Global military expenditure reaches all-time high of $2,443bn in 2023: Report

“World military expenditure rose for the ninth consecutive year to an all-time high of $2,443 billion,” SIPRI said.

Moreover, military expenditure increased in all five of the geographical regions defined by SIPRI, the institute added.

The US remained the world’s biggest military spender with a 37% share of the world total and $916 billion spent in 2023. It is followed by China with a 12% share and an estimated $296 billion spent on the military and Russia with a 4.5% share and an estimated $109 billion spent on defense last year, which represents a 24% increase compared to 2022.

Ukraine, the eighth largest spender in 2023, increased its military spending by 51% year-over-year to $64.8 billion, which is 58% of the country’s total government spending.

The Middle East has seen a 9% surge in military spending, with Israel’s spending growing by 24% to $27.5 billion amid its operation in the Gaza Strip, the institute noted.

Israel’s monthly military spending more than doubled to $4.7bln by the end of 2023, according to the report.

The increase from an average of $1.8bln per month before October 2023 was “mainly driven by Israel’s large-scale offensive in Gaza in response to the attack. on Southern Israel by Hamas in October 2023”, SIPRI reported.