Global military spending rose to $US2.44 trillion in 2023, according to analysis by the Stockholm International Peace Research Institute.
$US2.44 trillion, in relative dollar terms, is the equivalent of:
- Australia, New Zealand, and Thailand’s economies combined
- Google and Tesla’s combined value
- Four million homes in Australia
Global military spending in 2023
The analysis showed a 6.8% jump in military spending in 2023 compared to the year prior.
Russia’s war in Ukraine and Israel’s war with Hamas in Gaza were identified as key drivers of weapons spending.
In 2023, the U.S. had the world’s biggest military budget, spending $US916 billion. Next was China, with an estimated spend of $US296 billion.
Australia spent $US32.3 billion in 2023.
