Military expenditures worldwide grew faster in 2024 than at any time since the Cold War. A new report by the Stockholm International Peace Research Institute (SIPRI) says that countries across the globe spent a total of $2.718 trillion on defense this year. That’s a 9.4% increase compared to 2023—the sharpest rise since 1988, just before the Berlin Wall came down.
Global Military Budgets Reach All-Time High
This rise comes as wars continue in Ukraine and Gaza, and tensions rise in many parts of the world. According to SIPRI, there is no sign that this rapid increase in military budgets will slow down anytime soon. Many governments have already promised to spend even more on defense in the coming years.
The United States remains the world’s biggest spender on defense, with nearly $1 trillion spent in 2024 alone. This includes billions for new fighter jets like the F-35, new Navy ships, missile defense systems, and modernizing nuclear weapons. The United States also gave Ukraine $48.4 billion in military aid, covering almost 75% of Ukraine’s defense budget.
Following the U.S., China is the second-largest spender, with a defense budget of around $314 billion—almost one-third of what the U.S. spends. China’s spending included improvements in stealth aircraft, drones, and underwater vehicles. The country also continued to grow its nuclear arsenal.
Deadly US F-35 Deployment Escalates Conflict with Houthis in the Middle East
China and the United States together made up around half of the world’s military spending in 2024.
Countries in Conflict See Largest Increases
Some of the biggest jumps in military budgets were seen in countries directly involved in conflict or facing threats.
Israel increased its military budget by a staggering 65% in 2024 after launching a significant military assault in Gaza in 2023.
Russia boosted its defense budget by an estimated 38% after invading Ukraine in 2022. SIPRI notes that the real number may be even higher, as Russia often adds extra funds from regional budgets and other sources.
Ukraine, despite being under constant attack, managed to keep a defense budget of $64.8 billion in 2024. This was supported heavily by international aid, especially from the United States.
Several NATO countries also raised their budgets sharply due to the ongoing war in Ukraine and concerns about the U.S. reducing its role in Europe’s defense. Germany boosted its military spending by 28% in 2024, becoming the world’s fourth-biggest defense spender. Other NATO members with large increases included Romania (43%), the Netherlands (35%), Sweden (34%), Czech Republic (32%), Poland (31%), Denmark (20%), Norway (17%), Finland (16%), Turkey (12%), and Greece (11%).
Countdown to Conflict? Russia’s Latest Threat Sparks Escalation Fears in Poland and the Baltics
SIPRI researcher Jade Guiberteau Ricard said that these countries boosted their military budgets mainly due to fears about Russia and doubts about how committed the U.S. will remain to NATO in the future. However, she also warned that spending more money does not always lead to stronger or more independent military forces. Military strength involves many other complex factors besides just money.
Asia-Pacific and Other Regional Highlights
China’s military spending has been consistently increasing across Asia. In fact, 2024 marked the 30th year in a row that China raised its military budget—the longest streak of increases ever recorded by SIPRI.
China’s growing defense capabilities have prompted its neighbors to boost their own spending. Japan raised its defense budget by 21% in 2024 — the largest increase since 1952. This brought Japan’s defense spending to 1.4% of its total economy, the highest since 1958.
The Philippines, embroiled in a tense dispute with China over parts of the South China Sea, increased its defense budget by 19%.
With 2.6% of its GDP allocated to defense, South Korea still has the largest “military burden” in East Asia, despite a lesser 1.4% increase. In 2024, the budget of Taiwan, an autonomous island claimed by China, grew by 1.8%. However, Taiwan’s military budget has increased by 48% in the last ten years.
China’s Provocative War Drills and Military Power Show Near Taiwan Escalates Tensions of Conflict
India’s defense budget in 2024 was $86.1 billion, making it the seventh-largest in the world. Despite only being 1.6% more than in 2023, India’s defense expenditure has increased by 42% in the last ten years. Asia-Pacific nations are increasingly investing in cutting-edge weapons and technologies, according to SIPRI specialists.
In 2024, Myanmar, which has been in turmoil since the 2021 military takeover, saw a 66% increase in defense spending. The country now holds the highest defense burden in the Asia-Pacific, with 6.8% of its GDP allocated to security.
In Africa, overall defense spending rose by 3%. Algeria led the continent, ranking 20th globally in defense expenditure.
Mexico experienced the largest rise in defense spending in the Americas in 2024, with a 39% increase. SIPRI attributed this sharp increase to the government’s expanded use of armed forces to combat organized crime.
This sharp rise in military budgets across the globe shows how much countries are preparing for conflict and uncertainty. From Europe to Asia and Africa to the Americas, the world is entering a time of heavy defense investment—fueled by fear, rivalry, and unresolved disputes.