World military spending surged to $2.72 trillion in 2024, marking a 9.4% increase from the previous year and the steepest annual rise since the end of the Cold War, according to a report released on April 28 by the Stockholm International Peace Research Institute (SIPRI).
Ukraine’s military spending grew by 2.9% in 2024 to reach $64.7 billion, roughly 43% of Russia’s total expenditure. Defense costs accounted for 34% of Ukraine’s GDP—the highest military burden of any country that year, according to SIPRI. "Ukraine currently allocates all of its tax revenues to its military," the institute said, warning that limited fiscal space will make further increases difficult for Kyiv.
The think tank noted that heightened geopolitical tensions drove defense budgets higher across every region, with particularly sharp growth in Europe and the Middle East. "Over 100 countries around the world raised their military spending in 2024," SIPRI said, warning that prioritizing military budgets over other areas could have "significant effects on societies for years to come."
In Europe, military expenditures—including Russia’s—rose by 17%, pushing the continent’s defense spending beyond levels last seen at the end of the Cold War.
The war in Ukraine and uncertainty over U.S. commitment to NATO contributed to the sharp rise. Russia’s military spending reached an estimated $149 billion, a 38% jump from 2023 and double what it spent in 2015. According to SIPRI, this figure accounted for 7.1% of Russia’s GDP and 19% of its government budget.
The United States remained by far the world’s largest military spender, increasing its defense budget by 5.7% to reach $997 billion in 2024. This figure represented 66% of NATO’s military expenditure and 37% of global defense spending. SIPRI’s report highlights that U.S. defense investment drives broader global military trends, especially as tensions rise across multiple regions.
As governments funnel more resources into military security, SIPRI cautioned that the economic and social costs could be substantial: "The economic and social trade-offs could have significant effects on societies for years to come."
Olena Goncharova
(Updated: )
