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8h ago

Global Military Spending Hits $2.72 Trillion in 2024, Marking Record Annual Surge

Driven by conflicts in Ukraine and Gaza and growing global tensions, defense budgets worldwide saw a 9.4% rise, the steepest increase since the Cold War.

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An Israeli tank takes position on the Gaza Strip border in southern Israel, Wednesday, March 19, 2025.
An explosion of a ballistic missile lights up the sky over the city during a Russian missile and drone strike, amid Russia's attack on Ukraine, in Kyiv, Ukraine April 24, 2025. REUTERS/Gleb Garanich/File Photo

Overview

  • Military expenditure in Europe, including Russia, rose 17% in 2024, surpassing Cold War levels, with Germany becoming the largest spender in Western Europe for the first time since reunification.
  • The United States accounted for 37% of global military spending at $997 billion, with 18 NATO members meeting the 2% GDP target for the first time in the alliance's history.
  • China's military spending increased by 7% to $314 billion, marking its 30th consecutive year of growth, while rapidly modernizing its military and expanding its nuclear arsenal.
  • The Middle East saw a 15% rise in defense budgets, with Israel's spending surging 65% to $46.5 billion, the steepest annual increase since 1967, fueled by ongoing conflicts in Gaza and Lebanon.
  • Ukraine carried the heaviest military burden globally, with defense spending reaching 34% of its GDP, while Russia's defense budget grew by 38% to $149 billion, doubling its 2015 levels.