Global Military Spending Hits Record High at $2.24 Trillion, Driven by European Concerns

Global military spending reached an all-time high of $2.24 trillion in 2022, marking the eighth consecutive year of growth, according to the Stockholm International Peace Research Institute (SIPRI). The report highlighted a 13% increase in military expenditure in Europe, the sharpest year-on-year rise in at least three decades, primarily driven by Russian and Ukrainian spending. The largest arms spenders worldwide were the US, China, and Russia, accounting for 56% of global expenditure. The report suggests that the escalating insecurity and concerns about Russian aggression have prompted significant increases in military spending in countries close to Russia, such as Finland and Sweden.