The United States’ military spending has dominated the world for years, but recent figures show that other nations are beginning to catch up. Today we have brought the top 25 largests defense budgets of the world.
The United States still dominates global spending on defence. The country’s defense budget is almost triple of the next biggest spender, China. USA spends around $569 billion a year on defence which has decreased from $587 billion in 2014, according to data provided by IHS, which takes into account international exchange rates. The majority of these money goes on operations, maintenance and personnel.
The world’s top 25 largest defence budgets
|Country||Defence budget (Billion)|
|United Arab Emirates||14.7|
As well as the United States, Japan and Brazil had the biggest falls in defence spending between 2014 and 2015. South Korea, the United Kingdom and China had the largest increases – with China boosting its defence budget by $14.7 billion in a year.
Of the 25 largest defenses in the world, 13 were Asian – with a total defence spending of $840 billion.
Largest increases and decreases in spending 2014-15
There were fewer Western countries in the top 25 – with seven of the top spenders being European and two being North American.
Three other continents were represented in the world’s 25 largest defence budgets – Australia from Australasia, Brazil from South America and Algeria from Africa.
There are several different estimations of defence spending from a variety of sources.
The IHS has standardized all budgets into USD. Consequently, Russia’s budget is lower due to the depreciation of the rouble against the dollar.
The IHS also said that Saudi Arabia looks lower compared to other sources because the figures do not include security spending, while the USA figure does not include FMF (foreign military financing) allocations.
Courtesy: Telegraph, BusinessInsider