"World military expenditure rose for the ninth consecutive year to an all-time high of $2,443 billion," SIPRI said.
Moreover, military expenditure increased in all five of the geographical regions defined by SIPRI, the institute added.
The US remained the world's biggest military spender with a 37% share of the world total and $916 billion spent in 2023. It is followed by China with a 12% share and an estimated $296 billion spent on the military and Russia with a 4.5% share and an estimated $109 billion spent on defense last year, which represents a 24% increase compared to 2022.
Ukraine, the eighth largest spender in 2023, increased its military spending by 51% year-over-year to $64.8 billion, which is 58% of the country's total government spending.
The Middle East has seen a 9% surge in military spending, with Israel's spending growing by 24% to $27.5 billion amid its operation in the Gaza Strip, the institute added.