Global military spending is expected to exceed $2.7 trillion in 2024, up 9.4% — the fastest annual increase since the end of the Cold War. The top five spenders are the United States, China, Russia, Germany, and India, accounting for 60% of global spending.
This is stated in a report by the Stockholm International Peace Research Institute (SIPRI).
Global defense spending has increased for the tenth consecutive year, reaching 2.5% of global GDP. More than a hundred countries have increased their defense budgets. SIPRI believes that governmentsʼ priority for defense is being placed at the expense of other areas of the budget, which may lead to risks to economic and social development.
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 rose 38% to $149 billion, or 7.1% of its GDP. Meanwhile, Ukraine spent 2.9% more than the year before, to $64.7 billion, or 34% of its GDP — the highest in the world.
NATO
All 32 NATO members increased their military spending in 2024, totaling $1.5 trillion (55% of global spending). In addition, 18 of the 32 countries spent at least 2% of GDP. The United States spent $997 billion, which was 66% of NATO spending. Meanwhile, European NATO members spent $454 billion.
Sweden, for the first time as a NATO member, increased its defense budget by 34% to $12 billion.
Middle East
Spending in the region rose 15% to $243 billion. Israel increased 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 Iranʼs spending decreased by 10% ($7.9 billion) due to sanctions.
Asia and 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 largest 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, which is 3% more than in 2023 and 11% more than in 2015.
- During the period 2020-2024, Ukraine became the leader among importers of major types of weapons.
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