Global Military Spending Hits Record $2.72 Trillion Amid Rising Tensions

THE HAGUE, Netherlands — Global military spending reached $2.72 trillion in 2024, a 9.4% increase from the previous year, according to the Stockholm International Peace Research Institute (SIPRI) report released on April 28, 2025. This marks the largest annual increase since the Cold War.

The rise in military budgets is attributed to heightened geopolitical tensions, especially in Europe and the Middle East, where conflicts in Ukraine and Gaza have escalated. SIPRI researcher Xiao Liang noted that over 100 countries raised their military spending last year. “As governments increasingly prioritize military security, the economic and social trade-offs could have significant effects on societies for years to come,” he stated.

The United States maintained its position as the world’s largest military spender, with an estimated $997 billion, which accounted for 37% of global military expenditure. China followed in second place with $314 billion, and Russia ranked third at $149 billion, reflecting a 38% increase from 2023.

European spending also surged, with NATO members collectively spending $1.51 trillion, or 55% of global defense budgets. Eighteen NATO allies met or exceeded the 2% GDP target for defense spending, up from 11 in 2023. Germany‘s military expenditure rose by 28% to $88.5 billion, while Ukraine allocated a staggering 34% of its GDP to military spending in response to the ongoing conflict with Russia.

The report highlighted that Russia’s military spending was twice what it was in 2015 and accounted for 7.1% of its GDP. Meanwhile, Israel’s military expenditure surged by 65% to $46.5 billion amid ongoing operations in Gaza.

As countries increase their military investments, SIPRI cautioned that attention to social and developmental priorities must not be neglected. “This rise in military spending happens in a world where economic conditions are tightening,” Liang added.