List by the International Institute for Strategic StudiesĢ022 edition of 'The Military Balance' from the International Institute for Strategic Studies (IISS) Rank List by the Stockholm International Peace Research Institute Some sources say that Russian and Chinese military spending are actually far higher than the chart due to captive markets and Purchasing Price Parity in those countries. The second list is based on the 2022 edition of The Military Balance, published by the International Institute for Strategic Studies (IISS) using average market exchange rates. The first list is based on the Stockholm International Peace Research Institute (SIPRI) fact sheet, which includes a list of the world's top 15 military spenders as of 2022, based on current market exchange rates. Military expenditure figures are presented in United States dollars based on either constant or current exchange rates. This is a list of countries by military expenditure in a given year. Map of military spending as a percentage of GDP for countries as of 2022, according to the Stockholm International Peace Research Institute Global military spending in 2021

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