AMID ongoing global conflicts, including the Russia-Ukraine war and the Israel-Palestine conflict, global military expenditure reached USD 2,718 billion in 2024, marking a 9.4% increase from 2023, according to the latest report by the Stockholm International Peace Research Institute (SIPRI). This represents the steepest year-on-year rise since the end of the Cold War.
SIPRI noted that military spending increased across all regions of the world, with particularly rapid growth in Europe and the Middle East. The top five military spenders—United States, China, Russia, India, and Germany—accounted for 60% of the global total, spending a combined USD 1,635 billion.
Military spending in Europe, including Russia, rose by 17% to reach USD 693 billion, making it the principal contributor to the global increase. This growth was driven by several countries implementing new military spending pledges and large-scale procurement plans.
In particular, Germany’s military expenditure surged by 28% to USD 88.5 billion, making it the fourth-largest spender globally and the largest in Central and Western Europe. Similarly, Poland saw a 31% rise in its military expenditure, which reached USD 38 billion.
Russia’s military expenditure increased by 38% to USD 149 billion, a sharp rise from USD 107 billion in 2023. This figure marks a doubling since 2015 and represents 7.1% of Russia’s GDP and 19% of its total government spending. In contrast, Ukraine’s military expenditure grew by 2.9% to USD 64.7 billion, which was approximately 43% of Russia’s military spending. However, Ukraine’s military burden, at 34% of GDP, was the highest in the world for 2024.
SIPRI also reported a sharp increase in military spending across NATO member countries, which collectively spent USD 1,506 billion in 2024, or 55% of the global total. This was largely driven by the United States, which spent USD 997 billion, 66% of NATO’s total expenditure and 37% of the world’s total military spending.
In the Middle East, military expenditure reached USD 243 billion in 2024, marking a 15% increase from 2023. Israel’s military spending surged by 65% to USD 46.5 billion, the steepest rise since the Six-Day War in 1967, while Lebanon saw a 58% increase in military spending. Meanwhile, Iran’s military expenditure fell by 10% to USD 7.9 billion.
China, the world’s second-largest military spender, increased its expenditure by 7% to USD 314 billion. This continued investment is part of China’s broader efforts to modernise its military, expand its cyberwarfare capabilities, and strengthen its nuclear arsenal. China now accounts for 50% of all military spending in Asia and Oceania.
