1 / 12Wars and rising tensions drove up global military spending to US$2.7 trillion in 2024, the steepest rise since the end of the Cold War. According to a new report by the Stockholm International Peace Research Institute (SIPRI), this marks a 9.4% increase from the year 2023. Military spending surged worldwide, with significant growth in Europe and the Middle East. The top five military spenders, with a combined spending of $1635 billion are the United States, China, Russia, Germany, and India, they accounted for 60% of the global total. (Image X)
2 / 12United States | The United States increased its military spending by 5.7% to $997 billion, accounting for 37% of global military spending in 2024. A considerable share of the US budget for 2024 was set aside to modernise military capabilities and the US nuclear arsenal to maintain a strategic advantage over Russia and China. (Image X)
3 / 12China | The world’s second-largest military spender, China, boosted its military spending by 7% to an estimated $314 billion, marking three decades of consecutive growth. It contributed 50% of all military spending in Asia and Oceania, investing in military modernisation and expansion of its cyberwarfare capabilities and nuclear arsenal. (Image Reuters)
4 / 12Russia | Russia’s military spending reached an estimated $149 billion in 2024, an increase of 38% from 2023 and double the level in 2015. This accounted for 7.1% of Russia’s GDP and 19% of total Russian government spending. (Image Reuters)
5 / 12Germany | Germany’s military expenditure surged by 28% to reach $88.5 billion, making it the fourth biggest globally and the biggest spender in central and western Europe. According to the SIPRI report, Germany became the largest military spender in Western Europe for the first time since reunification, thanks to the €100 billion special defence budget established in the year 2022. (Image Reuters)
6 / 12India | The fifth highest spender globally, India’s military spending increased by 1.6% to $86.1 billion in 2024. According to SIPRI, it was the world’s fourth-largest military spender in 2023 with $83.6 billion, a 4.2% increase from 2022. (Image Reuters)
7 / 12United Kingdom | In 2024, the United Kingdom’s military spending climbed by 2.8% to $81.8 billion, making it the sixth-largest spender across the world. (Image X)
8 / 12Saudi Arabia | Saudi Arabia was the Middle East’s highest military spender in 2024. Its military spending increased by 1.5% to an estimated $80.3 billion, but is 20% lower as compared to 2015, when the country’s oil revenues peaked. (Image Reuters)
9 / 12Ukraine | Ukraine’s total military expenditure increased by 2.9% to $64.7 billion, accounting for 43% of Russia’s spending. It had the highest military burden of any country in 2024, accounting for 34% of its GDP. (Image Reuters)
10 / 12France | France’s military budget increased by 6.1% to $64.7 billion, making it the ninth-largest spender worldwide. France saw a rise of 21% since the year 2015 in its spending. The rise is in line with the 2024-30 Law on Military Planning, which intends to reinforce France’s strategic autonomy and adapt its arms industry to a ‘war economy’ driven by industrial innovation. (Image Reuters)
11 / 12Japan | Japan’s military budget increased by 21% to $55.3 billion in 2024, the highest annual increase since the year 1952. Its military burden has reached 1.4% of GDP, which is the highest since 1958. (Image CNBCTV18.com file)
12 / 12Other nations not on the top 10 list were Iran, Pakistan, Israel, Turkey and Canada. Iran’s military budget declined by 10% to $7.9 billion in 2024, while Pakistan’s dropped by 5.1% to $10.2 billion. Israel’s military expenditure increased by 65% to $46.5 billion in 2024, while Canada saw an increase of 6.8% to $29.3 billion. (Image X)
