Global Military Spending Exceeds $2.7 Trillion: Report

U.S. spending rose by 5.7 percent and China’s spending rose by 7 percent.

U.S. soldiers assigned to the 101st Airborne Division run for cover during Exercise Combined Resolve 24-02 at the Hohenfels Training Area, Joint Multinational Readiness Center, Germany, on June 5, 2024. U.S. Army photo by Pfc. Jaimee Perez

Military expenditure worldwide hit $2.18 trillion in 2024, rising for the 10th straight year, with the United States spending nearly $1 trillion, the Stockholm International Peace Research Institute (SIPRI) said in an April 28 statement.

According to the report, global expenditure saw an increase of “9.4 percent in real terms from 2023 and the steepest year-on-year rise since at least the end of the Cold War.”