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Why Did the World Just Spend $2.7 Trillion on Defense? The New Axis Threat Europe Can’t Ignore
Global military spending soared to an unprecedented $2.71 trillion in 2024, according to SIPRI — a surge fueled by years of underfunding in national defense, a rising urgency to defend national borders, and escalating wars driven by a new “Axis of Evil”: Russia, Iran, and North Korea. In a dramatic turn, North Korean troops have been fighting on European soil since fall 2024.
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Stockholm International Peace Research Institute’s (SIPRI) latest report on global military expenditures shows countries are allocating record-breaking budgets toward militarization. In 2024 alone, global defense spending rose to just over $2.7 trillion — a 37% increase over the past decade. Back in 2015, spending had not even reached $2 trillion.
Defense spending has risen for the second consecutive year across every region of the world: the Americas, the Middle East, Europe, Asia, and Africa, SIPRI said. Every region is investing more in armaments.
The current global security environment, shaped in part by Russia, Iran, and North Korea, has pushed governments around the world to reassess the importance of defense, a sector that has remained underfunded for years.
Warfare itself is also changing. Russia’s full-scale invasion of Ukraine has highlighted the importance of drones. Iran’s Shahed drones have shown how relatively low-cost UAVs can challenge air defense systems, while Yemeni Houthis have demonstrated how drones can disrupt global trade, even in the face of the world’s most powerful navies.
The United States and China continue to top the list of the world’s biggest military spenders, with Russia in third place, increasing its military budget for the fourth year in a row to sustain its war in Ukraine:
United States — $997 billion
China — $314 billion
Russia — $149 billion
Among the 20 countries with the highest defense expenditures, many are in Europe — a positive sign that governments are recognizing the need to bolster national security after years of limited investment:
United Kingdom — $81 billion
Saudi Arabia — $80.7 billion
Ukraine — $64.7 billion
France — $64.7 billion
Japan — $55.3 billion
South Korea — $47.6 billion
Israel — $46.5 billion
Poland — $38 billion
Italy — $38 billion
Australia — $33.8 billion
Canada — $29.3 billion
Turkey — $25 billion
Spain — $24.6 billion
Netherlands — $23.2 billion
Algeria — $21.8 billion
Other SIPRI-listed countries include Sweden, Norway, Denmark, Romania, Belgium, Greece, Finland, Switzerland, and Czechia.
In total, NATO member states spent over $1.5 trillion on defense in 2024, with a third of that total originating from Europe. Over the past decade, European NATO countries have more than doubled their military expenditures on average. In some cases, like Lithuania, spending has nearly tripled. The driving force: Russia’s expansionist war against Ukraine, which began with the illegal attempted annexation of Crimea in 2014 and escalated into a full-scale invasion in 2022.
Europe’s defense spending reached $454 billion in 2024, a strategic move to bolster the continent’s security. The EU also pledged an additional €850 billion in defense investments in the coming years to strengthen its own military-industrial base. This commitment has already driven up the stock prices of European defense giants such as Leonardo and Rheinmetall, which are expanding production lines and scaling operations.
A rising security threat
Three countries continue to pose serious threats to global and regional security: Russia and its allies, North Korea and Iran.
European intelligence agencies warn that a Russian victory in Ukraine could embolden the Kremlin to shift its military focus toward Europe, potentially launching an offensive within the next five years. Russia is already waging hybrid warfare across the continent and expanding its military presence in the Arctic. Moreover, Russia has violated the nuclear non-proliferation treaty by transferring warheads to Belarus and developing intercontinental missiles in breach of existing agreements with the United States.
And Russia’s allies aren’t sitting still.
North Korea, having received up to $20 billion from Russia, has ramped up military production and modernized its facilities. North Korea has also gained access to advanced military technologies from Russia, enhancing its missile program and accelerating submarine development. Over 12,000 North Korean troops have reportedly fought alongside Russian forces in Ukraine, gaining combat experience. North Korean KN-23 missiles are now targeting Ukrainian cities. North Korea is waging war in Europe and getting paid to do it, posing a regional and global threat.
Iran, meanwhile, continues to develop its long-range missile and drone programs. These drones are capable of striking distant targets. Iran also funds proxy forces across multiple regions, exerting pressure on peaceful neighbors and threatening international trade routes.
Investing in defense is both a measure of self-protection and a powerful message: the free, democratic world is prepared to defend itself.
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