Global military spending hits record $2.7 trillion in 2024

World military expenditure soared to $2,718 billion in 2024, marking a 9.4 per cent increase from the previous year, the steepest annual rise since the end of the Cold War—according to new data released by the Stockholm International Peace Research Institute (SIPRI). The surge represents the tenth consecutive year of growth in global military spending, with all regions of the world registering increases.

The five biggest military spenders the United States, China, Russia, Germany, and India, accounted for 60 per cent of total global expenditure, collectively spending $1,635 billion. The global military burden, defined as the share of global GDP allocated to military purposes, climbed to 2.5 per cent in 2024.

“More than 100 countries increased their military budgets in 2024,” said Xiao Liang, a researcher with SIPRI’s Military Expenditure and Arms Production Programme. “As governments continue to prioritise defence, often at the cost of other essential services, the long-term societal and economic consequences could be profound.”

Europe Drives Global Increase Amid Ukraine Conflict

Military spending in Europe (including Russia) rose by 17 per cent to reach $693 billion, making it the largest contributor to the global increase. Every European country, with the sole exception of Malta, increased defence spending in 2024. With the war in Ukraine entering its third year, military budgets across the continent surpassed levels last recorded at the Cold War’s conclusion.

Russia’s defence budget surged to an estimated $149 billion, a 38 per cent rise from 2023 and double the figure from 2015. This amount accounted for 7.1 per cent of Russia’s GDP and nearly one-fifth of total government spending.

In comparison, Ukraine spent $64.7 billion on its military—a 2.9 per cent increase. However, this represented 34 per cent of Ukraine’s GDP, the highest military burden in the world in 2024.

“Russia has dramatically widened the spending gap with Ukraine,” said SIPRI senior researcher Diego Lopes da Silva. “Given that Ukraine allocates all of its tax revenue to defence, sustaining further increases in military spending will be financially challenging.”

Record Increases in Central and Western Europe

Central and Western European countries posted historic jumps in military outlays as they ramped up procurement and met new spending commitments.

Germany’s military expenditure increased by 28 per cent, reaching $88.5 billion, making it the largest defence spender in Central and Western Europe and the fourth-largest globally.

Poland recorded a 31 per cent rise, with defence spending hitting $38 billion, or 4.2 per cent of its GDP.

Regional Breakdown

SIPRI’s report highlighted increases across all regions:

The Middle East saw significant growth driven by regional tensions.

Asia and the Americas also recorded steady spending hikes, though less dramatic than Europe.

Africa and Oceania contributed modestly to the global total but still followed the upward trend.

The SIPRI data comes amid rising geopolitical tensions, renewed arms races, and an increasingly unstable global security environment. The sustained upward trajectory in military budgets signals a re-prioritisation of hard security across nations, often at the expense of diplomacy and development.