In 2024, planet military spending reached $2.718 trillion, 9.4% higher than in 2023. This is the fastest growth year to year since the end of the Cold War. Defence budgets in Europe are expanding at an exceptional rate. The large leap concerns Germany, which ranked 4th in the planet ranking, as reported by the Stockholm global Institute for Peace Research.
The global expenditure increase was 10th year in a row and the share of military burdens in global GDP (total product of all countries) reached 2.5%. "In 2024 more than 100 countries increased their defence spending," says Xiao Liang, a investigator from the Stockholm global Institute for Peace investigation (SIPRI). The SIPRI considers the military expenditure to be all the costs incurred by the governments of circumstantial states for the ongoing maintenance of the armed forces and their war effort.
Military spending in Europe increased by 17% to $693 billion compared to the erstwhile year, and was a major contributor to global growth in 2024. Only Malta has not increased its defence budget on our continent. This unprecedented surge of loads – not noted since the fall of the Berlin Wall – is connected with the war in Ukraine. And so Russia's spending (3rd place in the global ranking) reached $149 billion, an increase of 38% compared to 2023 and twice the 2015 level. This is besides 7.1% of Russia's GDP and 19% of all Russian government spending. Ukraine's full military costs (8th place) increased by 2.9% – to $64.7 billion – corresponding to 43% of Russia's expenditure. In 2024, Ukrainian spending on the army reached 34% of GDP – no country in the planet recorded specified a advanced rate of military spending in relation to the overall value of the assets earned.
Rapid growth in Sweden
In the countries of Central and Western Europe, the increase in defence spending in 2024 was linked to the expansion of potentials. German spending increased by 28%, reaching $88.5 billion. In this way, the defence budget of Germany became the 4th largest in the world, while in 2023 Germany ranked seventh. SIPRI besides notes an increase in military spending on the Vistula – 31%, to $38.0 billion, which represents 4.2% of Poland's GDP and gives it 12th place in the ranking ex aequo with Italy.
In 2024, Britain increased its defence spending by 2.8%, to $81.8 billion, making it the sixth largest "military investor". France's military spending increased by 6.1%, to $64.7 billion, giving it a ninth place. Interestingly, in 2024 Sweden increased its military spending by 34% – to $12.0 billion – already in the first year of NATO membership reaching the required 2% of GDP.
But last year's jump took on all NATO members. A full of $1.5 trillion was allocated to military purposes. Of the 32 Alliance members, 18 spent at least 2% of GDP on the armed forces. This is the largest number of allies implementing NATO guidelines, adopted in 2014. In 2023, the Natian countries implementing the rule of 2% of GDP on defence were 11. European NATO members spent a full of $454 billion, which represents 30% of the Alliance's full spending. "The sharp increase in spending among European NATO members was mainly due to Russia's ongoing threat and concerns about possible U.S. withdrawal from the Alliance," explains Jade Guiberteau Ricardo of SIPRI. Lorenzo Scarazzato, another investigator of the Institute, adds: "The latest political directions adopted in Germany and another European countries propose that Europe has entered a period of advanced and rising military spending that will likely proceed in the foreseeable future.
Asia in a dangerous spiral
US military spending – one more time the highest in the planet – increased by 5.7%, reaching $ 997 billion. This represents 37% of global arms spending from 2024. A large part of the Pentagon budget was allocated to the modernisation of military capabilities and atomic arsenal to keep a strategical advantage over Russia and China.
China, the second on the list of countries with the largest military budgets, allocated 7% more to the army than in 2023. In total, it was $314 billion, which means 3 decades of continuous increase in armaments. In 2024, the mediate State was liable for 50% of all military spending in Asia and Oceania, investing not only in the modernisation of conventional armed forces, but besides in the expansion of atomic arsenals and cyberwar opportunities.
Japan's military spending increased by 21%, to $55.3 billion, the largest yearly increase since 1952. Her military spending reached a ceiling of 1.4% of GDP, which is the highest consequence since 1958. India's military spending, the 5th largest in the world, increased by 1.6% – to $86.1 billion. Taiwan's spending increased by 1.8%, reaching $16.5 billion. "Main players in the Asia-Pacific region are investing more and more resources in advanced military capabilities," commented Nan Tian, manager of the SIPRI Military Expenditure and Weapons Production Programme. – In the face of respective unresolved disputes and increasing tensions, these investments endanger to drag the region into a dangerous spiral of the arms race – an ominous expert.
