Global military spending reached $2.7 trillion in 2024, marking a 9.4% increase from the previous year and the largest year-on-year rise since the end of the Cold War. Europe and the Middle East experienced significant growth in military spending, driven by heightened geopolitical tension. The war in Ukraine and doubts over U.S. commitment to NATO contributed to a 17% increase in European military spending. Russia's military expenditure reached $149 billion, a 38% increase from the previous year. Ukraine allocated all of its tax revenues to its military, posing challenges for further increases in military spending.