The world spent more than $2.7 trillion on militaries in 2024 — the largest number since 1988, which marked the end of the Cold War.

It’s a 9.4% raise from the previous year, according to the Stockholm International Peace Research Institute’s latest report.

Over 100 countries across the globe dedicated more money to military spending in 2024, the report said.

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Europe’s military spending, which included Russia, rose by 17% to $693 billion and was the main contributor to the global increase in 2024, the report calculated.

Russia alone spent 38% more on its military last year in comparison to 2023.

Countries like Germany and Poland saw unprecedented rises in their military expenditure in 2024 as they implemented new spending pledges and large-scale procurement plans, the report stated.

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Despite those increases, the U.S. was the biggest spender in the world when it came to military funding, accounting for nearly a trillion dollars — a 37% chunk — of the total last year.

Saudi Arabia was the largest military spender in the Middle East in 2024 and the seventh largest worldwide, the report said.

Another notable increase was in Mexico. The country’s increases in the size of its National Guard and navy contributed to a 39% increase to $16.7 billion in 2024.