World Military Spending Hit Record High in 2024

The world’s military spending reached $2.7 trillion in 2024, with the highest year-to-year rise since the end of the Cold War, the Stockholm International Peace Research Institute (sipri) reported on Monday.

The world’s military expenditure rose 9.4 percent from 2023 to 2024, sipri reported, with the largest spending increases occurring in Europe and the Middle East.

Over 100 countries around the world raised their military spending in 2024. 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.
—sipri

Notable figures:

• Military spending in Europe (including Russia) rose 17 percent. Europe is now spending more on its military than it did at the end of the Cold War.
• Russia’s military spending rose 38 percent over 2023; this accounts for 19 percent of its total government spending.
• Ukraine’s spending rose 2.9 percent, amounting to 34 percent of its gross domestic product; this is about 43 percent of what Russia spends.

Ukraine currently allocates all of its tax revenues to its military. In such a tight fiscal space, it will be challenging for Ukraine to keep increasing its military spending.
—sipri

• The United States’ spending rose 5.7 percent to $997 billion, making up 66 percent of nato’s total spending and 37 percent of the world’s military spending in 2024.

Preparing for war: As tensions increase and wars break out, the world is preparing for greater conflict. Trumpet editor in chief Gerald Flurry has warned, based on Bible prophecy, of a great worldwide war soon to come.

To understand, read our Trends article “Why the Trumpet Watches Europe’s Push Toward a Unified Military.”