Nov 12, 2024
By: Kapil Yadav
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The data in this list is based on the ‘Trends in world military expenditure, 2023’ report by Stockholm International Peace Research Institute (SIPRI).
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The USA tops the list with $916 billion in military spending, which accounts for 3.4% of its GDP.
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China ranks second, spending $296 billion, or 1.7% of its GDP, on military expenses.
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Russia, with military spending of $109 billion (5.9% of its GDP), is third, and has the highest percentage of GDP spent on defence among the top 10.
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India spends $89 billion, or 2.4% of its GDP, on military expenses, placing it fourth on the list.
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Saudi Arabia spends $75.8 billion, which is 7.1% of its GDP, on military expenditure, ranking fifth.
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The United Kingdom ranks sixth, allocating $74.9 billion (2.3% of GDP) to military spending.
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Germany ranks seventh with military spending of $66.8 billion, or 1.5% of its GDP.
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Ukraine is the highest spender in terms of GDP percentage, dedicating over 37% (or $64.8 billion) of its GDP to military expenses, placing it on the eighth spot.
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France, in ninth place, spends $61.3 billion, or 2.1% of its GDP, on defence.
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Japan rounds out the list, spending $50.2 billion (1.2% of its GDP) on military expenses.
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