The figure marked a 6.8% increase from 2022 and the sharpest year-on-year jump since 2009, the institute said in a report on military spending trends.
"The unprecedented rise in military spending is a direct response to the global deterioration in peace and security," Nan Tian, senior researcher in SIPRI's military expenditure and arms production programme, said in a statement.
Military expenditure has been rising for nine years straight, and military spending bolstered in all regions of the world for the first time since 2009, the report found.
Ukraine's military spending meanwhile totaled around $64.8 billion — around 59% the amount of Russia's spending, but 37% of Ukraine's GDP, the report said.
Tensions in the Middle East also significantly contributed to the overall rise in global military spending, the report said.
Persons:
Nan Tian, spender, Lorenzo Scarazzato, Donald Trump, Jens Stoltenberg
Organizations:
1st Tank Brigade, Ukrainian Ground Forces, Getty Images, Stockholm International Peace Research Institute, Kyiv, NATO, U.S
Locations:
Ukraine, Stockholm, Central America, Caribbean, Russia, China, U.S, East, Israel, Gaza