Global military expenditure has surpassed $2 trillion per year for the first time, and looks set to rise further as European countries beef up their armed forces in response to Russia’s invasion of Ukraine.
In 2021, countries spent a total of $2,113 billion on their militaries, up 0.7% in real terms from the year before, according to a report released Monday by the Stockholm International Peace Research Institute, or SIPRI.
After a brief period of declining military spending between 2011 and 2014, outlays have increased for seven consecutive years, according to SIPRI data. In the wake of the full-scale invasion of Ukraine, several European governments have pledged a spending overhaul to boost their forces’ capabilities.
