- September 20, 2018
- Posted by: Marketing
- Category: Aerospace, Strategy
Research institute says world military expenditure in 2017 reached highest level since Cold War end, at $1.739 trillion.
Global military spending rose last year to its highest level since the Cold War, with the United States, China, Saudi Arabia and Pakistan topping the list, according to a Swedish-based research institute.
In a report published on Wednesday, the Stockholm International Peace Research Institute (SIPRI) estimated that world military expenditure totalled $1.73tn in 2017, up 1.1 percent the year before.
The US remained the world’s largest spender with $610bn, unchanged year-on-year. The US accounted for 35 percent of global military expenditures, more than the next seven highest-spending countries combined.
Its defence budget is also expected to increase significantly this year.
China, in second place, was estimated to have spent $228bn, and according to SIPRI accounted for the largest absolute increase in spending: $12bn as measured in constant 2016 prices.
The defence think-tank said it estimated that China’s share of global spending had doubled since 2008 to 13 percent.
Saudi Arabia replaced Russia in third place, spending $69.4bn in 2017.