Global military expenditure reached a record $2.72 trillion in 2024, marking a 9.4% increase compared to 2023, according to the Stockholm International Peace Research Institute (SIPRI). This represents the largest year-on-year increase since the end of the Cold War, driven by heightened geopolitical tensions and conflicts across the globe. Over 100 countries increased their military spending, reflecting a growing prioritization of military security.
Key Regional Trends
Europe saw a significant surge in military spending, rising by 17% to $693 billion. This increase was largely influenced by the ongoing war in Ukraine and growing concerns among European nations. Germany's military spending rose by 28% to $88.5 billion, positioning it as the fourth-largest military spender globally. Poland increased its spending by 31%, while Sweden's rose by 34% as it joined NATO.
In the Middle East, military expenditure increased by 15% to an estimated $243 billion. Israel's military spending surged by 65% to $46.5 billion, driven by the conflict in Gaza and escalating tensions with Hezbollah. Ukraine's military expenditure reached 34% of its GDP, the highest in the world, while Russia increased its military spending by 38% to $149 billion.
Major Spenders
The United States remains the largest military spender, investing $997 billion in 2024, accounting for 37% of global military expenditure. China's military budget reached $314 billion, reflecting its ongoing military modernization plans. These increases highlight a global trend towards increased military investment in response to evolving security challenges.