The Stockholm International Peace Research Institute (SIPRI) has excellent data on military spending by nation. According to its research, the five biggest spenders in 2019 were the United States, China, India, Russia, and Saudi Arabia. Together, these countries made up around 60% of global military spending.
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In 2019, U.S. military expenditure increased by almost 5.3% to $732 billion. China increased its military spending by 5.1%, India increased its spending by 6.8%, Russia increased it by 4.5%, and Saudi Arabia decreased it by 16%.
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As with any government spending, these investments have an impact on the economies of the nations that make them.