Global military spending set to rise 9% to a record $2.7 trillion in 2024. At the same time, expenditure on peacekeeping efforts is only 0.52% of military expenditure. India ranks fourth in military expenditure after America, China and Russia.
Top 10 Countries by Military Spending: According to a new report by the Institute of Economics and Peace, spending on peacebuilding and peacekeeping efforts in 2024 was just 0.52% of total military expenditure. This is down from 0.83% a decade ago. At the same time, worldwide military expenditure will reach a record $2.7 trillion in 2024, which is 9% more than last year. This is the largest annual increase since 1988. It also outpaced the 6.8% increase for 2023 and 3.5% increase for 2022. According to reports, 84 countries have increased their military expenditure compared to previous years.
According to the report, America is at the forefront. America is on top in terms of military expenditure, which spent $949.21 billion in 2024. China and Russia are right behind it. India ranks fourth in the world after the US, China and Russia, spending $281.74 billion on military needs.
Right behind it is North Korea, which spends a total of $263.11 billion on its military. North Korea is also the country that devotes the largest portion of its GDP to military spending. Followed by Saudi Arabia, Germany, Ukraine, UK and Japan. Another important thing mentioned in the report is that while 84 countries have increased their military expenditure, military expenditure has decreased in 50 countries.