Record growth in defense: Global military spending surged by 9.4% in 2024, reaching an all-time high of $2.718 trillion—the sharpest annual increase since 1988—according to a new report from the Stockholm International Peace Research Institute (SIPRI). The rise is attributed to ongoing conflicts in Ukraine and Gaza, escalating geopolitical tensions, and widespread military modernization efforts.
The United States remained the world’s top military spender, allocating close to $1 trillion. Major expenditures included $61.1 billion for F-35 fighter jets and associated systems, $48.1 billion for new Navy vessels, $37.7 billion for nuclear arsenal upgrades, and $29.8 billion for missile defense. Additionally, the U.S. supplied Ukraine with $48.4 billion in military aid, covering nearly 75% of Kyiv’s defense budget.
China ranked second, with estimated spending of $314 billion. Though SIPRI didn’t break down the specifics, the report highlighted China’s continued investments in stealth aircraft, drones, underwater vehicles, and an expanding nuclear arsenal. Together, the U.S. and China accounted for nearly half of global military expenditures.
Among major nations, Israel recorded the steepest increase in defense spending—65% in 2024—as it continued its military campaign in Gaza. The U.S. contributed $10.6 billion in supplemental aid to Israel.
Still on Record growth in defense
Russia increased its military spending by approximately 38%, though SIPRI suggests the true figure could be higher due to undisclosed allocations. The war in Ukraine also spurred major increases across NATO member states, including:
– Germany: +28%
– Romania: +43%
– Netherlands: +35%
– Sweden: +34%
– Czech Republic: +32%
– Poland: +31%
– Denmark: +20%
– Norway: +17%
– Finland: +16%
– Turkey: +12%
– Greece: +11%
SIPRI researchers cautioned that increased funding alone does not ensure military self-reliance or operational capability, calling such aspirations “far more complex.”
In Asia, China’s 7% increase marked its 30th consecutive annual rise, prompting neighboring countries to follow:
– Japan: +21% (highest since 1952)
– Philippines: +19%, amid tensions in the South China Sea
– South Korea: +1.4%, maintaining the region’s highest military burden (2.6% of GDP)
– Taiwan: +1.8%, with total spending up 48% since 2015
India, with the fifth-largest defense budget globally, spent $86.1 billion—an increase of 1.6% from 2023 and 42% over the last decade. Meanwhile, Myanmar’s defense budget grew by 66% amid internal strife, accounting for 6.8% of its GDP—the highest in Asia.
Africa saw a moderate 3% increase in military spending, led by Algeria. In the Americas, Mexico raised its defense budget by 39%, largely due to its deployment of military forces against organized crime.
SIPRI concluded by warning that the persistent global rise in defense spending could spark a prolonged and dangerous arms race.
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