As reported in the most recent fact sheet released by the Stockholm International Peace Research Institute (SIPRI), worldwide military spending hit record highs in 2024, with enormous sums spent by the 10 leading nations. When you talk about military spending, you can't miss the two biggies, the U.S. and China; taken together, the U.S. and China account for roughly half of the military spending around the world. While China's military spending was ranked second world-wide, it was still huge spending. The U.S. military budget is just over three times the size of China's military budget indicating they still have a major superiority in global defence capability. India is also notable on this list as it amounts to a high number of militarily expenditure. As per the latest release date from SIPRI, India fell into fourth place in global military spending in 2024 after the U.S., China, and Russia. India's annual defence budget was around $83.6 billion meaning India is looking to grow the size of its armed forces, modernize armaments, and secure its borders. However, it should again be highlighted that military budgets don't come without personnel and developmental aspects of military modernization. India's ranking suggests India's strategic priorities in a region dealing with multiple geopolitical issues, while preparing border protection for potential volatile geographic neighbours, or adversaries, like China and Pakistan. But it is also fair to argue, military equipment expenditures shows its burgeoning indigenisation, and self-reliance supporting, or facilitating the "Atma Nirbhar Bharat" policy and reducing reliance on defence imports from abroad. The SIPRI scale is beneficial for understanding global military and security trends and highlights what scale major powers- supported by riding waves of resource investments - are committing to defence not as a direct reaction to threats (although there are near term threats for all), but often as an imagined threat and in certain cases help posture geopolitical claims. Ultimately the 10 top defense investors combine to be little more than a mirror of a bigger trend that illustrates the hallmarks of strategic competition and regional security issues.
10. Japan ($55.3 billion):
In a whopping rise of 21% over 2023 and a record 49% surge since 2015, Japan intends to spend $55.3 billion on defense in 2024. This is the biggest hike in Japan's defense spending in 71 years since 1952. This will increase Japan's defense budget to around 1.4% of its GDP, the largest since 1958. All this expenditure simply reflects that Japan is making all efforts to upgrade its military muscle owing to increasing geo-political tensions in the region. Japan is also the 10th largest military spender in the world, using up nearly 2% of the world’s military spend. The amount spent starkly raises the narrative of Japan's already noted intention of expanding military capacity in the Asia Pacific region undergoing acute tensions.
9. France ($64.7 billion):
In 2024, France's overall military spending was $64.7 billion (2.1% of Gross Domestic Product (GDP)), a 6.1% rise in overall spending from 2023. This is 8th highest spender on military spending in the world and is approximately 2.4% of overall global military spending. France shows military expenditures indicators to show that the government is increasing spending to utilize and modernise its military capabilities and be militarily active in Europe and around the world. France military expenditures have increased 21% since 2015. This is an example of the government maintaining features of their expanding military capabilities in response to changing security challenges. The trend away from unimaginative forms is an obvious change in spending trends for the French military as a primary military provider and NATO entity, and in its own right as a nation-state, as outlined in Plan d'Investissement 2030.
8. Ukraine ($64.7 billion):
In 2024, Ukraine was the 8th highest military spender in the world with a defence spend of USD 64.7 billion, which was a 2.9% increase from the previous year. Overall, Ukraine spent 34% of Gross Domestic Product (GDP) on defence, a high defence burden to bear in a country at war. In short, Ukraine's military spending was equal to 43% of Russia's military budget and made up 54% of the total government expenditure. When the levels of external and internal pressures are taken into account, the military burden had dropped from its record high of 37% in the previous year, and Ukraine remained with the world's greatest military burden. In terms of the broader global picture, Ukraine spent 2.4% of total military spending by all countries in the world, and it indicates how high of a priority defence spending is for Ukraine, especially in the context of dealing with the burdens of war, and a global economy that continues to be in economic distress.
7. Saudi Arabia ($80.3 billion):
Military expenditure was projected to reach $80.3 billion in 2024 in Saudi Arabia, making it the largest military expenditure in the Middle East (and the seventh largest in the world). Spending on the military equaled 7.3% of GDP indicating that defence expenditure remained a government priority. Saudi Arabia accounted for approximately 3% (2.905%) of military spending worldwide. The military budget showed an increase of 1.5% over the 2023 budget indicating a modest upward trend. However, even with the anticipated increase, military spending over the previous eight years had decreased by 20% from 2015 onward. This overall reduction in the military budget has been attributed to weakening revenues from oil, in high revenue years, that were available to support the defence budget. That said, Saudi Arabia remains an important military power regionally and globally.
