- Global military spending reached $2,443 billion in 2023. This increases by 6.8 per cent from the previous year.
- According to the Stockholm International Peace Research Institute (SIPRI), the United States, China, Russia, India, and Saudi Arabia were the top spenders in 2023.
- The average military spending per person was the highest since 1990, at $306.
- Russian military spending increased by 24% to an estimated $109 billion. It is equivalent to 5.9 per cent of Russia’s GDP.
- Ukraine’s military spending increased by 51% to $65 billion. It emerged as the eighth-largest military spender in 2023.’
- The Military expenditure by NATO member countries reached $1341 billion in 2023.
Top five countries with the highest military spending in 2023
| Rank | Country | Military Expenditure |
| 1 | United States | $916 billion |
| 2 | China | $296 billion (estimated) |
| 3 | Russia | $109 billion (estimated) |
| 4 | India | $83.6 billion |
| 5 | Saudi Arabia | $ 75.8 billion (estimated) |