According to a new report, total global military expenditure rose to $1.8 trillion in 2018, a 2.6% increase from the previous year.
Military spending in China rose for the 24th year in a row. While overall military spending in the U.S. is down compared to a decade prior, due largely to the conclusion and de-escalation of two of the most expensive wars in its history, but military spending in the United States increased for the first time in seven years. These two countries account for such a substantial share of total global arms expenditure that their two increases in military spending alone largely explain the global increase.
The United States and China are by no means the only world powers that spend billions each year on the military. The top 14 military spenders, after the United States, can be found on five continents, and each has its own vast web of military and political alliances. Some are allies; others bitter enemies.
Many of these countries buy a large share of their weapons from the United States, the largest supplier of arms in the world.
Based on annual military spending estimates from the Stockholm International Peace Research Institute’s “Trends in Military Expenditure 2018” report, 24/7 Wall St. reviewed the 15 countries with the largest military expenditures in 2018.