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Global military spending rose to $2.72 trillion in 2024, up 9.4% from the previous year and marking the fastest annual increase since the end of the Cold War, according to a report by the Stockholm International Peace Research Institute. The war in Ukraine and broader geopolitical tensions drove growth across all regions, with Europe and the Middle East seeing particularly steep increases.⁠

Russia spent an estimated $149 billion on its military in 2024, a 38% jump from 2023, while Ukraine spent $64.7 billion—34% of its GDP and the highest military burden globally. SIPRI noted, “Ukraine currently allocates all of its tax revenues to its military,” raising concerns about long-term sustainability.⁠

The United States accounted for 37% of total global military spending, reaching $997 billion in 2024. That figure represented 66% of all NATO defense expenditures. SIPRI reported that over 100 countries increased military budgets in 2024, often cutting other spending areas in the process.⁠

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Global military spending rose to $2.72 trillion in 2024, up 9.4% from the previous year and marking the fastest annual increase since the end of the Cold War, according to a report by the Stockholm In...
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