World Military Spending Reaches Record High

By RT News

Global military expenditure increased by 3.7% in 2022, reaching a new high of $2240 billion, according to new data by the Stockholm International Peace Research Institute (SIPRI).

The most significant spending spike was in Europe, sparked by the Ukraine conflict; EU nations increased their defense spending by around 13%. Some of the sharpest increases were seen in Finland (+36%), Lithuania (+27%), Sweden (+12%), and Poland (+11%).

Ukraine’s military spending reached $44.0 billion in 2022, an increase of 640%, the highest single-year increase in a country’s military expenditure recorded in SIPRI data. Russian military spending grew by 9.2% to around $86.4 billion.

The US once again was the top military spender with $877 billion in 2022, some 39% of all military spending worldwide. China also remained the world’s second-largest military spender, allocating $292 billion in 2022, a 4.2% increase from the prior year.