Global military spending reached $2.718 trillion in 2024, marking a 9.4 percent increase over 2023, the largest annual rise since the end of the Cold War, the Stockholm International Peace Research Institute (SIPRI) reported.
This marks the 10th consecutive year of rising spending worldwide, particularly in Europe and the Middle East.
The top five spenders last year were the US, China, Russia, Germany, and India.
“As governments increasingly prioritize military security, often at the expense of other budget areas, the economic and social trade-offs could have significant effects on societies for years to come,” said Xiao Liang, Researcher with the SIPRI Military Expenditure and Arms Production Program.
Europe and NATO
Military spending in Europe surged 17 percent to $693 billion in 2024, fueled by the war in Ukraine and the EU’s push to strengthen defense and deterrence amid concerns over a potential broader conflict.
Russia’s military expenditure reached $149 billion, up 38 percent from 2023, while Ukraine’s spending grew 2.9 percent to $64.7 billion.
Military budgets in Central and Western Europe surged, with Germany up 28 percent to $88.5 billion and Poland rising 31 percent to $38 billion.
Eighteen of 32 NATO members now spend at least 2 percent of GDP on defense, with European NATO members accounting for $454 billion, 30 percent of the alliance’s total.
The US remains the world’s largest defense spender at $997 billion, 66 percent of NATO’s total and 37 percent of global spending.
“A significant portion of the US budget for 2024 was dedicated to modernizing military capabilities and the US nuclear arsenal in order to maintain a strategic advantage over Russia and China,” stated the SIPRI.
Middle East
Military spending in the Middle East reached $243 billion in 2024, up 15 percent from 2023.
Saudi Arabia was the top military spender in the region and 7th globally in 2024, with its defense budget rising 1.5 percent to over $80 billion.
Israel’s military expenditure soared by 65 percent to $46.5 billion, driven by conflicts in Palestine and Lebanon, reaching 8.8 percent of GDP.
Amid Israel’s aggression and a fragile ceasefire attempt, Beirut boosted its military spending by 58 percent, reaching $635 million.
Asia
China, ranked as the world’s second-largest military spender, increased its defense budget by 7 percent to $314 billion, continuing three decades of steady growth.
Beijing accounted for 50 percent of military spending in Asia and Oceania, focusing on modernizing its army and expanding cyberwarfare.
While India’s military expenditure grew by 1.6 percent to $86 billion, Japan saw a 21 percent rise in military spending, the largest increase since 1952, reaching $55.3 billion.
Taiwan’s defense budget grew 1.8 percent to $16.5 billion, strengthening military efforts amid rising tensions with China.
