Total military spending worldwide rose by 0.4% in 2016 from 2015, to $1.69 trillion, the report said, according to Novoye Vremya.
The United States retained the top spot in the ranking, with its military spending having grown by 1.7% in 2016, to $611 billion.
Military spending by China, the second largest spender in 2016, increased by 5.4%, or $215 billion.
Read alsoU.S., Russia top list of global arms exporters – mediaRussia took the third place, pushing down Saudi Arabia. Russia increased its spending by 5.9% in 2016, to $69.2 billion. Spending by Saudi Arabia fell by 30% in 2016, to $63.7 billion.
India saw a 8.5% ($55.9 billion) increase, which makes it the fifth largest spender.
At the same time, military spending in Western Europe rose for the second consecutive year, recording a 2.6% growth in 2016. This increase is related to the Russian threat, the report said.