Defense Spending: We’re Number 1

Budgets Taxing Spending and Priorities
Written By Sadie Cornelius

By 2022, total military expenditures throughout the world topped $2.24 trillion according to the Stockholm International Peace Institute. The sharpest rise in defense spending in 2022, a 13 percent increase, came from European countries in response to the Russian invasion of Ukraine. In all, the $876.9 billion spent by the United States constituted about 39 percent of the entire world’s military spending.

The United States military budget in 2023 was $876.9 billion (3.5 percent of GDP). China was 2nd, with an estimated military budget of $292.0 billion (1.6 percent of GDP). Russia was 3rd, with $86.4 billion (4.1 percent of GDP), and India was 4th, with $81.4 billion (4.1 percent of GDP).

Source: “World Military Expenditure Reaches New Record High as European Spending Surges,” Stockholm International Peace Research Institute, April 24, 2023, https://www.sipri.org/media/press-release/2023/world-military-expenditure-reaches-new-record-high-european-spending-surges. Stockholm International Peace Research Institute, https://www.sipri.org/media/press-release/2023/world-military-expenditure-reaches-new-record-high-european-spending-surges.

Sadie Cornelius

Sadie K Cornelius is a proud Longhorn and graduate of the University of Texas at Austin’s Moody School of Communications with a Bachelor's in Advertising and a minor in Business.

She has more than 15 years of experience in Squarespace website and graphic design for 200+ clients all over the world.

A fourth generation business owner Sadie is passionate about helping others through creating compelling visuals and cohesive brand identities. She’s been featured in Forbes as a female-owned company, has taught several digital marketing classes at General Assembly, is a volunteer for non-profit organizations.

Sadie enjoys traveling the world, spending time with her husband, King Charles Cavalier, and families in the Carolinas. Originally from Kansas City, Sadie resides in Washington DC (but is forever an Austin girl at heart).

https://www.skc-marketing.com
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