The world is spending more on weapons and defense than ever before, according to a new report by the Stockholm International Peace Research Institute (SIPRI). In 2024, global military spending reached a historic high of $2.7 trillion, rising by 9.4%—the biggest jump since the end of the Cold War in 1988, reported by The Express Tribune.
This sharp increase is driven by ongoing wars, rising global tensions, and growing fears of future conflicts. SIPRI highlighted the wars in Ukraine and Gaza, along with military build-ups in East Asia and Europe, as major reasons behind the soaring defense budgets.
The United States remained the world’s top military spender, pouring almost $1 trillion into its defense in 2024. Big-ticket items included $61.1 billion for F-35 stealth jets, $48.1 billion for new warships, and $37.7 billion for modernizing its nuclear weapons. The U.S. also sent $48.4 billion in military aid to Ukraine—an amount that nearly matches three-quarters of Ukraine’s own defense budget.
China followed the U.S. as the second-largest spender, with an estimated military budget of $314 billion. While specific details were limited, the report noted that China revealed new high-tech weapons, including stealth aircraft and underwater drones. It also continued rapidly growing its nuclear arsenal. China’s defense budget has now risen for 30 straight years—the longest streak in SIPRI’s records.
Other countries ramped up spending as well, especially those directly involved in or preparing for regional conflicts. Israel, engaged in military operations in Gaza, increased its defense budget by a staggering 65%—the highest of any country. Russia, still fighting in Ukraine, raised its budget by at least 38%, though the actual figure may be higher.
In Europe, NATO countries made major budget jumps in response to the ongoing war in Ukraine and fears of reduced U.S. support. Germany raised its spending by 28%, while Romania, the Netherlands, Sweden, and others reported double-digit increases. Analysts warned, however, that spending more money doesn’t automatically lead to stronger, more independent military forces.
In Asia, countries reacted to China’s growing military strength. Japan raised its defense budget by 21%, its biggest increase since the 1950s. The Philippines boosted spending by 19% amid disputes in the South China Sea. Meanwhile, Taiwan and South Korea also increased their defense budgets modestly, though they already carry a heavy military burden.
India, ranking fifth globally, spent $86.1 billion on defense, showing steady growth over the last decade. In Africa, Algeria led in spending, and in the Americas, Mexico increased its defense budget by 39%, mainly to fight organized crime.
SIPRI warned that these rapid increases could trigger a dangerous global arms race.
