World Military Spending Rises At Fastest Rate In Nearly Four Decades, New Report Reveals

Global military spending saw a sharp rise of 9.4% in 2024, totaling a record $2.718 trillion, marking the fastest annual increase since 1988, as per a new report by the Stockholm International Peace Research Institute (SIPRI).

The surge is attributed to ongoing conflicts in Ukraine and Gaza, growing geopolitical tensions, and widespread military modernization efforts.

The United States remained the world’s largest military spender, allocating nearly $1 trillion in 2024. Key investments included $61.1 billion for F-35 fighter jets and related systems, $48.1 billion for new Navy ships, $37.7 billion for nuclear arsenal modernization, and $29.8 billion for missile defense.

Additionally, the U.S. provided $48.4 billion in military aid to Ukraine, covering nearly three-quarters of Kyiv’s defense budget.

China ranked second in military spending with an estimated $314 billion. Although SIPRI didn’t offer detailed breakdowns, the report noted China’s development of stealth aircraft, drones, underwater vehicles, and its expanding nuclear arsenal.

Together, the U.S. and China accounted for nearly half of global military spending.

Israel experienced the most significant increase in defense spending among major nations, raising its budget by 65% in 2024, amid its ongoing military operations in Gaza. The United States contributed $10.6 billion in supplemental aid to support Israel’s defense efforts.

Russia’s defense spending surged by an estimated 38%, although SIPRI suggests that the actual figure might be even higher due to hidden budget allocations.

The ongoing war in Ukraine has also led NATO countries to significantly increase their defense budgets:

Germany: +28%

Romania: +43%

Netherlands: +35%

Sweden: +34%

Czech Republic: +32%

Poland: +31%

Denmark: +20%

Norway: +17%

Finland: +16%

Turkey: +12%

Greece: +11%

SIPRI researchers cautioned that merely increasing defense budgets does not guarantee enhanced military capability or independence from the U.S., emphasizing that achieving these objectives is far more complex.

In Asia, China’s defense spending rose by 7%, marking its 30th consecutive annual increase. This growth has had a ripple effect, prompting neighboring countries to follow suit:

Japan: +21%, the highest since 1952

Philippines: +19%, amid South China Sea tensions

South Korea: +1.4%, but with the region’s highest military burden (2.6% of GDP)

Taiwan: +1.8%, with spending up 48% since 2015

India had the world’s fifth-largest military budget at $86.1 billion, marking a 1.6% increase from 2023 and a 42% rise over the past decade. Myanmar, facing internal conflict, increased its military spending by 66%, allocating 6.8% of its GDP— the highest military burden in Asia.

In Africa, military spending grew by a modest 3%, with Algeria leading as the continent’s top spender. In the Americas, Mexico raised its defense budget by 39%, driven by efforts to combat organized crime using military forces.

SIPRI cautioned that the sustained global increase in military spending could lead to a prolonged and dangerous arms race, further exacerbating geopolitical tensions.