, with Dwarven arms and armor. Not to mention the war clerics, the Hill Dwarves who would almost certainly ally with him, and even the far-north barbarian dwarf tribes. Don’t forget to mention Dwarven combat engineers.

The next largest single force would be the Army of Telleconia, which could field up to 50,000 (on short notice, or a hundred thousand with the reserves) well-trained and equipped troops of many races, supplemented by the feared arcane combat corps known as the White Wizards. Telleconia's problem from a force effectiveness standpoint would be its politically divided and scheming leadership. In a pinch they could also co-opt the armies of the Client States (which would be much worse, leadership-wise).

Third place would go the Orc Tribes of The Western Wastes, who could field about 80,000 troops total, of widely varying equippedness and organization, but savage fighters all, and backed up by warlocks, sorcerers, and sometimes ogres and assorted monsters.

Close behind would be the Elven army of only about 70,000 troops, but all of them excellent soldiers backed up by extremely powerful war wizards and deadly Wood Elf special forces who can go anywhere unseen, bring quick death the enemies of the Elves. Not to mention fey and magical allies.

The Gnomes of Technetium could field a very well-equipped and magically powerful force of about 50,000, supported by wizard corps and their unique engineer-wizards piloting their gargantuan battle constructs.

Each of the Kingdoms of Man could field an army of about 40-60,000, all with cavalry and magical corps. Eddon's would be the largest, and supported by the paladins of the Knights of Eddon and its female equivalent, the Sisters of Light.

Easily the largest sea force belongs to the island nation of Iskandir.

As for the independent polities, every place of large town and above rank has its defense forces (a few dozen or more fighters) and the wild tribes could be considered to be made of nothing but warriors.