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Global military expenditure increased by 6.8% in 2023 year-over-year and reached a new record high of $2,443 billion, with the three largest spenders being the United States, China and Russia, according to new data published on Monday by the Stockholm International Peace Research Institute.

💸 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.