Last week, US President Donald Trump said he would soon meet with the leaders of Russia and China to discuss arms control and a proposal to slash all three countries’ military budgets in half. That’s a radical idea that would have a significant impact on all three economies and on global security more broadly – after all, the US, Russia, and China combined account for about half of all global defense spending, with the US alone clocking 40%.
Russia’s military spending has soared in recent years – growing more than 40% in 2024 alone – due to the war in Ukraine, and China’s has been rising as well as Beijing muscles up in Asia and beyond. Globally, military spending last year reached a new high of $2.46 trillion, according to the International Institute for Strategic Studies. Here’s a look at the top military spenders in the world, and a breakdown of what, in particular, the Pentagon spends its money on.
Russia’s military spending has soared in recent years – growing more than 40% in 2024 alone – due to the war in Ukraine, and China’s has been rising as well as Beijing muscles up in Asia and beyond. Globally, military spending last year reached a new high of $2.46 trillion, according to the International Institute for Strategic Studies. Here’s a look at the top military spenders in the world, and a breakdown of what, in particular, the Pentagon spends its money on.
