Global military spending at a 32-year high: SIPRI
Global military spend reached almost US$2 trillion in 2020 according to new research released by SIPRI (Stockholm International Peace Research Institute.
According to the new study, the top 10 countries represent approximately 75% of this figure, and increased their spending by US$51 billion since 2019.
The five biggest spenders in 2020, which together accounted for 62% of global military expenditure, were the United States, China, India, Russia and the United Kingdom.
Military spending by China grew for the 26th consecutive year.
In 2020, the US was by far the largest military spender, and its US$778 billion budget trumps the remainder of the list’s collective US$703.6 billion.
On its own, the US represents just under 40% of global military spending for the past year.
Also in 2020, Saudi Arabia lost out on a top five seat to the UK, after a 7.1% decline in spending compared to a 21.5% increase for the UK, according to the SIPRI study.
The study also revealed that global military spending figures are at a 32-year high, despite the coronavirus pandemic’s effect on shrinking economic output.