Global military spending hits record $2.7 trillion in 2024, sharpest rise since Cold War

Worldwide military expenditure surged to $2.7 trillion in 2024, marking the sharpest annual increase since the Cold War, driven by escalating conflicts and geopolitical tensions, SIPRI reported Monday. Europe and the Middle East saw the steepest rises, with some European nations posting "unprecedented" spending hikes, the research institute said.