NATO Military Spending Surpasses $1.3 Trillion in 2024

NATO member countries have collectively spent more than $1.3 trillion on defense in 2024, marking the highest military expenditure in the alliance’s history.

According to NATO’s latest annual report, this represents a $123 billion increase compared to 2023 and reflects a significant acceleration in defense commitments across the alliance.

The report reveals that total NATO military expenditures reached $1.303 trillion this year. The United States contributed the largest share, spending $818 billion — about 64% of the alliance’s total defense budget.

Meanwhile, European NATO members and Canada together accounted for $468 billion in defense spending, a 19.4% increase from the previous year.

These figures are based on 2021 exchange rates for consistent comparison. In 2023, NATO’s total defense spending stood at $1.180 trillion, meaning the alliance has added over $700 billion to its annual defense budget over the last decade.

The rise in spending is closely tied to NATO’s 2014 pledge that each member state should allocate at least 2% of its GDP to defense within a decade. As of 2024, 22 out of NATO’s 32 members have met or exceeded that target — a significant milestone for the alliance.

Looking ahead, NATO is expected to introduce a new defense spending benchmark during its upcoming summit in The Hague, set for late June. Reports suggest that the new target could rise significantly, with some members pushing for a spending threshold potentially exceeding 5% of GDP.