Global military spending to rise to $2.72 trillion, up 9.4% in 2024

The Stockholm International Peace Research Institute (SIPRI) revealed that global military spending reached $2.72 trillion in 2024, a 9.4% increase from 2023, marking the largest year-on-year increase.

Data released by the institute showed that rising geopolitical tensions have seen military spending increase across all regions of the world, with particularly rapid growth in Europe and the Middle East.

The institute explained that more than 100 countries around the world increased their military spending in 2024, adding that “with governments increasingly prioritizing military security, often at the expense of other budget areas, the economic and social trade-offs could have significant repercussions for societies for years to come.”

The war in Ukraine and doubts about the United States’ commitment to NATO led to a 17% increase in military spending in Europe, pushing European military spending beyond the level recorded at the end of the Cold War. Russian military spending reached approximately $149 billion in 2024, a 38% increase over 2023 and double the level recorded in 2015. This represents 7.1% of Russia’s GDP and 19% of total government spending.

Ukraine’s total military spending grew by 2.9% to $64.7 billion, representing 43% of Russia’s spending and 34% of GDP. Ukraine’s military burden was the largest of any country in 2024.

The Stockholm Institute stated that “Ukraine currently allocates all of its tax revenue to its military. With such a limited fiscal space, it will be difficult for Ukraine to continue increasing its military spending.”

US military spending also rose by 5.7% to $997 billion, representing 66% of total NATO spending and 37% of global military spending in 2024.