Global military expenditure skyrocketed to $2.718 trillion in 2024, marking the sharpest annual increase since the end of the Cold War. The 9.4% jump from 2023 is not only the largest year-on-year rise in decades, but also signals the tenth consecutive year of rising defense budgets worldwide. According to new data released by the Stockholm International Peace Research Institute (SIPRI), more than 100 countries increased their military spending last year, reflecting a dramatic shift in global priorities toward militarization amid ongoing wars, mounting tensions, and great power rivalry.
The top five spenders—the United States, China, Russia, Germany, and India—collectively accounted for 60% of the global total, with combined spending reaching $1.635 trillion. The United States remained by far the largest military spender at $997 billion, followed by China at $314 billion and Russia at $149 billion. Europe saw the most dramatic regional growth, with total military expenditure in 2024 rising 17% to $693 billion. The war in Ukraine continued to drive the surge, with nearly every country in Europe boosting its defense budget, pushing the continent’s total spending above levels not seen since the Cold War.
Russia’s defense spending soared by 38% in a single year to an estimated $149 billion, equivalent to 7.1% of its GDP and nearly one-fifth of all government expenditure. Ukraine, locked in its third year of full-scale war with Russia, increased its military budget by just 2.9%, reaching $64.7 billion—around 43% of Russia’s level. But in terms of military burden, Ukraine topped the world, dedicating a staggering 34% of its GDP to defense, and funnelling virtually all of its tax revenues into the war effort. Analysts warn that this scale of spending is likely unsustainable for Ukraine in the long term.
Germany emerged as the biggest spender in Western Europe for the first time since reunification, with military expenditure jumping 28% to $88.5 billion. This was largely driven by a €100 billion special defense fund unveiled in 2022. Poland followed with a 31% rise, bringing its defense spending to $38 billion, equivalent to 4.2% of GDP. Such figures point to a fundamental shift in European security policy, as nations rapidly modernize and expand their militaries in response to the Russian threat.
NATO as a whole spent $1.506 trillion in 2024, making up 55% of global military expenditure. A record 18 of its 32 member states met the alliance’s guideline of spending at least 2% of GDP on defense, up from just 11 in 2023. The surge reflects not only fear of continued Russian aggression, but also anxiety over future U.S. commitment to European security. While the United States still provides the bulk of NATO’s capabilities—accounting for 66% of the alliance’s spending—European members collectively contributed $454 billion, a clear sign of shifting responsibility within the bloc. However, experts caution that simply increasing budgets may not translate into real gains in military capability or autonomy from Washington.
In the Middle East, military spending rose by 15% to reach $243 billion, but the bulk of the increase came from just two countries. Israel’s military expenditure skyrocketed by 65% to $46.5 billion—the highest annual increase since the Six-Day War in 1967—as it pursued its campaign in Gaza and escalated military confrontations with Hezbollah in Lebanon. Israel’s military burden hit 8.8% of GDP, the second highest globally. Lebanon, emerging from years of economic paralysis, raised its military budget by 58% to $635 million. Meanwhile, Iran cut its defense spending by 10% to $7.9 billion, constrained by sanctions and economic hardship.
In Asia, China continued its steady buildup, increasing military expenditure by 7% to $314 billion, marking the 30th straight year of growth. China now accounts for half of all military spending in the Asia-Pacific region, with funds directed toward modernizing its armed forces, expanding cyber capabilities, and enlarging its nuclear arsenal. Japan followed with a 21% increase to $55.3 billion, the highest rise since 1952, as it adjusted to a more assertive defense posture. India, the fifth-largest military spender in the world, raised its budget by 1.6% to $86.1 billion. Taiwan’s spending grew modestly by 1.8% to $16.5 billion, while Myanmar posted the most dramatic rise in the region—66%—bringing its military budget to $5 billion amid intensifying internal conflict.
Other notable developments included the United Kingdom, which increased its military expenditure by 2.8% to $81.8 billion, and France, which raised its spending by 6.1% to $64.7 billion. Sweden, in its first year as a NATO member, boosted its budget by 34% to $12 billion, hitting exactly 2% of GDP. Saudi Arabia remained the largest military spender in the Middle East at $80.3 billion, although its growth was modest at 1.5%, and its defense spending is still significantly below its 2015 peak. In the Western Hemisphere, Mexico increased its military budget by 39% to $16.7 billion, primarily to bolster its militarized campaign against organized crime. Across Africa, military spending rose by 3% to $52.1 billion, an 11% increase compared to 2015.
SIPRI researchers caution that the growing prioritization of military budgets over social and economic programs could have lasting consequences for global development and stability. As countries pour more resources into defense amid fear, rivalry, and insecurity, the world risks locking itself into a self-perpetuating arms race. With diplomacy increasingly sidelined and budgets soaring, the 2024 figures suggest the world is not preparing for peace—it’s preparing for the next war.
