US, Israel lead global increase in military spending in 2024: Report
A report shows global military expenditure surged to a record $2.7 trillion in 2024, marking a 9.4 percent increase over the previous year, with the Israeli regime boosting its military spending by 65 percent to finance its genocide against Palestinians in Gaza.
According to new data published by the Stockholm International Peace Research Institute (SIPRI), global military spending surged in 2024, with significant spikes in Europe and West Asia due to the wars in Ukraine and Gaza.
The top five military spenders—the US, China, Russia, Germany, and India—made up 60% of worldwide expenditures. The US alone accounted for $997 billion, representing 37% of the global total, with a major focus on upgrading its military technology and nuclear forces to sustain its strategic edge over rivals like Russia and China.
Europe experienced a notable surge in military expenditures, which rose by 17 percent to reach $693 billion. Germany’s military spending grew by 28 percent, totaling $88.5 billion, positioning it as the leading military spender in Western Europe and the fourth-largest globally.
Meanwhile, Ukraine bore the highest military burden worldwide in 2024, with defense costs representing 34 percent of its Gross Domestic Product (GDP). The country’s entire tax revenue was allocated to military needs, while social and economic expenditures depended entirely on foreign aid, including $7.7 billion provided by Germany.
In West Asia, military spending increased by 15 percent, reaching $243 billion. The Israeli regime accounted for much of this rise, raising its military expenditure by 65 percent to $46.5 billion amidst ongoing wars in Gaza and Lebanon. As a result, Israel’s military burden reached 8.8 percent of its GDP, making it the second highest in the world.
Israel launched the war of genocide in the Gaza Strip on October 7, 2023, after Hamas carried out Operation Al-Aqsa Flood in retaliation for Israel’s intensified atrocities against the Palestinian people.
Last January, the Israeli regime was forced to agree to a ceasefire deal with Hamas given the regime’s failure to achieve any of its objectives, including the “elimination” of the Palestinian resistance movement or the release of captives.
In total, 52,365 Palestinians have been killed and 117,905 others injured since October 7, 2023, according to the Palestinian health ministry.
The US has been the major supporter of Israel in the war against the Gaza Strip.
In February, the United States announced the approval of the sale of more than $7.4 billion in bombs, missiles and related equipment to Israel.
In all, the US has provided the regime with at least $17.9 billion in military aid during its brutal military onslaught.
Also according to the data published by SIPRI, more than 100 nations boosted their military spending in 2024, marking the tenth year in a row of increasing global military expenditures—an upward trend that experts anticipate will continue due to ongoing geopolitical tensions.
Researchers at SIPRI have cautioned that as governments focus more on military security—sometimes at the cost of social and economic initiatives, warning of substantial long-term impacts on societies.
