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.