India’s defence exports surge to record high of Rs 23,622 crore in FY25; 34-fold increase from 2013-14

Top 10 countries with highest defence spending: Did you know that the two largest military spenders, the United States and China, accounted for almost half of world military expenditure in 2024? But even as China was the second highest military spender in the world, America’s budget was more than 3 times that of China! What is the budget of the Indian military and what is its rank in the highest military spending list? In its latest factsheet, SIPRI has released the list of the top 10 highest military spenders in the world. We take a look at the country-wise data:

In 2024, the United States maintained its position as the world’s largest military spender, accounting for 37% of the global military expenditure. With a defense budget of $997 billion, this military budget accounted for 3.4% of its GDP. Compared to 2023, the US defense budget increased by 5.7%, reflecting a 19% rise since 2015. (AI image for representative purpose only)

China is the second-largest military spender, contributing 12% to the world’s military spending.China allocated an estimated $314 billion to its military in 2024, reflecting a 7% increase from 2023, marking the largest year-on-year percentage rise in China’s military spending since 2015. Over the decade from 2015 to 2024, China’s military spending rose by 59%.The country has now recorded its 30th consecutive year of the longest unbroken streak for any country in the SIPRI Military Expenditure Database. (AI image for representative purpose only)

At number 3, Russia’s military spending increased by 38% in 2024, reaching an estimated $149 billion, double the level of 2015. This expenditure accounted for 7.1% of Russia’s GDP and 19% of total government spending. Since the full-scale invasion of Ukraine in early 2022, Russia’s military budget has become increasingly opaque. Russia ranks third globally, contributing 5.5% to total military spending worldwide. (AI image for representative purpose only)

In 2024, Germany, with the 4th largest military expenditure, saw an increase for the third consecutive year, reaching $88.5 billion, or 1.9% of its GDP. With a contribution of 3.3% in the global military spending, the country stands as the fourth-largest military spender globally and the largest in central and western Europe. The country’s military spending increased by 28% compared to 2023 and by 89% since 2015. (AI image for representative purpose only)

India claimed its place as the world’s fifth-largest military spender in 2024, making up 3.2% of the global military spending. With a defense budget of $86.1 billion, the spending saw a 1.6% rise from 2023, accounting for 2.3% of its GDP. Over a decade, since 2015, when it represented 2.5% of the GDP, the military spending had grown 42%. India, which is one of the world’s largest arms importers, sets aside 75% of India’s budget for new military equipment, to buy weapons made in India. (AI image for representative purpose only)

The United Kingdom allocated $81.8 billion to its military budget in 2024, marking a 2.8% increase from 2023. This makes it the sixth-largest military spender globally, accounting for 3% of total global military expenditure. In 2024, the country's military spending represents 2.3% of its GDP. Since 2015, the UK’s military budget has grown by 23%. (AI image for representative purpose only)

In 2024, Saudi Arabia allocated $80.3 billion to its military budget, accounting for 7.3% of its GDP and contributing 3% to global military spending. This marks a 1.5% increase from 2023, although it represents a 20% decrease since 2015. Despite this reduction, Saudi Arabia remains the largest military spender in the Middle East and the seventh-largest globally. The drop in military expenditure since 2015 is attributed to the decline in oil revenues from their peak years. (AI image for representative purpose only)

In 2024, Ukraine ranked as the eighth largest military spender globally, with military expenditure increasing by 2.9% to reach $64.7 billion. This amount represented 34% of the country’s GDP. Ukraine’s military spending was 43% of Russia's military budget for the year and accounted for 54% of Ukraine's total government spending. Despite a slight decrease from 37% in 2023, Ukraine still had the highest military burden in the world, and constituted 2.4% of the global military spending. (AI image for representative purpose only)

In 2024, France's military expenditure increased by 6.1%, reaching $64.7 billion, which accounts for 2.1% of the country's GDP. This made France the eighth-largest spender on military forces globally, contributing 2.4% of total global military spending. Since 2015, France's military expenditure has risen by 21%. (AI image for representative purpose only)