Top 10 countries with the highest military spending: Where does India stand?

Notably, the global military expenditure has risen by 6.8 per cent in real terms, reaching $2,443 billion compared to last year, according to SIPRI.

Furthermore, this year, military spending increased in all five geographical regions of the world for the first time since 2009, with the total military expenditure accounting for 2.3 per cent of the global gross domestic product (GDP).

In 2023, the total military expenditure accounted for 2.3 per cent of the global gross domestic product (GDP) in 2023. (Credit: X/@SIPRIorg)

Amid rising global insecurity, Nan Tian, Senior Researcher with Stockholm International Peace Research Institute’s (SIPRI) Military Expenditure and Arms Production Programme, warns that “the increase in military spending is a direct response to the global deterioration in peace and security.”

Not surprisingly, the USA and China are the top two biggest military spenders in the world this year, with the US spending about $916 billion, while the Chinese estimated $296 billion, both accounting for around half of global military spending in 2023-24.

Russia’s military spending grew by 24 per cent in 2023 to an estimated $109 billion, which is equivalent to 5.9 per cent of Russia’s GDP, while Ukraine became the eighth largest military spender in 2023, increasing its spending by 51 per cent to $64.8 billion, or 37 per cent of its GDP.

The world’s 10 largest military spenders (countries) in 2023-24

In 2023-24, all of the top ten nations raised their military spending, resulting in about three-quarters (74%) of the global total, or $1799 billion, which was $105 billion higher than the previous year. Here are the world’s top 10 largest military spenders.

Rank	Country	Spending (in USD, billion)	Spending as a share of GDP (in %)
1	United States of America (USA)	$916b	3.4%
2	China	$296b	1.7%
3	Russia	$109b	5.9%
4	India	$83.6b	2.4%
5	Saudi Arabia	$75.8b	7.1%
6	United Kingdom (UK)	$74.9b	2.3%
7	Germany	$66.8b	1.5%
8	Ukraine	$64.8b	37%
9	France	$61.3b	2.1%
10	Japan	$50.2b	1.2%

Source: SIPRI Military Expenditure Database, Apr. 2024

Note:  The statistics for military expenditure as a proportion of GDP are based on 2023 GDP forecasts from the International Monetary Fund’s World Economic Outlook and International Financial Statistics database.

Also Read | Among world’s top 10 biggest aircraft carriers, 2 are from India

Where does India stand?

The overall defence budget earmarked for 2024-25 stands at Rs 6.2 lakh crore, including defence pensions of Rs 1.41 lakh crore — up by just 4.3 per cent from Rs 5.94 lakh crore allocated in the previous fiscal. PTI

Indian military expenditures reached $83.6 billion in 2023, making it the fourth-largest global spender, according to SIPRI.

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The increase was primarily due to rising personnel and operations costs, which accounted for almost 80% of the total military budget, aligned with the government’s focus on strengthening operational readiness amid ongoing tensions with China and Pakistan.

The capital outlays for military procurement remained stable at around 22% of the budget, with 75% going towards domestically produced equipment, marking the highest level ever, reflecting India’s goal of becoming self-reliant in arms development and production.