Global military spending has reached a historic high of $2.7 trillion in 2024, with over 100 countries increasing their military expenditure, according to the latest SIPRI report.
Global military spending has reached a new peak in 2024, totaling over $2.7 trillion (€2.38 trillion), according to the latest report by the Stockholm International Peace Research Institute (SIPRI). This represents a 9.4% increase from 2023 and marks the most rapid rise within a single year since the end of the Cold War.
Global military spending has been increasing steadily over the years, with countries investing heavily in defense and security.
According to a report by the Stockholm International Peace Research Institute (SIPRI), global military expenditure reached $1.98 trillion in 2020, up 3.6% from the previous year.
The United States accounts for approximately 38% of total spending, followed by China and India.
Rising tensions between nations and ongoing conflicts have driven this increase, with many countries prioritizing defense over other public expenditures.
Over 100 countries have increased their military spending, with ‘Europe and the Middle East experiencing significant increases’ . The wars in Ukraine and the Gaza Strip are major contributors to this trend. Germany, for example, has spent $88.5 billion on its military in 2024, making it the fourth-largest spender globally.
Germany’s defense industry boom is a key factor in its increased spending. The country announced a €100 billion special fund for the Bundeswehr in 2022, which has enabled it to surpass the US as the biggest military spender in Western Europe. Other European countries, such as Poland and Sweden, have also boosted their military spending considerably.
Ukraine had the highest military burden in the world, with its military spending accounting for 34% of its GDP in 2024. This is a significant increase from previous years, when the country relied heavily on foreign aid to fund its military activities.
The US continues to invest heavily in its military, with $997 billion spent on its armed forces in 2024. This represents a significant portion of the US budget and is driven by a desire to maintain a strategic advantage over Russia and China.
The United States has consistently been one of the largest military spenders in the world.
According to a report by the Stockholm International Peace Research Institute (SIPRI), in 2020, the 'US accounted for 38% of global military spending' , followed by China at 15%.
The US military budget is over $720 billion annually, with a significant portion allocated to defense contracts and personnel costs.
This massive expenditure has raised concerns about its impact on the national debt and potential diversion from social welfare programs.
Other Asian countries, such as Japan and China, are also rearming. ‘China’s military modernization efforts have been particularly notable’ , with investments in advanced military capabilities, including stealth combat aircraft and unmanned aerial vehicles.
The Middle East has seen a significant increase in military spending, driven by conflicts such as the Hezbollah conflict and the war in Gaza. Israel’s military spending increased by 65% to $46.5 billion in 2024, while Lebanon also raised its spending on defense.
As SIPRI warns, these investments risk sending the region into a dangerous arms-race spiral. With unresolved disputes and mounting tensions, the consequences of increased military spending are far-reaching and potentially devastating.
Excessive military spending can lead to economic strain on a nation.
According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure reached $1.98 trillion in 2020, accounting for 2.2% of global GDP.
This diversion of resources from essential public services and infrastructure development can result in reduced social welfare, higher taxes, and decreased economic growth.
