A new report from Jane’s Defence Budgets reported that arms and defense spending has reached $1.57 trillion, a notable increase from last year.
And we’re not talking about your grandpa’s gun-range hobbies. The U.S. retained its long-held spot at No. 1 in defense spending with a cool $622 billion. China followed behind at $191.8 billion and the U.K.’s budget took third place at £53.8 billion.
The increase in spending is a direct reflection of rising global tensions, particularly as China continues to insulate itself from attacks from neighboring countries.
India also climbed two spots in defense spending rank from sixth place to fourth. Its budget of $50.7 billion surpassed Saudi Arabia and Russia. If the increase in spending continues for India at its current rate, it is forecasted to surpass the U.K. by 2018.
