Russia’s military spending reached $149 billion in 2024, representing a 38% increase from 2023 and double the level recorded in 2015, according to new data published by the Stockholm International Peace Research Institute (SIPRI).
The report, released on 28 April, showed that Russian military expenditure now accounts for 7.1% of the country’s GDP and 19% of all Russian government spending.
“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’s military spending grew by 2.9% to $64.7 billion in 2024, equivalent to 43% of Russia’s expenditure. SIPRI reports that Ukraine now has the largest military burden of any country, with military spending representing 34% of its GDP.
“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,” Lopes da Silva added.
The SIPRI data revealed that global military expenditure reached $2.718 trillion in 2024, marking a 9.4% increase from the previous year. This represents the steepest year-on-year rise since at least the end of the Cold War.
Military spending increased across all world regions, with particularly rapid growth in both Europe and the Middle East. The top five military spenders—the United States, China, Russia, Germany and India—accounted for 60% of the global total.
European military spending, including Russia, rose by 17% to $693 billion and was the main contributor to the global increase in 2024. With the war in Ukraine in its third year, military expenditure continued rising across the continent, according to SIPRI.
“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.
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