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World military expenditure surpassed the $2 trillion mark (€1.8 trillion) for the first time in 2021, DW said, citing a new report published by the Stockholm International Peace Research Institute (SIPRI) on Monday.

Total global defense spending reached $2.113 trillion, which was 0.7% higher than in 2020 and 12% higher than in 2012, according to the peace think tank.

This marked the seventh consecutive year that military spending increased, although the data indicates that the economic impact of the coronavirus pandemic did not dampen military costs.

"Even amid the economic fallout of the COVID-19 pandemic, world military spending hit record levels," said Diego Lopes da Silva, a senior researcher with SIPRI’s Military Expenditure and Arms Production Program.

The five largest military spenders in 2021 were the United States, China, India, the United Kingdom and Russia, which together accounted for 62% of the total spending.

The US and China alone accounted for 52% of the spending, according to SIPRI.

China's spending rose for the 27th consecutive year, to reach $293 billion, while Russia's expenditure grew for the third consecutive year in 2021.

While US spent far more on defense than any other country in 2021, its expenditure dropped compared to prior years. SIPRI said the decline was in part due to an overall decline in US spending on research and development, but added the country remained focused on developing next-generation technologies.

Russia's spending in 2021 rose by 2.9% to reach $65.9 billion, or 4.1% of its GDP, the report found.