Global Military Spending Soars 7% to Record $2.443 Trillion in 2023, Steepest Rise Since 2009

Apr 22, 2024, 07:50 AM

In 2023, global military expenditure reached a record high of $2.443 trillion, marking the steepest annual increase since 2009. This 7% growth in spending was driven by heightened conflicts and rising geopolitical tensions across the world. The United States, China, and Russia were the top three spenders, with Russia increasing its military budget by 24% to $109 billion, representing 16% of its total government expenditure. Europe, the Middle East, and Asia saw the most substantial regional increases, with military spending in East Asia alone reaching $411 billion. India was also among the top five, spending $83.6 billion. The Stockholm International Peace Research Institute (SIPRI) highlighted that this surge in military spending also led to the highest per person military expenditure since 1990.