Global Military Spending Skyrockets Amid Rising Geopolitical Tensions

World military expenditure surged to $2.72 trillion in 2024, marking a significant 9.4% increase from the previous year. This surge, the highest since the Cold War, is driven by heightened geopolitical tensions. The SIPRI report highlights notable military spending in Europe, the Middle East, and significant contributions from the U.S., Russia, and Ukraine.

World military spending soared to new heights, reaching $2.72 trillion in 2024—a 9.4% increase from 2023, marking the steepest rise since the Cold War era, as revealed in a recent report by a leading conflict think tank.

Amid growing geopolitical tensions, all regions saw increased military expenditures, with Europe and the Middle East experiencing rapid growth, according to SIPRI data. The war in Ukraine and uncertainty over U.S. commitment to NATO propelled a 17% rise in European spending.

Russia's military budget hit $149 billion, a staggering 38% rise from 2023, while Ukraine's spending rose modestly by 2.9% to $64.7 billion. The U.S. also increased its military budget by 5.7%, reaching $997 billion, constituting 37% of global spending.

(With inputs from agencies.)