Global military expenditure jumped to $2.72 trillion in 2024, marking a 9.4% increase from 2023 and the sharpest year-on-year rise since the end of the Cold War, according to data released on Monday, April 28th, by the Stockholm International Peace Research Institute (SIPRI).
“Over 100 countries around the world raised their military spending in 2024,” said Xiao Liang, a researcher with the SIPRI Military Expenditure and Arms Production Programme. “As governments increasingly prioritize military security, often at the expense of other budget areas, the economic and social trade-offs could have significant effects on societies for years to come.”
Military spending in Europe (including Russia) surged by 17% to $693 billion, pushing regional spending beyond Cold War levels. The ongoing war in Ukraine and uncertainty over U.S. commitment to NATO were key drivers behind the increases. All European countries, except Malta, boosted their military budgets in 2024.
“Russia once again significantly increased its military spending, widening the spending gap with Ukraine,” said Diego Lopes da Silva, senior researcher at SIPRI. “Ukraine currently allocates all of its tax revenues to its military. In such a tight fiscal space, it will be challenging for Ukraine to keep increasing its military spending.”
Germany posted a 28% jump in military spending to $88.5 billion, making it the largest spender in Central and Western Europe and the fourth biggest globally. Poland followed suit, increasing its military budget by 31% to $38.0 billion, equivalent to 4.2% of its GDP. The United Kingdom increased military spending by 2.8% to $81.8 billion, ranking as the sixth biggest spender worldwide. France raised its military budget by 6.1% to $64.7 billion.
“For the first time since reunification, Germany became the biggest military spender in Western Europe, which was due to the €100 billion special defense fund announced in 2022,” noted Lorenzo Scarazzato, Researcher at SIPRI. “The latest policies adopted in Germany and many other European countries suggest that Europe has entered a period of high and increasing military spending that is likely to continue for the foreseeable future.”
Every NATO member state increased military spending in 2024. Total NATO spending amounted to $1.506 trillion, or 55% of global military expenditure.
“The rapid spending increases among European NATO members were driven mainly by the ongoing Russian threat and concerns about possible U.S. disengagement within the alliance,” said Jade Guiberteau Ricard, a researcher at SIPRI.
