Global military spending hit $2.24T in 2022, Europe sees record growth

KARAH RUCKER: THE AMOUNT OF MONEY BEING SPENT ON MILITARIES AROUND THE WORLD REACHED NEW HEIGHTS IN 2022 – LARGELY DRIVEN BY THE CONFLICT IN UKRAINE, ACCORDING TO A STUDY FROM THE STOCKHOLM INTERNATIONAL PEACE RESEARCH INSTITUTE..

EUROPE SAW ITS HIGHEST INCREASE IN MILITARY SPENDING OVER THE PAST 30 YEARS –    REACHING LEVELS UNSEEN SINCE THE COLD WAR.

GLOBAL MILITARY SPENDING REACHED A RECORD 2 AND A QUARTER TRILLION DOLLARS, WHICH AMOUNTS TO 2.2 PERCENT OF THE WORLD’S GROSS DOMESTIC PRODUCT.

HERE’S A BREAKDOWN OF THAT FIGURE ACROSS THE MAP. THE U.S. IS STILL SPENDING BY FAR THE MOST MONEY ON ITS MILITARY – ACCOUNTING FOR 36 PERCENT OF THE WORLD’S MILITARY SPENDING. CHINA ACCOUNTS FOR 13 PERCENT.

THE REST ARE FAR BEHIND – RUSSIA WOULD BE NEXT AT 3.9 PERCENT. THE THREE WORLD POWERS ACCOUNT FOR 56 PERCENT OF THE WORLD’S TOTAL.

LOOKING AT EUROPE – EUROPE SAW A 13 PERCENT INCREASE IN MILITARY SPENDING COMPARED TO THE PRIOR YEAR LARGELY BECAUSE OF THE WAR BETWEEN RUSSIA AND UKRAINE.

UKRAINE INCREASED ITS SPENDING BY 640 PERCENT THANKS TO DONATIONS FROM ABROAD – WITH THE U.S. BEING ITS GREATEST FINANCIAL BACKER. MEANWHILE RUSSIA’S MILITARY SPENDING ROSE BY NINE PERCENT LAST YEAR.

OTHER COUNTRIES WITH THE SHARPEST RISE IN MILITARY SPENDING – BEHIND UKRAINE – INCLUDE FINLAND WITH A 36 PERCENT INCREASE, LITHUANIA AT 27 PERCENT – SWEDEN AND POLAND UP 12 AND 11 PERCENT RESPECTIVELY.