World military expenditure surged to $2.72 trillion in 2024, marking a 9.4% increase from 2023 and the steepest year-on-year rise since the end of the Cold War, according to a new report by the Stockholm International Peace Research Institute (SIPRI).
The report, released on Monday, highlighted that heightened geopolitical tensions drove military spending up across all regions, with particularly rapid growth recorded in Europe and the Middle East. SIPRI noted that over 100 countries increased their defence budgets last year, warning that the growing prioritisation of military security could result in long-term economic and social consequences.
“Increasingly, governments are channelling more funds into military spending, often at the expense of other critical budget areas,” SIPRI stated. “The economic and social trade-offs could have significant effects on societies for years to come.”
Europe experienced the most dramatic growth, with regional military spending rising by 17%, surpassing levels last seen at the end of the Cold War. Russia’s military expenditure alone reached an estimated $149 billion — a 38% increase from 2023 and double its 2015 levels. This spending accounted for 7.1% of Russia’s GDP and 19% of total government outlays.
Meanwhile, Ukraine’s military expenditure grew by 2.9%, reaching $64.7 billion — about 43% of Russia’s spending. With defence accounting for 34% of its GDP, Ukraine held the largest military burden globally in 2024. SIPRI pointed out that Ukraine now allocates all of its tax revenues to military needs, warning that the fiscal strain could hamper further increases in spending.
The United States remained by far the world’s largest military spender, with a 5.7% increase bringing its total defence budget to $997 billion. US military spending made up 66% of NATO’s total and 37% of global military expenditure in 2024.
SIPRI’s findings underscore how the evolving global security landscape continues to fuel a new era of rearmament, with profound implications for international stability and domestic priorities alike.
Melissa Enoch
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