Global military spending soared to a record $2.44 trillion in 2023, up by 6.8%, the largest spike in over a decade.

The intensifying conflict between Russia and Ukraine has contributed to the surge, underscoring a global trend towards militarization over diplomacy.

The United States led the spending at 37% of the total, followed by China, Russia, India, and Saudi Arabia.

Despite falling short of NATO's 2% spending target, Germany remains a key player and has committed to meeting the target by 2024.

All five geographical regions saw increases, with the Asia-Pacific region responding to China's military expansion and European countries reacting to the Ukraine conflict.

The rise in spending corresponds to 2.3% of global GDP, averaging $306 per person, signaling a potential escalation in global violence and insecurity.

Ukraine's military spending alone surged by 51% due to the ongoing war, reflecting the heightened financial commitment to defense in conflict zones.