In 2024, the world spent more money on military forces than ever before. According to a new report from the Stockholm International Peace Research Institute (SIPRI), global military spending increased by 9.4%, reaching a record $2.718 trillion. This is the fastest yearly rise since 1988.
This large increase is mostly due to ongoing wars in Ukraine and Gaza, rising political tensions between countries, and efforts by many nations to modernize their armed forces.
The United States was the biggest military spender, putting almost $1 trillion into its defense. A big part of this went to fighter jets, Navy ships, nuclear weapons, and missile defense. The U.S. also gave Ukraine $48.4 billion in military aid—about 75% of Ukraine’s defense budget.
China was the second-largest spender, with about $314 billion. While exact spending details weren’t shared, China is known to be building advanced weapons like stealth jets, drones, submarines, and nuclear missiles. Together, the U.S. and China made up almost half of the world’s total military spending.
Israel had the biggest increase among major countries. Its defense spending went up 65% during its military actions in Gaza. The U.S. gave Israel $10.6 billion in extra military aid.
Russia’s spending rose by 38%, but SIPRI says the real number could be higher because some spending is not reported. The war in Ukraine also led NATO countries to increase their budgets. For example:
- Romania: +43%
- Netherlands: +35%
- Germany: +28%
- Sweden: +34%
- Czech Republic: +32%
- Poland: +31%
- Denmark: +20%
- Norway: +17%
- Finland: +16%
- Turkey: +12%
- Greece: +11%
Still, experts say more money doesn’t always mean better or independent military power, especially without help from the U.S.
In Asia, China’s military budget went up 7%—its 30th yearly increase. Nearby countries also raised their spending:
- Japan: +21% (highest since 1952)
- Philippines: +19% (due to South China Sea tensions)
- South Korea: +1.4% (with the highest military burden in Asia at 2.6% of GDP)
- Taiwan: +1.8% (military spending is up 48% since 2015)
India ranked fifth in the world with $86.1 billion in military spending—a 1.6% increase from 2023 and a 42% rise over the past 10 years. Myanmar raised its military budget by 66% during ongoing internal conflicts and now spends 6.8% of its GDP on defense—the highest rate in Asia.
Africa’s military spending went up 3%, with Algeria leading. In the Americas, Mexico increased its defense budget by 39% to fight organized crime using military forces.
SIPRI warns that if military spending keeps rising this way, it could lead to a long and dangerous global arms race.
