Over $2.7 trillion was spent on the sector in 2024, according to the Stockholm International Peace Research Institute

Global military spending increased more year-on-year in 2024 than at any time since the Cold War, according to research by the Stockholm International Peace Research Institute (SIPRI).

The report, published on Monday, noted particularly rapid growth in Europe and the Middle East.

Overall expenditure has exceeded $2.7 trillion, marking the steepest annual rise in more than 30 years, according to the report.

"Over 100 countries around the world raised their military spending in 2024," SIPRI wrote, adding that governments were "increasingly prioritize[ing] military security," often at the expense of other budget areas.

Ukraine had "the largest military burden" globally, with its spending rising to nearly $65 billion, equivalent to 34% of its GDP, according to the report.

Military spending in Europe, including Russia, climbed to nearly $700 billion in 2024, making the continent "the main contributor" to the global increase. Several countries in Central and Western Europe posted "unprecedented rises," with Germany's spending jumping 28% to more than $88 billion.

"For the first time since reunification Germany became the biggest military spender in Western Europe, which was due to the €100 billion special defense fund announced in 2022," Lorenzo Scarazzato, a researcher with the SIPRI, said.

Berlin was also the world's fourth-largest military spender in 2024, after the US, China, Russia and before India, which together accounted for 60% of the global total.

The study found that all NATO members have boosted their military expenditure, spending a combined $1.5 trillion - about 55% of global military expenditure - in 2024.

The US remained NATO's largest contributor, spending $997 billion - about two-thirds of the military bloc's total and 37% of global expenditure. European NATO members also ramped up spending to a combined $454 billion.

SIPRI researcher Jade Guiberteau Ricard said the "rapid" rise in European NATO spending was driven mainly by what she called "the ongoing Russian threat" and "concerns about possible US disengagement within the alliance."

US President Donald Trump has repeatedly urged European allies to invest more in their militaries, arguing that Washington bears too much of the burden. NATO countries have outlined plans to further increase military budgets, citing potential Russian attack. The EU has announced plans to borrow hundreds of billions of euros to spend on militarization, asserting the need to deter Russia.

Moscow has denied any aggressive intentions, with President Vladimir Putin describing the speculation as "complete nonsense."

The report showed that military spending in the Middle East also rose sharply, reaching an estimated $243 billion in 2024, driven by the war in Gaza and broader regional instability.

(RT.com)