The world’s military expenditure jumped to over $2.1trn, marking seven years of continuous growth. Most of that value comes from only five countries.
According to data presented by Augusta FreePress, the United States, China, Russia, India, and Japan, the world’s top five military superpowers, spent $1.25trn on defense budgets in 2022.
US defense budget double that of China and Russia combined
The United States has the highest military spending of any nation. Its military expenditure includes the Department of Defense’s regular activities, war spending, the nuclear weapon program, international military assistance, and other Pentagon-related spending.
It is one of the most expensive government programs, along with Social Security and Medicare.
According to Global Firepower data, the US spent $770bn on defense budget in 2022, two times more than China and Russia combined. Although the US leads in defense spending, it has the third-largest military, with 1.367 million members on active duty and another 444,000 in reserves.
Statistics show China follows with a defense budget of $230bn, three times less than the United States. In 2022, China ranked as the third largest military superpower, behind US and Russia. However, the country has the largest military in the world, counting two million active members and another 510,000 in reserves.
Russia, the world’s second-largest military superpower in 2022, ranked third in defense spending. The Global Firepower data show the country spent $154bn on defense budget this year or five times less than the United States.
Top five military superpowers account for 60% of total military spending
With $49.6bn in defense spending, India, the world`s fourth-largest military superpower, follows the US, China, and Russia. Japan rounds the top five list a defense budget of $47.4bn, respectively.
The SIPRI Trends in World Military Expenditure survey showed the five military superpowers accounted for over 60% of total military spending last year. Statistics show the United States had a massive 38% share in total expenditure in 2021. China ranked second with a high 14% share. India, Russia, and Japan followed, with a 3.6%, 3.1%, and 2.6% share, respectively.
Europe`s top three military superpowers, the United Kingdom, France, and Germany, accounted for another 8.6% of total military spending.