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Global Military Spending Reaches $2.7 Trillion in Record 2024 Increase

Driven by conflicts and rising tensions, military budgets worldwide saw the steepest post-Cold War surge, with Europe and the Middle East leading the increases.

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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
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Military spending rose worldwide with particularly large increases in Europe

Overview

  • Worldwide military expenditure rose by 9.4% in 2024, reaching $2.72 trillion, marking the steepest annual increase since the end of the Cold War.
  • European military spending, including Russia, surged by 17%, surpassing Cold War levels, with Germany becoming the top spender in Central and Western Europe.
  • The United States accounted for 37% of global military spending, increasing its defense budget by 5.7% to $997 billion, which also represented 66% of NATO's total spending.
  • Middle Eastern military budgets grew by 15%, with Israel's spending rising by 65%—the sharpest annual increase since 1967—while Iran's spending declined by 10% due to sanctions.
  • China's military expenditure increased by 7% to $314 billion, marking three decades of consecutive growth and making up half of Asia and Oceania's defense spending.