Global Military Spending Hits $2.7 Trillion in 2024

Global military spending reached a record $2.72 trillion in 2024, marking a 9.4 percent increase compared to 2023, according to a new report by a leading conflict research center.

This surge represents the highest annual rise since at least the end of the Cold War.

Data released by the Stockholm International Peace Research Institute (SIPRI) shows that escalating geopolitical tensions have driven up defense budgets in every region of the world, with particularly rapid growth in Europe and the Middle East.

SIPRI reported that more than 100 countries increased their military expenditures in 2024.

The institute also warned that governments prioritizing military security, often at the expense of other budget areas, could face major long-term social and economic consequences.

The war in Ukraine and growing uncertainty over the United States’ commitment to NATO have fueled a 17 percent increase in military spending across Europe, including Russia.

This growth has pushed European defense budgets beyond levels seen at the end of the Cold War.

Russia’s military spending reached approximately $149 billion in 2024, a 38 percent rise from 2023 and double the amount recorded in 2015.

Military expenditures now account for 7.1 percent of Russia’s GDP and 19 percent of its total government spending.

Ukraine’s military spending grew by 2.9 percent to $64.7 billion, representing 43 percent of Russia’s defense budget and 34 percent of Ukraine’s GDP.

SIPRI noted that Ukraine now allocates all of its tax revenue to defense, warning that such a narrow fiscal margin could limit Ukraine’s ability to continue increasing military expenditures.

Meanwhile, U.S. military spending rose by 5.7 percent to $997 billion in 2024, accounting for 66 percent of total NATO defense spending and 37 percent of global military expenditures.