World military spending tops $2 trillion for first time: SIPRI

Context

The global military expenditure has reached an all-time high, passing $2 trillion in 2021, according to a report by SIPRI.

The five largest spenders

• The five largest spenders in 2021 were the S, China, India, the U.K and Russia, together accounting for 62% of expenditure.
  • The U.S. and China alone accounted for 52%.
• China: China, the world’s second largest military spender at an estimated $293bn, boosted its expenditure by 4.7 percent, marking the 27th straight year of increased spending.
  • The country’s military buildup has in turn caused its regional neighbours to beef up their military budgets, with Japan adding $7bn, an increase of 7.3 percent – the highest annual increase since 1972.
• India: India, the world’s third largest spender at $76.6bn, also increased funding in 2021, but by a more modest 0.9 percent.
• United Kingdom: The UK took the number four spot, with a three percent increase in military spending to $68.4bn, replacing Saudi Arabia which instead decreased spending by 17 percent to an estimated $55.6bn.
• Russia: Russia, which invaded Ukraine, saw its spending grow by 2.9 percent – the third year of consecutive growth – to $65.9bn.

Others

• Australia also spent four percent more on its military, reaching $31.8bn in 2021.
• In 2021 military spending rose for the seventh consecutive time to reach $2.1 trillion. That is the highest figure ever.