Global military spending hit record high levels in 2022, with a total of $2.24 trillion being spent worldwide.

The Stockholm International Peace Research Institute (SIPRI) released its annual report on global military spending on Monday, showing a rise in military expenditure worldwide for the eighth year in a row.

According to the report, total global military spending increased by 3.7% in 2022, with military spending in Europe reaching its “steepest year-on-year increase in at least 30 years,” with a 13% increase.

Why did global military spending rise in 2022?

The sharp rise in military spending in Europe is largely due to Russian and Ukrainian spending following Russia’s invasion of Ukraine, the institute said.

“The continuous rise in global military expenditure in recent years is a sign that we are living in an increasingly insecure world,” Nan Tian, senior researcher with SIPRI’s Military Expenditure and Arms Production Programme, stated. “States are bolstering military strength in response to a deteriorating security environment, which they do not foresee improving in the near future.”

Which countries spend the most on military?

The United States has the highest military expenditures of any country. The U.S. spent $877 billion in the last year alone, which is three times more than China, the second-highest military spender, according to the research institute study. U.S. military spending accounts for 39% of the total global military spending.

Here are the countries with the highest military expenditures in 2022, per Axios:

  1. United States ($877 billion).
  2. China ($292 billion).
  3. Russia ($86 billion).
  4. India ($81 billion).
  5. Saudi Arabia ($75 billion).
  6. United Kingdom ($69 billion).
  7. Germany ($56 billion).
  8. France ($54 billion).
  9. Japan ($46 billion).
  10. South Korea ($46 billion).
  11. Ukraine ($44 billion).