Unlike previous decades when two nations would declare a state of war anytime, the world today is more at peace. However, the spending on military assets has not put to a halt, in fact, there are some countries that keep on investing in the latest military equipment.
In 2020, the total global spending on military supplies had reached $2 trillion. However, the top 10 countries mentioned in the infographic below account for 75 percent of this total figure. Moreover, these countries have added to the total military expenditure by $51 billion in the past years.
They don’t rank the USA as the superpower for nothing, the mighty country has been the largest spender on military assets and makes up a total of 40 percent of the total global military spend. The USA has an incredible budget for its military equipment i.e., $778 billion.
With China on the second with a total of $252 billion military spend, which is 3.4 percent less than its previous year’s spending. Saudi Arabia was ranked at the 5th position in 2019 but, due to its decreased spending on military assets, the country fell to number 6th with $57.5 billion military spend in 2020.
In 2020, the total global spending on military supplies had reached $2 trillion. However, the top 10 countries mentioned in the infographic below account for 75 percent of this total figure. Moreover, these countries have added to the total military expenditure by $51 billion in the past years.
With China on the second with a total of $252 billion military spend, which is 3.4 percent less than its previous year’s spending. Saudi Arabia was ranked at the 5th position in 2019 but, due to its decreased spending on military assets, the country fell to number 6th with $57.5 billion military spend in 2020.
Infographic by: Visualcapitalist.com
