2023 world military spending reached $2.443 trillion, with the US and China as the top spenders, a 2.3% increase for the US ($916B).
World military spending reached $2.443 trillion in 2023, the steepest year-on-year increase since 2009, with the US and China allocating the most funds, according to the Stockholm International Peace Research Institute. The US increased its military spending by 2.3% to $916 billion, accounting for 68% of NATO's military expenditures. The global military spending increase was seen in Europe, Asia, Oceania, and the Middle East.
April 28, 2024
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