Global military spending in 2024 has increased significantly amid geopolitical uncertainty. The US is the world’s top spender, while India stands sixth with USD 74.4 billion in defence expenditure. China, Russia, Germany and the UK also feature among the highest spenders.
Military expenditure worldwide has grown substantially in 2024 as nations respond to heightened geopolitical uncertainty, evolving regional conflicts and shifting power balances. According to the International Institute for Strategic Studies (IISS), defence budgets have expanded across major economies as governments strengthen modern warfare capabilities. This includes investment in technology-driven military capability, updated weapons systems, space and cyber defence and stronger border security.
US leads the world in Defence expenditure
The United States remains the world’s largest military spender in 2024. As per IISS, America’s defence budget stands at USD 968 billion, which is the highest recorded by any nation. The US continues to spend heavily due to global military presence, advanced technology programmes, nuclear capability, global troop deployment, expensive weapons systems and modernisation of existing combat platforms.
List of countries and their military expenditures:
| Serial No. | Country | Military Expenditure (2024) |
| 1 | United States | $968 billion |
| 2 | China | $235 billion |
| 3 | Russia | $145.9 billion |
| 4 | Germany | $86 billion |
| 5 | United Kingdom | $81.1 billion |
| 6 | India | $74.4 billion |
| 7 | Saudi Arabia | $71.7 billion |
| 8 | France | $64 billion |
| 9 | Japan | $53 billion |
| 10 | South Korea | $43.9 billion |
| 11 | Australia | $36.4 billion |
| 12 | Italy | $35.2 billion |
| 13 | Israel | $33.7 billion |
| 14 | Ukraine | $28.4 billion |
| 15 | Poland | $28.4 billion |
| 16 | Canada | $27 billion |
| 17 | Brazil | $24.4 billion |
| 18 | Netherlands | $23.6 billion |
| 19 | UAE | $22.3 billion |
| 20 | Algeria | $21.4 billion |
| 21 | Spain | $19.4 billion |
| 22 | Taiwan | $18.9 billion |
| 23 | Singapore | $15.2 billion |
| 24 | Turkey | $14.3 billion |
| 25 | Iraq | $12.7 billion |
| 26 | Sweden | $12.3 billion |
| 27 | Indonesia | $10.9 billion |
| 28 | Mexico | $10.2 billion |
| 29 | Norway | $9.8 billion |
| 30 | Qatar | $9.7 billion |
China, Russia and Europe’s rising focus
China is the second-largest defence spender with USD 235 billion in 2024. A major portion of this allocation is linked to the Indo-Pacific competition, naval expansion, hypersonic weapons and the increasing role of artificial intelligence in warfare. Russia stands third with USD 145.9 billion in military spending this year due to long-term mobilisation costs and battlefield requirements. Germany and the UK are placed fourth and fifth respectively as Europe reworks its security framework amid shifting global power equations.
Where does India rank?
India is ranked sixth globally in 2024. According to IISS data, India’s military expenditure stands at USD 74.4 billion. This reflects ongoing border security priorities, rapid modernisation of fighter jets, missiles, naval fleets, equipment upgrades and cyber warfare capability. India also maintains one of the largest standing armies in the world, which results in high recurring spending. The government’s push towards domestic defence manufacturing under the Make in India vision is also a key driver of capital allocation.
Why are countries increasing defence spending?
It should be noted here that countries have been raising their defence budgets because the global security landscape has turned volatile. Rising geopolitical tension in the Taiwan Strait, the Russia-Ukraine war and uncertainties in West Asia are pushing nations to prepare for possible future threats. Modern warfare is no longer limited to conventional combat. It now demands huge investment in satellites, cyber defence, AI-based combat systems, missile shields, hypersonic capabilities and electronic warfare. Countries also believe that greater military strength provides diplomatic leverage and strategic influence on the world stage.
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