According to the Stockholm International Peace Research Institute (SIPRI) report on global military spending trends in 2023, released on April 22, 2024, global military expenditures reached an unprecedented level of $2443 billion, marking a 6.8% increase from the previous year, the sharpest rise since 2009. While this increase can partly be attributed to Russia’s invasion of Ukraine, the report highlights a universal uptrend in defense spending across all regions, driven by heightened tensions in Asia and instability in the Middle East.
In 2023, the United States led global military spending with a total of $916 billion, followed by China and Russia, with significant increases also recorded by other major economies. This rise reflects a broader trend where countries prioritize military capabilities in response to an increasingly volatile global security landscape. According to Nan Tian, a senior researcher at SIPRI, this trend could further feed a spiral of action and reaction in global military engagements.
Russia’s military spending significantly increased by 24% to approximately $109 billion, while Ukraine, amid ongoing conflict and receiving substantial military aid, notably raised its defense budget by 51% to $64.8 billion. This made Ukraine the eighth largest military spender globally, with spending now nearly 59% of Russia’s.
NATO members collectively accounted for $1341 billion, or 55% of total global military expenditures, with European members notably increasing their share to the highest level in a decade. The context of the war in Ukraine has fundamentally altered the security landscape for Europe, driving military spending higher as countries reassess their defense needs.