Global military spending reaches record high amid ongoing conflicts
What's the story
The world is experiencing an unprecedented increase in military spending, a 9.4% year-on-year increase to $2.718 trillion in 2024.
The figure reported by the Stockholm International Peace Research Institute (SIPRI) is the highest recorded increase since 1988, just before the fall of the Berlin Wall.
The SIPRI warns that this trend signals an escalating global arms race with no end in sight.
Dominance
US leads global military spending
The United States of America remains the biggest military spender in the world, estimated to spend almost $1 trillion in 2024.
Major allocations include $61.1bn for F-35 stealth fighters and their combat systems, $48.1bn for new ships for the US Navy, $37.7bn toward modernizing its nuclear arsenal, and $29.8bn on missile defense systems.
It also provided $48.4bn in aid to Ukraine, almost three-quarters of Kyiv's own $64.8bn defense budget.
China's expenditure
China follows the US in military spending
China comes second in the world in military spending, with an estimated $314bn, almost a third of the US's.
The SIPRI report highlights that China showcased a number of new and improved capabilities in 2024, including new stealth combat aircraft, uncrewed aerial vehicles (UAVs), and uncrewed underwater vehicles.
It also "continued to rapidly expand its nuclear arsenal in 2024," it said.
Washington and Beijing together made up for almost half of the world's military spending last year.
Conflict spending
Countries involved in regional conflicts show significant increase
Countries participating in or cautious of regional conflicts are witnessing the highest year-on-year spending growth.
Israel, which initiated an invasion of Gaza territory in 2023, reported a staggering 65% increase in 2024 military spending.
Russia, which invaded Ukraine in 2022, reported an estimated increase of at least 38%.
The SIPRI added that the figure was likely higher, as Moscow supplements military funds with money from regional and other sources.
European spending
European NATO members boost military budgets
NATO countries have dramatically raised their defense budgets.
Germany upped its spending by 28%, while Romania (43%), the Netherlands (35%), Sweden (34%), the Czech Republic (32%), Poland (31%), Denmark (20%), Norway (17%), Finland (16%), Turkey (12%), and Greece (11%) saw double-digit growth in 2024.
According to SIPRI Military Expenditure and Arms Production Programme researcher Jade Guiberteau Ricard, "The rapid spending increases among European NATO members were driven mainly by the ongoing Russian threat."
Asian expenditure
Asia-Pacific countries increase military spending
China's 7% increase in 2024 in the Indo-Pacific was the 30th consecutive year-on-year rise in spending for the People's Liberation Army.
Japan's military budget rose by a significant 21% in 2024—Tokyo's largest increase since 1952.
The Philippines increased its defense spending by 19%, and South Korea, despite a slight 1.4% rise, has "the highest military burden in East Asia," an impressive rate of GDP at 2.6%.
Global trends
India's defense budget and global military spending trends
India's defense budget for 2024 was the world's fifth-largest ($86.1bn), with a modest increase of only 1.6% over 2023. But over the last decade, India's defense spending has increased by an alarming 42%.
SIPRI Military Expenditure and Arms Production Programme director Nan Tian warned, "Major military spenders in the Asia-Pacific region are investing increasing resources into advanced military capabilities," suggesting a potential arms race spiral amid unresolved disputes and mounting tensions.