According to a report by the Stockholm International Peace Research, global military spending will exceed $2 trillion for the first time in 2021 to reach $2.1 trillion, marking the seventh consecutive year of military spending growth. Due to the rapid economic recovery in 2021, military spending, while rising by 6.1% in nominal terms, declined by 0.1% as a share of GDP, from 2.3% in 2020 to 2.2% in 2021. U.S. military spending peaked at $801 billion, down 1.4 percent from 2020, with the military burden falling slightly from 3.7 percent of GDP in 2020 to 3.5 percent in 2021. The five countries with the highest military spending are the United States, China, India, the United Kingdom and Russia, accounting for 62 percent of total military spending.
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