New Delhi: The worldwide military expenditure witnessed steepest rise in since the end of the Cold War in 2024. The Global military expenditure touched $2.7 trillion in last year. A report by the Stockholm International Peace Research Institute (SIPRI) showed this.
As per report, over 100 countries around the world raised their military spending in 2024. In real terms, the expenditure rose by 9.4 per cent globally compared to 2023, with 2024 marking the 10th year of consecutive spending increases.
The data showed that many European countries (including Russia) saw an “unprecedented” rise in their military spending amid war in Ukraine. With a 17 per cent hike, European military spending has reached beyond the level recorded at the end of the Cold War.
Russia’s military expenditure reached an estimated $149 billion in 2024, a 38 per cent increase from 2023 and double the level in 2015. This represented 7.1 per cent of Russia’s GDP and 19% of all government spending. Ukraine’s total military expenditure grew by 2.9 per cent to reach $64.7 billion, which amounts to 43 per cent of Russia’s spending. At 34 per cent of GDP, Ukraine had the largest military burden of any country in 2024.
Germany’s spending also increased by 28 per cent, reaching $88.5 billion, overtaking India as the fourth largest in the world. With this, Germany has become the biggest spender in Central and Western Europe for the first time since its reunification.
Military budgets have also drastically increased in the Middle East to an estimated $243 billion, an increase of 15 per cent from 2023. Data showed that as Israel’s military expenditure surged by 65 per cent to $46.5 billion in 2024. This represented “the steepest annual increase since the Six-Day War in 1967”.
However, in contrast, Iran’s fell by 10 per cent to $7.9 billion in 2024. The world’s second-largest spender, China, increased its military budget by 7.0 per cent to an estimated $314 billion.
Military spending by the US –world’s largest spender– rose by 5.7 per cent to reach $997 billion, which was 66 per cent of total NATO spending and 37 per cent of world military spending in 2024. Total military spending by the 32 members of the US-led alliance rose to 1.5 trillion as all members increased their spending.
As per Global Firepower Index data, the US, China, Russia, India and Saudi Arabia are the top five spenders on their military prowess.
United States spends $895,000,000,000 ($895 billion)
China spends $266,850,000,000 ($266.85 billion)
Russia spends $126,000,000,000 ($126 billion)
India spends $75,000,000,000 ($75 billion)
Saudi Arabia spends $74,760,000,000 ($74.76 billion)