Amid the major global conflicts, including the Russia-Ukraine war, and the Israel-Palestine conflict, world military expenditure reached USD 2718 billion in 2024, an increase of 9.4% in real terms from 2023, according to a new report by Stockholm, Sweden-based Stockholm International Peace Research Institute (SIPRI). Military spending increased in all world regions, with particularly rapid growth in both Europe and the Middle East.
- The United States of America(USA) maintained its position as the world’s top spender with USD 997 billion. China, with USD 314 billion placed in the 2nd position, and Russia, with USD 149 billion placed in the 3rd position.
- India maintained its position as the 5th-largest military spender, USD 86.1 billion, marking a 1.6% increase from the previous year.
Key Highlights:
i.The top five military spenders are the United States of America(USA), China, Russia, Germany, and India, which accounted for 60% of the global total, with combined spending of USD 1635 billion.
ii.Over 100 countries around the world raised their military spending in 2024. The share of global gross domestic product (GDP) devoted to military expenditure increased to 2.5% in 2024.
Top 5 Military Spenders Worldwide in 2024:
| Rank | Country | Total Military Spending in 2024 (in USD) |
|---|---|---|
| 1 | The United States of America (USA) | 997 billion |
| 2 | China | 314 billion |
| 3 | Russia | 149 billion |
| 4 | Germany | 88.5 billion |
| 5 | India | 86.1 billion |
Note: The United Kingdom (UK), Saudi Arabia, Ukraine, France, and Japan are placed among the top 10 countries in global military expenditure in 2024.
Europe Sees Unprecedented Hike:
i.Military spending in Europe (including Russia) rose by 17% to USD 693 billion and was the main contributor to the global increase in 2024.
ii.Russia’s military expenditure reached an estimated USD 149 billion in 2024, a 38% increase from 2023 and double the level in 2015.
iii.Germany increased its military expenditure by 28% to reach USD 88.5 billion, while Ukraine’s increased by 2.9%, reaching USD 64.7 billion.
iv.Total military spending by NATO (North Atlantic Treaty Organization) members amounted to USD 1506 billion, or 55% of global military expenditure.
Middle East military spending soars:
i.Military expenditure in the Middle East reached an estimated USD 243 billion in 2024, an increase of 15% from 2023 and 19% more than in 2015.
ii.Israel’s military expenditure surged by 65% USD 46.5 billion in 2024, as it continued to wage war in Gaza and escalated conflict with Hezbollah in southern Lebanon.
Other Countries:
i.Military spending by the USA rose by 5.7% to reach USD 997 billion, which was 66 per cent of total NATO spending and 37 per cent of world military spending in 2024.
ii.China, increased its military expenditure by 7.0% to an estimated USD 314 billion. China accounted for 50 per cent of all military spending in Asia and Oceania.
iii.Japan’s military spending rose by 21% to USD 55.3 billion in 2024, the largest annual increase since 1952. Its military burden reached 1.4% of GDP, the highest since 1958.
iv.In 2024 the United Kingdom increased its military expenditure by 2.8% to reach USD 81.8 billion, making it the sixth biggest spender worldwide.
v.Saudi Arabia was the largest military spender in the Middle East in 2024 and the seventh largest worldwide.
About Stockholm International Peace Research Institute (SIPRI):
Director – Dan Smith
Headquarters – Solna, Sweden
Established – 1966
