Military spending by the USA rose by 5.7 per cent to reach $997 billion, which was 66 per cent of total NATO spending and 37 per cent of world military spending in 2024.
China, the world’s second largest military spender, increased its military expenditure by 7.0 per cent to an estimated $314 billion, marking three decades of consecutive growth. China accounted for 50 per cent of all military spending in Asia and Oceania, investing in the continued modernization of its military and expansion of its cyberwarfare capabilities and nuclear arsenal.
Russia’s military expenditure reached an estimated $149 billion in 2024, a 38 per cent increase from 2023 and double the level in 2015. This represented 7.1 per cent of Russia’s GDP and 19 per cent of all Russian government spending.
Germany’s military expenditure increased by 28 per cent to reach $88.5 billion, making it the biggest spender in Central and Western Europe and the fourth biggest in the world.
India’s military expenditure, the fifth largest globally, grew by 1.6 per cent to $86.1 billion. Spending by Taiwan grew by 1.8 per cent in 2024 to reach $16.5 billion.
In 2024 the United Kingdom increased its military expenditure by 2.8 per cent to reach $81.8 billion, making it the sixth biggest spender worldwide.
Saudi Arabia was the largest military spender in the Middle East in 2024 and the seventh largest worldwide. Its military spending saw a modest increase of 1.5 per cent, reaching an estimated $80.3 billion, but still 20 per cent lower than in 2015 when the country’s oil revenues peaked.
Ukraine’s total military expenditure grew by 2.9 per cent to reach $64.7 billion—equivalent to 43 per cent of Russia’s spending. At 34 per cent of GDP, Ukraine had the largest military burden of any country in 2024.
Military expenditure by France rose by 6.1 per cent to reach $64.7 billion, making it the ninth biggest spender.
Japan’s military spending rose by 21 per cent to $55.3 billion in 2024, the largest annual increase since 1952. Its military burden reached 1.4 per cent of GDP, the highest since 1958.