Global military spending breaks record in 2024
Global military expenditure in 2024 saw its steepest increase since the end of the Cold War, reaching $2.7 trillion. According to SIPRI’s latest report, military spending surged particularly in Europe and the Middle East.
The report notes that several European countries experienced unprecedented increases in their military budgets. In real terms, global spending rose by 9.4% compared to 2023, marking the tenth consecutive year of rising expenditures.
Xiao Liang, a researcher in SIPRI’s Military Expenditure and Arms Production Program, told AFP, “This is truly unprecedented, representing the highest annual increase since the end of the Cold War.” Liang added, “While there may have been sharper increases during the Cold War, data for the Soviet Union is unavailable.”
The report states that over 100 countries, including all 15 with the highest spending, increased their military budgets last year. Many European countries cut other expenditures, such as international aid, to finance rising military costs, resorting to tax hikes, loans, or debt to fund these expenses.
The primary driver of the increase was Europe, including Russia, where spending rose by 17% to $693 billion. SIPRI noted that all European countries, except Malta, increased their budgets, pushing Europe’s military spending beyond levels recorded at the end of the Cold War.
Russia’s military spending in 2024 reached $149 billion, a 38% increase from the previous year and a doubling since 2015. Ukraine’s military expenditure rose by 2.9% to $64.7 billion. Germany’s spending increased by 28% to $88.5 billion, surpassing India to become the fourth-largest spender globally. Liang emphasized, “Germany became the largest spender in Central and Western Europe for the first time since reunification.”
The United States, the world’s top military spender, increased its expenditure by 5.7% to $997 billion, accounting for 37% of global military spending and 66% of NATO countries’ military budgets.
Total military spending by NATO’s 32 members, led by the U.S., rose to $1.5 trillion, driven by increases from all members. While some of this growth stemmed from European military aid to Ukraine, concerns about potential U.S. disengagement from the alliance also contributed.
Military budgets in the Middle East also surged significantly, reaching approximately $243 billion, a 15% increase from 2023. Amid ongoing Israeli attacks on Gaza, Israel’s military spending in 2024 rose by 65% to $46.5 billion. SIPRI noted that this marked the steepest annual increase since the 1967 Six-Day War.
China, the second-highest spender globally, increased its military budget by 7% to around $314 billion, continuing three decades of consecutive growth.
Top military spenders in 2024
The top 10 military spenders in 2024, based on SIPRI data are:
- United States: $997 billion (37% of global spending, 5.7% increase)
- China: $314 billion (7% increase)
- Russia: $149 billion (38% increase)
- Germany: $88.5 billion (28% increase)
- India: $74.4 billion (specific increase not detailed)
- United Kingdom: $81.1 billion (specific increase not detailed)
- Saudi Arabia: $71.7 billion (specific increase not detailed)
- France: $64 billion (specific increase not detailed)
- Japan: $53 billion (11% increase)
- South Korea: $43.9 billion (specific increase not detailed)