Top 10 Countries With the Highest Military Spending

In an era marked by escalating geopolitical tensions, countries worldwide are intensifying their military capabilities to assert influence on the international stage. The prolonged conflict in Ukraine, coupled with rising tensions in Asia, Oceania, and the Middle East, has catalyzed a significant surge in global military spending. This article delves into the current state of military expenditure across the globe, examining key trends, notable spenders, and the implications of this unprecedented rise in defence budgets.

Global Overview

Unprecedented Increase in Military Spending

The year 2023-24 witnessed a remarkable 6.8% increase in real terms in global military expenditure, reaching a staggering $2,443 billion. This figure, reported by the Stockholm International Peace Research Institute (SIPRI), underscores the growing emphasis on defense and security worldwide.

Regional Distribution

For the first time since 2009, military spending increased across all five geographical regions of the world. This universal uptick reflects the pervasive nature of global insecurity and the widespread response to perceived threats.

Economic Impact

The total military expenditure now accounts for 2.3% of the global gross domestic product (GDP), highlighting the significant economic resources being channelled into defence sectors worldwide.

Key Players in Military Spending

The United States and China: The Top Spenders

The United States and China continue to dominate global military spending, collectively accounting for approximately half of the world’s total defence expenditure in 2023-24.

United States of America (USA)

• Spending: $916 billion
• Share of GDP: 3.4%

China

• Spending: $296 billion
• Share of GDP: 1.7%

Russia’s Significant Increase

Russia’s military spending grew by a substantial 24% in 2023, reaching an estimated $109 billion. This figure represents 5.9% of Russia’s GDP, reflecting the country’s heightened focus on military capabilities.

Ukraine’s Unprecedented Allocation

Ukraine emerged as the eighth largest military spender in 2023, with a dramatic 51% increase in spending to $64.8 billion. This figure represents an extraordinary 37% of Ukraine’s GDP, underscoring the country’s wartime priorities.

Top 10 Military Spenders: A Detailed Look

The world’s top 10 military spenders collectively accounted for about three-quarters (74%) of the global total, amounting to $1,799 billion. This figure represents a $105 billion increase from the previous year.