The Stockholm International Peace Research Institute(SIPRI) has excellent data on military spending by nation. According to its research, the five biggest spenders in 2023 were the United States, China, Russia, India, and Saudi Arabia. Together, these countriesmade up60% of global military spending.
In 2023, U.S. military expenditure increased by 2.3% to $916 billion. China increased its military spending by 6%, Russia increased its military spending by 24%, India increased it by 4.2%, and Saudi Arabia increased its military expenditure by 4.3%.
As with any government spending, these investments have an impact on the economies of the nations that make them.