Global military spending grew for the eighth consecutive year in 2022 to an all-time high of $2.24 trillion, with a sharp rise in Europe, chiefly due to Russian and Ukrainian expenditure, a Swedish think tank said Monday.
In a report released Monday, the Stockholm International Peace Research Institute said military expenditure in Europe saw its steepest year-on-year increase in at least 30 years
Military spending in Europe sharply rose in 2022. Across the globe, military spending hit an all time high of $2.24 trillion. The growth is partially due to Russia's war in Ukraine.
(Stockholm, 24 April 2023) Total global military expenditure increased by 3.7 per cent in real terms in 2022, to reach a new high of $2240 billion. Military expenditure in Europe saw its steepest year-on-year increase in at least 30 years. The three largest spenders in 2022 the United States, China and Russia accounted for 56 per cent of the world total, according to new data on global military spending published today by the Stockholm International Peace Research Institute (SIPRI).