If you want a reminder of the security threats faced by the world today, take a look at how much governments have hiked defense spending. Global military budgets reached $2.44 trillion (€2.25 trillion) last year, nearly 7% higher than in 2022. It was the steepest year-on-year rise since 2009, recorded during the second year of Russia’s full-scale invasion of Ukraine.
For every man, woman and child, world military spending is now at its highest since the end of the Cold War — at $306 per person.
With Kyiv unprepared to fight such a large-scale conflict, Western countries ramped up military aid to Ukraine, while other escalating tensions with Russia and in the Middle East and Asia also prompted governments to shore up their defenses, unlike any time since World War II.
