[2][3] With an allocated budget of $69.4 billion representing 10% of the country's gross domestic product (GDP), Saudi Arabia replaced Russia, which ranked fourth in military spending, according to the Stockholm International Peace Research Institute (SIPRI).[4] SIPRI also stated that Saudi Arabia is the most well-armed country in the Persian Gulf region in terms of its inventory of modern equipment.[5] Since the appointment of Sultan bin Abdulaziz as Minister of Defense in 1963, the powerful ministry has only changed hands thrice, and has been held by descendants of the Al Sudairi clan.Mohammed bin Salman's appointment as Minister of Defense, in January 2015, marked the first time in over half a century that a grandson of Saudi Arabia's founder, Abdulaziz, had served in the position.In 2017, Mohammed bin Salman was elevated to the rank of Crown Prince and continued to hold the Ministry until his appointment as Prime Minister of Saudi Arabia in 2022.