Global defence expenditure hit $2.46 trillion in 2024, with the US ($916 billion), China ($296 billion), and Russia ($109 billion) as the top spenders. India ($83.6 billion) ranked fourth, while Ukraine dedicated 37% of its GDP to defence. Escalating geopolitical tensions, particularly the Russia-Ukraine war, are prompting nations to expand military budgets.
Global defence expenditure surged to $2.46 trillion in 2024, marking a 7.4% increase compared to the previous year, according to a new report by the International Institute for Strategic Studies (IISS). The surge in spending was largely driven by Russia’s ongoing invasion of Ukraine, with only Sub-Saharan Africa bucking the trend by not increasing its military budget.
Over the past decade, Europe’s military spending has grown by 50%, though there are significant differences among NATO members, the report highlighted. While some nations are far exceeding NATO’s 2% of GDP defence target, others continue to struggle to meet even this baseline.
The United States remains the world’s largest military spender, allocating a staggering $916 billion in 2023. China, which has significantly increased its defence capabilities in recent years, follows at $296 billion, while Russia—heavily engaged in the Ukraine conflict—spent $109 billion. India, maintaining its position as a key regional power, allocated $83.6 billion, placing it fourth among the world’s top military spenders. Saudi Arabia ($75.8 billion) and the United Kingdom ($74.9 billion) also made it to the list, reflecting their strategic defence priorities.
Ukraine, embroiled in a prolonged war, allocated a massive 37% of its GDP to military expenses, the highest among all nations. Saudi Arabia (7.1%) and Russia (5.9%) also dedicated a significant share of their economies to defence.
