Global Challenges
Issue no. 20 | October 2026
New Dynamics of War
New Dynamics of War | Figure for the Issue

New Dynamics of War

TABLE | Trends in the 10 Largest Military Budgets (billions of US dollars)

Country202020242026 (estimation)
USA778968> 1000
China252318360
Russia62150200
Germany5386120
India738698
UK709192
Ukraine67095
Saudi Arabia578285
France536772
Japan495768

In 2025, the top three military powers (the United States, China, and Russia) spent a total of USD 1,480 billion, representing more than half of global military spending.  Germany was Europe’s largest military spender with USD 114 billion, significantly surpassing France and the United Kingdom.

Source: SIPRI, https://www.sipri.org. Table produced by the Geneva Graduate Institute’s Research Office.