SIPRI’s latest figures, released on April 27, show that military expenditure as a share of global GDP reached 2.5% in 2025, the highest level since 2009. While the global rate of increase slowed sharply from 9.7% in 2024, the headline figure masks a much stronger rise outside the United States. Military spending excluding the US increased by 9.2% in 2025. The result is a world where governments are simultaneously investing in conventional forces, nuclear capabilities, military technology, ammunition, research and development and the industrial capacity needed to sustain prolonged conflicts. Europe emerges as the biggest driver Europe was the principal…
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