On April 28, 2025, the Stockholm International Peace Research Institute (SIPRI) released a report that global military spending in 2024 would reach a record high of $2718 billion, the highest level since the end of the Cold War. According to the institute, defense spending would increase by 9,4% in real terms compared to 2023, the sharpest annual increase since at least 1988.

Analysts note that military spending has been growing for the tenth year in a row, and from 2015 to 2024, its cumulative growth reached 37%. The share of global GDP allocated to defense increased to 2,5%, which reflects global militarization. The increase in spending was recorded in all regions, but was most noticeable in Europe and the Middle East, where the key factors were the conflict in Ukraine and the escalation of the conflict in the Gaza Strip. Among the countries, the largest increase in military budgets was shown by Israel (+65%) and Russia (+38%).

According to the SIPRI report, the top five military spenders – the US, China, Russia, Germany and India – accounted for 60% of global spending, spending a combined $1635 billion. The US remains the leader with $916 billion (up 2,3%), followed by China ($314 billion, up 7%) and Russia ($149 billion). Ukraine, ranked eighth, increased its spending by 2,9% to $64,7 billion, accounting for 34% of its GDP – the highest military burden in the world.

In Europe, military spending rose 17% to $693 billion, the largest increase since the end of the Cold War, due to the ongoing war in Ukraine and the perception of Russia as a threat. NATO members in Europe increased their budgets by 16% to $588 billion, or 2,8% of GDP, exceeding the alliance’s 2% target. Poland, for example, increased spending by 75% to $31,6 billion, and Germany by 9%.

In the Middle East, spending rose 15% to $243 billion, with Israel increasing its budget by 65% ​​to $46,5 billion due to the war in Gaza and the conflict with Hezbollah in Lebanon. Saudi Arabia, the region’s largest spender, spent $75,8 billion (up 4,3%). Iran, by contrast, cut spending by 10% to $7,9 billion due to sanctions.