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4w ago

Global Military Spending Hits Record $2.7 Trillion in 2024, Driven by Conflicts and Tensions

A 9.4% increase marks the steepest annual rise since 1988, with the U.S. and China accounting for nearly half of all expenditures.

Philippine marines board a ship during a joint visit, board and seizure exercise with their US and South Korean counterparts with members of Japan's Self-Defense Forces as observers, during training in Ternate town, Cavite province, west of Manila, on October 22, 2024.
Heavy bombs from the US arrive in Port Ashdod, Israel, on February 16, 2025. The US provided Israel with $10.6 billion in supplemental military aid in 2024, the Stockholm International Peace Research Institute says.
This photograph taken aboard a French Air Force Airbus A330 MRTT (Multi Role Tanker Transport), over Greek territorial waters on October 4, 2024 shows an US stealth multirole combat aircraft Lockheed Martin F-35 waiting for an aerial refueling, while it participates in the "Ramstein Flag 2024" exercise.
Map shows countries' military spending in 2024, according to the Stockholm International Peace Research Institute.

Overview

  • The Stockholm International Peace Research Institute (SIPRI) reports a 9.4% rise in global military spending in 2024, reaching $2.718 trillion, the largest annual increase since the Cold War era.
  • The United States leads global defense spending at $997 billion, while China follows with $314 billion, reflecting a 7% increase from the previous year.
  • European nations boosted their collective military budgets by 17% to $693 billion, largely due to the ongoing war in Ukraine and concerns over regional security.
  • Russia's military spending surged by 38% to $149 billion, while Ukraine dedicated 34% of its GDP to defense, spending $64.7 billion in 2024.
  • NATO members collectively raised military expenditures, with a record 18 nations meeting the 2% GDP target, highlighting alliance-wide efforts to bolster defense capabilities.