Defense spending surged last year by the most since at least the end of the Cold War, according to data published Monday, with European countries rushing to bolster their security in the face of threats from Russia.

World military expenditure reached $2.72 trillion in 2024, an increase of 9.4% from 2023 and the steepest year-on-year rise since at least the end of the Cold War, according to a report released by a leading conflict think tank on Monday.

Global military spending soared to $2.7 trillion in 2024, marking the largest year-on-year uptick since at least the end of the Cold War, according to a new research report.