In 2024, global military spending surged to $2.72 trillion, marking a 9.4% increase from 2023 and the most significant annual rise since the Cold War, as reported by a prominent conflict think tank on Monday.
The escalation in geopolitical tensions prompted a rise in military expenditures across all regions, with Europe and the Middle East experiencing particularly swift increases, according to data from the Stockholm International Peace Research Institute (SIPRI). SIPRI noted that over 100 nations worldwide increased their military budgets in 2024, emphasizing that as governments focus more on military security—often at the cost of other budgetary areas—the economic and social repercussions could profoundly impact societies for years ahead.
The ongoing conflict in Ukraine and uncertainties regarding U.S. support for NATO led to a 17% rise in military spending in Europe (including Russia), surpassing Cold War-era levels. Russia’s military budget reached approximately $149 billion in 2024, a 38% increase from the previous year and double the amount spent in 2015, constituting 7.1% of its GDP and 19% of total government expenditure.
Meanwhile, Ukraine‘s military spending rose by 2.9% to $64.7 billion, representing 43% of Russia’s military budget. With military spending accounting for 34% of its GDP, Ukraine faced the highest military burden globally in 2024. SIPRI remarked that Ukraine is currently dedicating all its tax revenues to military efforts, making it difficult to sustain further increases in military spending given the constrained fiscal environment.
In the U.S., military expenditure grew by 5.7% to $997 billion, which accounted for 66% of total NATO spending and 37% of global military expenditures in 2024.
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