Global military spending hits record $2.7T in 2024, SIPRI report finds
NATO's largest annual maritime drill, Exercise Dynamic Mariner / Flotex 25, continues in the Gulf of Cadiz off southern Spain on March 28, 2025. (AA Photo)
Global military expenditures rose sharply in 2024, reaching a record $2.7 trillion amid rising geopolitical tensions, according to a report released by the Stockholm International Peace Research Institute (SIPRI).
Military spending increased 9.4% year-on-year
SIPRI reported that global military spending grew by 9.4% in real terms compared to 2023, marking the steepest annual increase since the end of the Cold War.
The increase was largely driven by heightened military budgets in Europe and the Middle East.
On a per capita basis, global military spending reached $334, the highest level since 1990.
Top spenders: US, China, Russia, Germany, and India
The United States, China, Russia, Germany, and India collectively accounted for 60% of the world’s military expenditures in 2024.
The United States led global spending with $997 billion, a 5.7% increase from the previous year, comprising 37% of global military expenditures and 66% of total NATO military spending.
China’s defense budget reached an estimated $314 billion, up 7% from 2023, with a cumulative 59% increase from 2015 to 2024.
“Major military spenders in the Asia–Pacific region are investing increasing resources into advanced military capabilities,” said Nan Tian, Director of the SIPRI Military Expenditure and Arms Production Programme.
“With several unresolved disputes and mounting tensions, these investments risk sending the region into a dangerous arms-race spiral,” he added.
Russia retained its position as the third-largest military spender, increasing expenditures by 38% to $149 billion, amounting to 7.1% of its GDP.
“Russia once again significantly increased its military spending, widening the spending gap with Ukraine,” said Diego Lopes da Silva, Senior Researcher with the SIPRI Military Expenditure and Arms Production Programme.
“Ukraine currently allocates all of its tax revenues to its military. In such a tight fiscal space, it will be challenging for Ukraine to keep increasing its military spending,” he added.
Germany overtook India to rank fourth globally, boosting its military spending by 28% to $88.5 billion.
“For the first time since reunification, Germany became the biggest military spender in Western Europe, which was due to the €100 billion special defence fund announced in 2022,” said Lorenzo Scarazzato, Researcher with the SIPRI Military Expenditure and Arms Production Programme.
“The latest policies adopted in Germany and many other European countries suggest that Europe has entered a period of high and increasing military spending that is likely to continue for the foreseeable future,” he added.
India’s military budget grew by 1.6% to $86.1 billion, reflecting a 42% rise over the 2015-2024 period.
Türkiye’s defense spending grows 110% since 2015
Türkiye’s military expenditures increased by 110% between 2015 and 2024. In 2024 alone, Türkiye’s defense budget rose by 12% year-on-year to $25 billion.
Middle East and Europe drive global surge
In Europe, all countries except Malta raised their military budgets, spurred by the war in Ukraine and concerns over NATO security commitments. European military expenditures surged by 17%.
Ukraine’s military spending rose 2.9% to $64.7 billion, equating to 34% of its GDP, while its expenditures amounted to 43% of Russia’s defense budget.
In the Middle East, Israel’s military spending rose sharply by 65% to $46.5 billion—the largest annual increase since the 1967 Six-Day War.
In contrast, Iran’s military spending fell by 10% to $7.9 billion, constrained by ongoing international sanctions.
Saudi Arabia maintained its position as the Middle East’s top military spender and the world’s seventh overall, with expenditures totaling $80.3 billion.
Rising defense budgets raise socioeconomic concerns
SIPRI senior researcher Xiao Liang highlighted the potential societal impacts of rising defense budgets, noting that governments increasingly prioritize military security at the expense of other budget areas.
“Over 100 countries around the world raised their military spending in 2024. As governments increasingly prioritize military security, often at the expense of other budget areas, the economic and social trade-offs could have significant effects on societies for years to come,” said Xiao Liang, Researcher with the SIPRI Military Expenditure and Arms Production Programme.
