In 2024, global military spending exceeded $2.7 trillion, up 9.4%, the fastest annual growth since the end of the Cold War. The top five spending countries are the United States, China, Russia, Germany, and India, which accounted for 60% of global spending.
This is stated in a Stockholm International Peace Research Institute (SIPRI) report.
Global defense spending grew for the tenth consecutive year, reaching 2.5% of global GDP. More than a hundred countries increased their defense budgets. SIPRI believes that governments’ prioritization of defense comes at the expense of other areas of the budget, which can lead to economic and social development risks.
Europe
Defense spending in Europe (including Russia) increased by 17% to $693 billion. All countries except Malta increased their defense budgets. Germany increased its spending the most in the region – by 28% to $88.5 billion.
Russia’s spending increased by 38%, to $149 billion, 7.1% of its GDP. Meanwhile, Ukraine spent 2.9% more than the year before, to $64.7 billion, 34% of its GDP, the highest in the world. From 2020 to 2024, Ukraine became a leader among importers of significant types of weapons.
NATO
All 32 NATO members increased military spending in 2024, totaling $1.5 trillion (55% of global expenditure). Moreover, 18 out of 32 countries spent at least 2% of GDP. The United States spent $997 billion, which accounted for 66% of NATO’s spending. At the same time, European NATO members spent $454 billion.
For the first time as a NATO member, Sweden increased its defense budget by 34% to $12 billion.
Middle East
Spending in the region increased by 15% to $243 billion. Israel increased its spending by 65% to $46.5 billion due to the war in Gaza and fighting in Lebanon. This amounted to 8.8% of GDP.
Lebanon increased spending by 58% ($635 million), while Iran decreased by 10% ($7.9 billion) due to sanctions.
Asia & Africa
China increased its spending by 7% to $314 billion, continuing a 30-year growth streak. It accounted for half of all spending in Asia and Oceania.
Japan increased spending by 21% ($55.3 billion), the most significant increase since 1952. India spent $86.1 billion (+1.6%). Taiwan – $16.5 billion (+1.8%).
Military spending in Africa in 2024 amounted to $52.1 billion, up 3% from 2023 and 11% from 2015.