World's military spending hits record $2.7 trillion in 2024: Study

Global military spending reached a record high of $2.7 trillion last year, a report by think tank Stockholm International Peace Research Institute (SIPRI) showed. It was 9.4% higher compared to 2023, the steepest year-on-year rise since at least the end of the Cold War. The surge was particularly driven by increased military spending in Europe and Middle East, SIPRI said.