World military spending hits $2.7 trillion in record 2024 surge

FILE PHOTO: An explosion of a ballistic missile lights up the sky over the city during a Russian missile and drone strike, amid Russia's attack on Ukraine, in Kyiv, Ukraine April 24, 2025. REUTERS/Gleb Garanich/File Photo

STOCKHOLM (Reuters) -World military expenditure reached $2.72 trillion in 2024, an increase of 9.4% from 2023 and the steepest year-on-year rise since at least the end of the Cold War, according to a report released by a leading conflict think tank on Monday.

Heightened geopolitical tension saw increased military spending in all world regions, with particularly rapid growth in both Europe and the Middle East, data from the Stockholm International Peace Research Institute (SIPRI) showed.