Global military spending will reach $2.443 trillion in 2023, a massive 6.8% year-on-year increase and the largest year-over-year increase since 2009, according to new data from the Stockholm International Peace Research Institute (SIPRI). There was an increase. Average military spending per capita was $306, the highest since 1990.
According to the report, the surge in military spending can be mainly attributed to the continuing conflict in Ukraine and rising tensions in regions such as Asia, Oceania and the Middle East.
SIPRI report on global military spending | Key points
• In 2023, total military spending accounted for 2.3% of global gross domestic product (GDP), reflecting the large amount of financial resources allocated to defense around the world.
• The world’s five largest military spenders in 2023 were the United States, China, Russia, India, and Saudi Arabia, which together accounted for 61% of global military spending.
• Russia’s military spending will surge by 24% in 2023 to an estimated $109 billion, equivalent to 5.9% of Russia’s GDP.
• Ukraine became the 8th largest military spender in 2023, with defense spending increasing by 51% to $64.8 billion and accounting for 37% of GDP.
• Military spending by NATO member states totaled $1341 billion in 2023, accounting for 55% of global spending. Eleven NATO members will meet the alliance’s military spending target of 2% of GDP in 2023, an increase of four countries from the previous year.
Top 10 countries with the highest military spending in 2023
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)
6. United Kingdom: $74.9 billion
7. Germany: $66.8 billion
8. Ukraine: $64.8 billion
9th place France: $61.3 billion
10th place Japan: $50.32 billion
“India has spent record amounts on procuring Indian-made weapons.”
• India ranked fourth in the world in military spending in 2023, totaling $83.6 billion, an increase of 4.2% from 2022 and a significant 44% increase from 2014.
• The surge in India’s military spending is mainly due to rising personnel and operational costs, which account for nearly 80% of the total military budget in 2023, the report said.
• According to the report, the increase is in line with the government’s focus on strengthening the military’s operational readiness, especially amid ongoing tensions with neighboring countries such as China and Pakistan.
During the same period, Pakistan’s military spending fell by $13 billion to $8.5 billion in 2023, falling to 30th place in the world. However, China’s military spending increased by $6 billion, allowing it to maintain its second place.
• Despite the increase in overall spending, capital expenditures on military procurement remained relatively stable, accounting for approximately 22% of the 2023 budget, the report added.
• Notably, a significant portion of these proceeds (approximately 75 percent) was allocated to domestically manufactured equipment, marking an all-time high and a significant increase from the previous year.
