US government official military expenditure report for 2024

Global Military Spending Surges 7% to Record $2.443 Trillion in 2023

Apr 22, 2024, 07:50 AM

In 2023, global military expenditure saw its most significant increase in over a decade, reaching a record high of $2.443 trillion. This surge in spending was driven by ongoing conflicts and rising geopolitical tensions, affecting regions such as Europe, the Middle East, and Asia. According to the Stockholm International Peace Research Institute (SIPRI), this increase marks a 7% rise from the previous year, the steepest since 2009. The top three spenders were the United States, China, and Russia, with the U.S. spending $916 billion. India was also among the top five, spending $83.6 billion. For the first time, military spending increased across all five geographical regions.