In this photo provided by the South Korean Defense Ministry, U.S. Air Force B-1B bombers, center, F-22 fighter jets, and South Korean Air Force F-35 fighter jets, bottom, fly over Korean Peninsula during a joint air drill in South Korea, on Jan. 1, 2023 (South Korean Defense Ministry via AP, File)

According to new figures released on Monday by the Stockholm International Peace Research Institute (SIPRI), global military spending climbed by 3.7% last year and hit a new record high of $2,240 billion, with the three top spenders being the United States, China, and Russia.

In its report, SIPRI announced that global military spending grew for the eighth consecutive year in 2022 to "an all-time high of $2,240 billion." The report detailed that the sharpest rise of +13 percent was seen in Europe.

With $877 billion in military spending last year—39% of all military spending worldwide—the United States continued to lead the world in military spending.

According to the think-tank, "The 0.7 percent real-term increase in US spending in 2022 would have been even greater had it not been for the highest levels of inflation since 1981."

China spent $292 billion, or 4.2% more than in 2021, making it the second-largest military spender in the world in 2022.

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