US Tops List of Arms Spending with $622 Billion in 2016

Global arms spending totaled US$1.57 trillion in 2016 alone, with the U.S. dwarfing all other nations with its military budget of 40 percent of the world’s total. The U.S. topped global spending with US$622 billion, with China in a distant second with just under US$192 billion and the U.K. was third with US$53.8 billion, according to data from the 2016 Jane’s Defence Budgets Report compiled by finance company IHS Markit.

India for the first time is in the top five of defense spending as it laid out US$50.7 billion, a 9 percent increase from last year. India overtook Both Saudi Arabia US$48.7 billion and Russia US$44.4 billion.

— source telesurtv.net

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