Global military spending hits $2.7 trillion in record 2024 surge
In 2024, global military expenditure surged to $2.72 trillion, marking a 9.4% rise compared to the previous year — the sharpest annual increase since the end of the Cold War, according to a report released Monday by the Stockholm International Peace Research Institute (SIPRI).
Escalating geopolitical tensions fueled increased defense budgets across every region, with Europe and the Middle East seeing particularly rapid growth, SIPRI’s latest data revealed.
"More than 100 nations boosted their military budgets in 2024," SIPRI noted. "As governments divert greater resources towards defense, often at the cost of other critical sectors, the long-term economic and social consequences could be profound," the report warned.
In Europe, driven by the ongoing war in Ukraine and uncertainty surrounding US commitments to NATO, military spending (including Russia) jumped 17%, surpassing Cold War-era levels.
Russia’s defense budget climbed to an estimated $149 billion in 2024 — a 38% increase from the previous year and double its 2015 level. This figure represented 7.1% of the nation’s GDP and accounted for 19% of total government spending.
Ukraine’s military expenditure grew by 2.9%, reaching $64.7 billion — about 43% of Russia’s total. Military spending comprised a staggering 34% of Ukraine’s GDP, the highest proportion globally in 2024.
"Ukraine now channels all of its tax revenue towards defense," SIPRI stated, adding that sustaining such levels will be increasingly difficult given the country's tight fiscal situation.
Meanwhile, US military spending rose by 5.7%, reaching $997 billion. The United States accounted for 66% of NATO's total defense budget and 37% of global military spending in 2024.
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