Ukraine ranked eighth in the world for defense spending, significantly increasing funding for the security sector over the past five years. According to the Stockholm International Peace Research Institute, Ukraine’s military budget reached 64 billion dollars in 2024, which is more than eight times the figures from 2020.
This is reported by Finway
Military Budgets of Leading Countries
The top ten countries with the highest defense expenditures are led by the United States of America with a record 997 billion dollars. China comes in second with 313 billion dollars, while the Russian Federation holds the third position with a budget of 149 billion dollars. Following them are Germany (88 billion), India (86 billion), the United Kingdom (82 billion), Saudi Arabia (80 billion), Ukraine (64 billion), France (64 billion), and Japan (55 billion dollars).
Trends in Defense Spending Growth
All countries in the top 10 have increased their defense budgets compared to 2020. Ukraine demonstrated the largest growth at 838%, followed by Russia, where spending increased by 126%. Meanwhile, Japan, France, and China saw increases of 3%, 10%, and 10%, respectively.
“Ukraine has increased its defense spending by more than 8 times over the past 5 years.”
In comparison, Ukraine’s military spending in 2020 was only 6.8 billion dollars. This rapid increase in funding is linked to the necessity of strengthening defense capabilities in the face of ongoing aggression from the Russian Federation and threats to national security.