Global military spending reaches $2.46 trillion in 2024
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Russia’s full-scale invasion of Ukraine pushed military spending worldwide to $2.46 trillion in 2024, representing a 7.4% rise, said the International Institute for Strategic Studies in a new report, with Sub-Saharan Africa the only exception, AmericanDiary24 reports citing Bloomberg.
In Europe, the last decade has seen a nominal spending increase of 50%, with some stark discrepancies emerging within the North Atlantic Treaty Organization, the London-based research group said in the 2025 edition of its Military Balance report, published Wednesday. Some countries vastly overshoot the military alliance’s soon to be revised target of spending 2% of GDP on defense, while others still struggle to meet it.Notably, Germany now holds the biggest defense budget in Europe and the second in NATO after the US, after a significant uplift in its 2024 budget, the report said. The UK had previously been the largest spender in Europe and second-largest in NATO for the last 30 years. With an increase to London’s defense budget offset by inflation in 2024, the report warned that new efforts may not be sufficient to remedy historic under-investment in the UK’s defense industry.
The report comes as US President Donald Trump urges European allies to shoulder more of the burden for their own defense, suggesting NATO members should spend 5% of GDP. While Russia’s invasion has spurred record investment, the IISS pointed to enduring budget pressures in most European countries, posing a challenge to intentions to sustain that high spending.
According to IISS data, Europe contributes less than one third to NATO’s total defense spending. The research group deemed a commitment by members to commit 3% of GDP, currently under discussion, as “unachievable at this time, with some countries already using off-budget instruments to bolster budgets.”
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