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.
Military spending around the world reached a record high last year, driven by an increase in expenditure in Europe not seen since the end of the Cold War.
The US remains the largest spender in the world by a large margin, as its military budget is bigger than those of all other countries that make the top-10 list of the biggest weapons’ buyers combined