Global military spending reaches record levels amid rising tensions, Stockholm International Peace Research Institute reports

STOCKHOLM — Against a backdrop of escalating global tensions, particularly in the Middle East, the Stockholm International Peace Research Institute (SIPRI) released its latest findings on global military expenditure.

SIPRI’s analysis revealed that 102 out of 173 countries increased their defense budgets last year, with a notable surge observed in the United States. Total global military spending rose by 2% to a staggering $916 billion, representing around two-thirds of NATO’s overall expenditure. NATO members collectively boosted their spending by $68 billion between 2022 and 2023.

The institute highlighted that Finland and Sweden’s recent integration into NATO contributed to a $16 billion annual increase in the alliance’s spending.

British magazine The Economist adjusted SIPRI’s military expenditure estimates based on purchasing power parity (PPP). This involved standardizing currency values across nations to reflect the same purchasing capability for a given set of products, thus eliminating price disparities.

Following these adjustments, the United States emerged as the top spender, with NATO as a whole ranking second with $719 billion.

The magazine’s analysis revealed that Russia’s military spending amounted to 24% of NATO’s total, while China’s expenditure represented 32% in 2023. These figures underscore the significant financial commitments made by major global powers amid mounting geopolitical uncertainties.