Global military spending hit $2.24T in 2022, Europe sees record growth

April 24, 2023

Karah Rucker

Summary

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According to a study from the Stockholm International Peace Research Institute, the amount of money being spent on militaries around the world reached new heights in 2022. That spending is largely driven by the conflict in Ukraine.

Europe saw its highest increase in military spending over the past 30 years, reaching levels unseen since the Cold War. Global military spending reached a record $2.24 trillion which amounts to 2.2% of the world’s gross domestic product.

Here’s a breakdown of that figure across the map.

The U.S. is still spending the most money on its military, accounting for 36% of the world’s military spending. China accounts for 13%.

The rest are far behind. Russia would be next at 3.9%. The three world powers account for 56% of the world’s total.

Europe saw a 13% increase in military spending compared to the prior year largely because of the war between Russia and Ukraine.

Ukraine increased its spending by 640%, thanks to donations from abroad. The U.S. is Ukraine’s greatest financial backer. Meanwhile, Russia’s military spending rose by 9% last year.

Other countries with the sharpest rise in military spending, behind Ukraine, include Finland with a 36% increase, Lithuania at 27%, and Sweden and Poland are up 12% and 11% respectively.

Tags: China, Europe, Military Defense, Russia, Ukraine

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Summary

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Full story

Here’s a breakdown of that figure across the map.

The U.S. is still spending the most money on its military, accounting for 36% of the world’s military spending. China accounts for 13%.

The rest are far behind. Russia would be next at 3.9%. The three world powers account for 56% of the world’s total.

Europe saw a 13% increase in military spending compared to the prior year largely because of the war between Russia and Ukraine.

Ukraine increased its spending by 640%, thanks to donations from abroad. The U.S. is Ukraine’s greatest financial backer. Meanwhile, Russia’s military spending rose by 9% last year.

Other countries with the sharpest rise in military spending, behind Ukraine, include Finland with a 36% increase, Lithuania at 27%, and Sweden and Poland are up 12% and 11% respectively.

Tags: China, Europe, Military Defense, Russia, Ukraine

Read Transcript

Why this story matters

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