Israel's military expenditure recently surged in the "steepest annual increase since the Six-Day War," according to research data published by the Stockholm International Peace Research Institute (SIPRI) on Monday.
Israel's military expenditure rose by 65% to $46.5 billion in 2024, or 8.8% of Israel's GDP, the second highest in the world, SIPRI found.
Spending across the Middle East reached an estimated $243 billion in 2024, increasing 15% from 2023, and 19% more than it was in 2015.
In Lebanon, the military spending rose by 58% in 2024 to $635 million, after years of defense cuts due to the country's economic crisis and political turmoil, SIPRI noted.
"Despite widespread expectations that many Middle Eastern countries would increase their military spending in 2024, major rises were limited to Israel and Lebanon," said Zubaida Karim, Researcher with the SIPRI Military Expenditure and Arms Production Programme. "Elsewhere, countries either did not significantly increase spending in response to the war in Gaza or were prevented from doing so by economic constraints."
Meanwhile, Iran's military spending fell by 10% to $7.9 billion in 2024 "despite its involvement in regional conflicts and its support for regional proxies."
"The impact of sanctions on Iran severely limited its capacity to increase spending," SIPRI noted.
Worldwide military expenditure increased by 9.4%
SIPRI also found that the worldwide military expenditure reached $2.718 trillion in 2024, an increase of 9.4% from 2023, and the steepest year-on-year rise since before the Cold War ended.
The top five military spenders—the United States, China, Russia, Germany, and India—accounted for 60% of the global total, with combined spending of $1.635 trillion, SIPRI found.
"Over 100 countries around the world raised their military spending in 2024. As governments increasingly prioritize military security, often at the expense of other budget areas, the economic and social trade-offs could have significant effects on societies for years to come," said Xiao Liang, Researcher with the SIPRI Military Expenditure and Arms Production Programme.
Military spending in Europe, including Russia, rose by 17% to $693 billion. Every European country except Malta increased its military spending in 2024, SIPRI found.
Russia's military spending reached an estimated $149 billion in 2024, marking a 38% increase from 2023, and double the expenditure in 2015. It also marked an expenditure of 7.1% of Russia's GDP and 19% of all Russian government spending, according to SIPRI.
Ukraine's spending grew by 2.9% to $64.7 billion, and constitutes 34% of their GDP, the largest of any country in 2024, according to SIPRI's research.
"Russia once again significantly increased its military spending, widening the spending gap with Ukraine," said Diego Lopes da Silva, Senior Researcher with the SIPRI Military Expenditure and Arms Production Programme. "Ukraine currently allocates all of its tax revenues to its military. In such a tight fiscal space, it will be challenging for Ukraine to keep increasing its military spending."
US's military spending also rose
The US's military spending also rose by 5.7% in 2024, to reach $997 billion, making up 66% of NATO's total military expenditure and 37% of worldwide expenditure in 2024, SIPRI noted.
A "significant portion" of this was "dedicated to modernizing military capabilities and the US nuclear arsenal in order to maintain a strategic advantage over Russia and China," SIPRI added.
China's expenditure continues to rise
China, as the world's second-largest military spender, increased its spending by 7% to an estimated $314 billion, which marked "three decades of consecutive growth," according to SIPRI.
The research also found that China accounted for 50% of all military spending in Asia and Oceania, and invested in "the continued modernization of its military and expansion of its cyberwarfare capabilities and nuclear arsenal."
"Major military spenders in the Asia–Pacific region are investing increasing resources into advanced military capabilities," said Nan Tian, Director of the SIPRI Military Expenditure and Arms Production Programme. "With several unresolved disputes and mounting tensions, these investments risk sending the region into a dangerous arms-race spiral."
Meanwhile, Saudi Arabia was the largest military spender in the Middle East in 2024, increasing by 1.5% to an estimated $80.3 billion. The Arab country is the seventh-largest military spender in the world.