Global Military Spending Hits $2.7 Trillion in 2024 Surge

Photo : AP

In 2024, countries around the world spent a huge amount of money on their military, reaching a total of $2.7 trillion. This is the biggest increase in military spending since the end of the Cold War. The rise in spending was mainly because of ongoing conflicts in Gaza and Ukraine, and changing relations between countries. The Stockholm International Peace Research Institute (SIPRI) said that more than 100 countries raised their military budgets last year.

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The global spending grew by 9.4% compared to 2023, which means this is the 10th year in a row that military spending has gone up. Many countries, especially in Europe and the Middle East, spent more money on their military because of wars and worries about future security.

In Europe, many countries, including Russia, spent a lot more on their military because of the war in Ukraine. European military spending went up by 17%, and it is now higher than it was at the end of the Cold War. Russia spent $149 billion on its military in 2024, which is a 38% increase from the year before. This is 7.1% of Russia's total money and 19% of the government’s spending.

Ukraine also spent more money on its military. It grew by 2.9%, reaching $64.7 billion, which is a huge amount for a country its size. Ukraine spent 34% of its money on the military, which was the biggest percentage in the world. The country has been using all its tax money to support the military, but SIPRI warned that it may be hard to keep increasing this spending.

Germany also spent a lot more on the military, with a 28% increase. It spent $88.5 billion, making it the fourth-largest spender in the world. This is the first time since Germany reunified that it has become the largest spender in Central and Western Europe.

In the Middle East, military spending went up by 15%, reaching about $243 billion. Israel’s spending increased by 65%, reaching $46.5 billion. This was the biggest increase since 1967 when Israel fought in the Six-Day War. On the other hand, Iran spent less money on its military, dropping by 10% to $7.9 billion because of sanctions limiting its budget.

China also increased its spending by 7%, reaching $314 billion. China has been modernizing its military and focusing on things like cyberwarfare and nuclear weapons. China now spends half of all military money in Asia and Oceania.

The United States, which spends the most on its military, spent $997 billion in 2024. This is 37% of all the money spent on military worldwide. NATO countries together spent $1.5 trillion on defense in 2024, with 18 out of 32 NATO countries meeting the goal of spending 2% of their GDP on military.

Looking ahead to 2025, the top five countries with the largest defense budgets will still be the United States, China, Russia, India, and Saudi Arabia. These countries are spending more on their military as they try to stay strong and protect their interests in a world that is becoming more unpredictable and dangerous.