Global Military Spending Surges to $2.7 Trillion

Global military spending hit $2.7 trillion last year, according to the latest data by the Stockholm International Peace Research Institute (SIPRI). More than 100 countries increased their military spending in 2024, with Europe’s military spending surpassing levels last seen at the end of the cold war, driven mainly by the war in Ukraine, while the Middle East’s expenditure reached an estimated $243 billion, a 15 percent increase on 2023, as the Israel-Gaza war and the conflict with Hezbollah in southern Lebanon continue. Asia saw its biggest annual increase since 2009 at 6.3 percent amid heightened tensions, particularly in East Asia.

The countries to see the biggest change in spending between 2023 and 2024 were Guyana (+78 percent), Myanmar (+66 percent), Israel (+65 percent), Lebanon (58 percent) and Zimbabwe (52 percent). Russia increased its military spending by 38 percent, while many countries in Europe also upped their spending significantly, including Romania (+43 percent), the Netherlands (+35 percent), Sweden (+34 percent), Czechia (+32 percent), Poland (+31 percent) and Germany (+28 percent). In Latin America, Mexico stands out for having spent 39 percent more on its military budget in 2024.

Countries in the Americas accounted for 40 percent of global military spending in 2024, followed by countries in Europe (26 percent), Asia and Oceania (23 percent), the Middle East (9 percent) and Africa (1.9 percent).