Global Military Expenditure Tops $2 Trillion In 2021, Check The List Of Top 10 Countries

According to SIPRI (Stockholm International Peace Research Institute), in the year 2021, military expenditure across the globe reached 2.1 trillion dollars for the first time ever.

As per the ranking released by SIPRI on Monday 25 April, the United States appears at the top among the top 10 countries with the highest military expenditure.

The East Asian country China ranks in the second position when it comes to the countries that spend the highest on military expenditure.

Notably, India occupies third place in raising and maintaining the armed forces budget and other essential requirements for defence purposes.

In an official release, the Stockholm based stated that in 2021, the total worldwide military expenditure is increased by 0.7% in real terms to reach USD 2113 billion.

According to the latest report the 5 largest spenders last year were the United States, China, India, UK and Russia and all these countries together account for 62% of military expenditure.

Top 5 countries with the highest military expenditure:

1. United States: In the previous year, the military budget reached 801 billion dollars which is decreased by 1.4% from the year 2020. As per the statement, the country increased funding for military development and research by 24% and reduced arm purchases spending by 6.4%.

2. China: China in 2021 spent USD 293 billion on military expenses and occupied the 2nd position in the world's military expenditure. It saw an increase of 4.7% as compared with the year 2020

3. India: The defence expenses in India stand at 3rd place in 2021 with 76.6 billion dollars which is an increase of 0.9% compared with the year 2020.

4. United Kingdom: The military spending of the UK in the past year reached 68.4 billion dollars and the expense is raised by 3% in comparison with 2020.

5. Russia: In 2021, Russia managed to appear in the 5th slot to spend the highest on military and other defence-related purposes.

The list includes France & Germany in the top 6, Saudi Arabia & Japan in the top 7, South Korea in the top 8, Italy & Australia in the top 9 and Iran & Israel in the top 10.

Also read: LIC IPO Likely To Hit Market On May 4, Close On May 9: Reports

Also watch: