If you think all the new investment spending pouring into the world economy right now is solely targeted at Big Tech and artificial intelligence, you're only half right.

According to some estimates, the planned increase in Group of Seven (G7) defence spending over the next decade may match it — even if the overlap between the two is now huge.

Another measure of the simultaneous stimulus to global economic activity and inflation — alongside pressure on public purses and rising borrowing rates—is the eye-popping scale of planned defence spending over the coming decade.

Former United States Navy Admiral James Stavridis, now managing director and partner at The Carlyle Group, estimated this week that additional defence commitments from G7 governments over the next 10 years will amount to some US$8 trillion of additional re-armament spending on top of prior trends.