Global Military Spending Hits Record $2.7 Trillion in 2024

Global military spending surged by 9.4% in 2024 to a record $2.72 trillion, the largest annual increase since the end of the Cold War, according to the Stockholm International Peace Research Institute (SIPRI). More than 100 countries, including the top 15 spenders, raised their defense budgets, frequently at the expense of social and economic sectors. European military expenditure, including Russia, rose 17% amid the ongoing war in Ukraine and concerns over US commitment to NATO. Russia's defense budget jumped 38% to $149 billion, or 7.1% of its GDP, while Ukraine allocated all its tax revenue to defense, amounting to 34% of GDP. The United States led globally, spending $997 billion, which represented 66% of NATO's total military outlays and 37% of global expenditure. Experts caution that this trend may reshape societies as increased military spending diverts resources from other priorities.