Global military spending increases at highest rate since Cold War: Report
A new report shows that global military spending increased by 9.4% from 2023 to 2024, representing the highest increase in military spending since the Cold War as the war between Russia and Ukraine and the war between Israel and Hamas continues amid rising tension across the globe.
According to the Stockholm International Peace Research Institute's new study, world military spending increased by roughly 9.4% in 2024 to $2718 billion, marking the '10th year of consecutive rises' and the highest increase in spending since 1988.
'Military spending increased in all world regions, with particularly rapid growth in both Europe and the Middle East,' the Stockholm International Peace Research Institute said. 'The top five military spenders—the United States, China, Russia, Germany and India—accounted for 60 per cent of the global total, with combined spending of $1635 billion.'
According to the study, each of the world's top 15 spenders in 2024 increased their military spending, while the 'global military burden' increased to 2.5% of global gross domestic product in 2024.
'Over 100 countries around the world raised their military spending in 2024,' Xiao Liang, a Stockholm International Peace Research Institute researcher, said. 'As governments increasingly prioritize military security, often at the expense of other budget areas, the economic and social trade-offs could have significant effects on societies for years to come.'
READ MORE: Video: Pentagon cuts $5.1 billion in 'wasteful spending' in new wave of DOGE cuts
The report indicated that in addition to the increased global military spending in 2024, many nations have 'committed to raising military spending,' which is expected to 'lead to further global increases in the coming years.'
According to the report, the United States was the biggest military spender in 2024, with nearly $1 trillion in military spending, while China was the second highest military spender, with roughly $314 billion in military spending.
The Stockholm International Peace Research Institute noted that China increased military spending by 7% in 2024, marking the country's 30th consecutive increase in military spending and maintaining 'the largest unbroken streak recorded' in the research institute's database.
The Stockholm International Peace Research Institute's study showed that Russia's military spending increased by at least 38% in 2024; however, the research institute estimated that Russia's military spending was likely higher since it supplements military spending from other sources.
The study also showed that Germany's military spending increased by 28%, Romania's spending increased by 43%, the Netherlands' spending increased by 35%, Sweden's spending increased by 34%, the Czech Republic's spending increased by 32%, Poland's spending increased by 31%, and Denmark's spending increased by 20%.
Additionally, Norway increased military spending by 17%, Finland increased spending by 16%, Turkey increased spending by 12%, and Greece increased spending by 11%.
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Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
CNBC
38 minutes ago
- CNBC
Trump deployment of National Guard, Marines to LA will cost $134 million: Pentagon official
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