Global military spending rose 4% in 2008 to a record $1,464 billion -- up 45% since 1999. US military spending accounted for 58% of the total global spending increase during the decade, with extra funds set aside to fight the "war on terror." In addition, the wars in Afghanistan and Iraq cost the US $903 billion. "The global financial crisis has yet to have an impact on major arms companies' revenues, profits and order backlogs," said the Swedish peace institute Sipri.