6. United Kingdom ($81.8 billion):
The UK military budget is substantial in 2024, at $81.8 billion with a 2.8% increase from the previous year. This is the sixth-largest expenditure in military spending in the world, accounting for around 3% of world total military expenditures. The defence budget is 2.3% GDP, showing a continued commitment by the UK to maintain a solid defence capability. As of 2023, UK military spending has increased 23% from 2015 levels and the last ten years has seen a slow and steady rise in spending. As the UK military continues to modernise and adapt to the ever-changing nature of security threats, the UK Defence Spending demonstrates the continued and more serious global role of the UK and its relationship within NATO and the realities of global defence and security.
5. India ($86.1 billion):
India ranked fifth globally in military spending in 2024 and accounted for about 3.2% of total global military expenditures. It was discussed earlier that India's total defence budget was $86.1 billion representing a 1.6% increase from 2023. Expenditure on the military was 2.3% of India's GDP. In 2015, total international military expenditure represented 2.5% of GDP, thus India has experienced almost a 42% increase in military expenditure since 2015 which illustrates India's ongoing commitment to investing in national security. India continues to be one of the biggest arms importers in the world, but is making good progress on its self-reliance push in defence production. Notably, in 2024 approximately 75% of military capital expenditure outlay was on purchased weapons and equipment purchases from domestic sources, a reflection of the Make in India initiative regarding defence production.
4. Germany ($88.5 billion):
Germany is in fourth position for military expenditure among countries of the world as of 2024. For the third year in a row Germany's monetary value indicators of military expenditure (spending) budgets have, again, both increased (annually) in 2023 under the (ejem) Germany military budgets (spending) 2024 classification detail and definitions, estimates suggest, total military expenditure (spending) budget of approximately (USD) 88.5 billion (this amounts to spend relative to GDP, of 1.9 of GDP), German spending represented just less than 3.3% of world total military spending; hence, Germany currently sits without question in a leading position as the leading military spending country in both central and western Europe. In terms to observe the composite military expenditure amounts by Germany it could unambiguously suggested either, has or has a robustly significant amount of military spending investment of this amount, as noted; 17.7% since 2015; thus it can almost unanimously concludes in terms of military financing, there is now an authentic commitment in Germany, there would be sustained commitment would entitled defence of it position, what would is describe sustainable transformation of its army; and would set itself a good evidential record in addressing and in its totality of structural elements to totality in specific addressing of pertinent developments of use to both the European and the global security environment.
3. Russia ($140bn):
In 2024, China remained the world's second largest military spender, estimated at 12% of global military spending. It is estimated, China spent US $314 billion on defence, which is a significant annual increase of 7% compared to its expenditure in 2023. This annual increase can only be described as unprecedented as it is absolutely the largest year-on-year percentage increase in China's military spending since 2015. Over the past decade (2015, 2024) alone, China's military budget has increased by 59%, this represented a sustained and deliberate effort to improve its defence capability. In addition, 2024 represented China's 30th straight annual growth in military expenditure; such an uninterrupted increase in military spending is a unique feature of the SIPRI Military Expenditure Database. This continuing growth in military expenditure obviously underscores China's pursuit of long-term militarization opportunity and an increased global security presence.
2. China ($314 billion):
In 2024, China maintained its status as the world's second largest military spender, accounting for around 12% of global military spending. Contemporary estimates indicate that China's defence budget for 2024 is about $314 billion, reflecting a year-on-year increase of about 7%. This latest increase is the largest increase in annual percentage growth in military spending since 2015. Between 2015-2024, China’s expenditure has increased by 59%, and China continues the trend of military build up, either modernisation or ramping up its international military capabilities. In 2024, China saw the 30th year of increasing military spending; the longest unbroken string of increases in any year in the SIPRI Military Expenditure Database. This increase in military expenditure fits China’s overall ambitions of military modernisation and increasing its international military capabilities.
1. United States ($997 billion):
In 2024, the United States remained the world's largest military spender and continued to lead the world in total military spending, which was 37% of total military spending worldwide, thereby entrenching its leading role in security dynamics globally. The total U.S. defence budget was $997 billion, or 3.4% of GDP. The defence budget reflected a 5.7% increase from 2023, and an increase of 19% relative to 2015. The United States continued to spend on the military, having done so since approximately 2015, as the defence budget also reflected the national priority related to modernising capabilities and technology for the armed forces, and maintaining global military primacy and deterrence, and preparedness to respond to strategic challenges globally.
