Data: SIPRI; Chart: Axios Visuals
Countries around the world spent a combined $2.24 trillion on their militaries last year, a 3.7% increase on last year's previous record high when adjusted for inflation, according to an annual report from the Stockholm International Peace Research Institute (SIPRI).
The big picture: Many of the biggest increases came in Europe as countries responded to Russia's invasion of Ukraine. The U.S. continued to top the chart, spending $877 billion on defense last year. That was more than the next 10 countries combined.
