Global military spending reached record highs in 2024, according to the Stockholm International Peace Research Institute (SIPRI). Compared to 2023, there was a 9.4% increase in defense expenditures.
Europe and Middle Eastern countries played a major role in this rise, driven largely by the Russia-Ukraine war, the Israel-Gaza conflict, and rising tensions between India and Pakistan.
According to SIPRI, total military spending hit $2,718 billion, marking the highest increase since the end of the Cold War. Ironically, countries that often preach peace have emerged as the top defense spenders.
Top Spending NationsTogether, these five countries account for about 60% of total global military spending.
Europe's and Middle East's Major ContributionsMilitary spending in Europe surged by 17%, reaching $693 billion. Except for Malta, almost every European nation increased their defense budgets, driven primarily by the ongoing Ukraine conflict. Germany and Poland showed particularly remarkable increases.
Middle Eastern countries boosted their military expenditures by 15%, reaching $243 billion.
Israel, amid its conflict with Gaza, spent $46.5 billion — its highest since the 1967 war. Lebanon also significantly increased its defense budget by 58%.
Significant Rise in AsiaChina expanded its defense spending by 7%. Japan, seeing its largest jump since 1952, raised its military budget by 21% to $55.3 billion. Taiwan also recorded a 1.8% increase in its defense spending.
NATO and US DominanceAmong NATO members, 18 nations spent at least 2% of their GDP on defense. The United States alone accounted for 66% of NATO’s combined military expenditure and 37% of the global total.
Global military spending is surging at an alarming rate. Experts at SIPRI warn that if governments continue to prioritize military spending over other crucial sectors, it could lead to severe socio-economic impacts in the coming years.
