Money & Markets1960–2024
Military Spending by Country
Six decades of the world's defense budgets, from the Cold War arms race to today. The United States outspends everyone throughout, surging after 9/11, while the Soviet Union's massive military collapses with the USSR in 1991 and China rises to a clear #2. Russia's spending spikes sharply after its 2022 invasion of Ukraine.
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Source: SIPRI Current-USD estimates; Soviet and Chinese figures are approximate. Updated 2026-07-03