Israeli military spending soars by 65 percent following Israel's war on Gaza

Global military spending hits record $2.72tn amid Middle East surges

• Global military spending surged to $2.72tn in 2024, marking the sharpest annual rise since the Cold War, according to SIPRI.

• Israel’s defence budget jumped 65 percent to $46.5bn, its largest increase since the 1967 Six-Day War. Military costs now make up 8.8 percent of GDP, the world’s second-highest share.

• Lebanon also boosted spending by 58 percent, though its total remained far lower at $635m.

• Iran cut military expenditure by 10 percent, spending $7.9bn amid economic sanctions.

• "Major rises were limited to Israel and Lebanon," said SIPRI researcher Zubaida Karim, despite expectations of broader Middle Eastern increases.