Global military spending rose to $US2.44 trillion in 2023, according to analysis by the.
$US2.44 trillion, in relative dollar terms, is the equivalent of:
Australia, New Zealand, and Thailand’s economies combined
Google and Tesla’s combined value
Four million homes in Australia
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Global military spending in 2023
The analysis showed a 6.8% jump in military spending in 2023 compared to the year prior.
Russia’s war inand Israel’s war with Hamas inwere identified as key drivers of weapons spending.
In 2023, the U.S. had the world’s biggest military budget, spending $US916 billion. Next was China, with an estimated spend of $US296 billion.
Australia spent $US32.3 billion in 2023.
