Connect with us

Hi, what are you looking for?

Ultimate NewswireUltimate Newswire

U.S. News

Defense Industry Rakes in Billions as Military Spending Hits ‘all-time High’

via France 24

Global military expenditure reached $2.4 trillion in 2023, the highest level in over a decade, as conflicts and geopolitical tensions drove up spending worldwide.

The US, China, Russia, India and Saudi Arabia topped overall spending.

According to SIPRI, total spending increased 6.8% – the steepest rise since 2009 – with growth seen across all world regions.

“Total military spending is at an all time high … and for the first time since 2009, we saw spending increase across all five geographical regions,” SIPRI senior researcher Nan Tian said.

“It’s a reflection of the deterioration of peace and security around the world. There’s really not a region in the world where things have gotten better,” Tian said.

Continued fighting in Ukraine led to higher outlays by Ukraine, Russia and many European nations, with Russia and Poland significantly increasing their budgets.

Middle Eastern states like Israel and Saudi Arabia also boosted spending.

China grew its defense budget for the 29th consecutive year.

The US remained the top spender but increased expenditures by a modest 2.3%. SIPRI attributed the global rise to deteriorating peace and security globally.

You May Also Like

Most Recent


Swiss rapper Nemo won the 68th edition of the Eurovision Song Contest with their song “The Code”, becoming the first non-binary performer to win....


Legal experts have recently discussed the importance of maintaining the order of documents that are seized or produced as evidence, as the order can...


Michael Cohen, Donald Trump’s former attorney and adviser, is set to testify over several days in an ongoing investigation into Trump’s business dealings. However,...

U.S. News

Judge Arthur Engoron, who issued a $454 million fine against Donald Trump in a civil fraud trial, is under investigation for allegedly having an...