Top 10 Countries by Military Spending in 2024: SIPRI Report
Nations across the world are increasingly focusing on enhancing their defence capabilities. According to the latest report released by the Stockholm International Peace Research Institute (SIPRI) for the year 2024, global military expenditure has reached a record high of $2.44 trillion. This marks a 6.8% increase compared to the previous year and is the highest annual rise since 2009.
The list is topped by the United States and China. The United States retained the first position with a defence expenditure of $997 billion, accounting for 37% of the global share. This figure corresponds to 3.4% of the U.S. GDP. Compared to 2023, U.S. military spending increased by 5.7%. China stood in second place with an estimated expenditure of $314 billion, representing 12% of the global share. SIPRI noted that China’s military spending has continued to rise consistently for the past 30 years.
Due to the ongoing war with Ukraine, Russia significantly increased its defence spending, securing the third position with $149 billion, which accounts for 5.5% of the global share and 7.1% of Russia’s GDP. Germany followed in fourth place with a defence expenditure of $88.5 billion.
India ranked fifth globally with a defence expenditure of $86.1 billion, representing 3.2% of the global share. This marks a 1.6% increase compared to 2023. According to the SIPRI report, India’s military spending has grown by 42% over the past decade since 2015. As one of the world’s largest arms importers, India has placed significant emphasis on defence indigenization. SIPRI highlighted that allocating 75% of the budget for new weapon acquisitions to 'Made in India' products stands as evidence of this priority.
The subsequent positions were held by the United Kingdom ($81.8 billion), Saudi Arabia ($80.3 billion), Ukraine ($64.7 billion), France ($64.7 billion), and Japan ($55.3 billion). Notably, Ukraine allocated a striking 34% of its GDP to military expenditure. Japan’s defence spending witnessed a 21% increase, which, according to the report, is the highest annual rise since 1952. SIPRI attributed the surge in global military expenditure to escalating global tensions, wars, and security concerns.