A new infographic brought to you by Landmark Cash graphically shows how the United States spends more on the military than most countries – combined. Out of the eighteen nations with the largest military budgets, the United States spends more on defense than the next seventeen nations combined with a budget of $698 billion.
The defense budget in the United States is six times more than that of the next leading nation of China with a military budget of $119 billion. The once superpower, Russia, now has a defense budget that is eleven times less than that of the United States. In respect to the total yearly defense outlays around the globe the United States accounts for forty percent of spending on defense. The infographic shows how the United States ranks among the top thirty countries in US $billions at 2010 prices and exchange rates.
Even though the United States remains the only superpower, arms sales are still a big business and most of the sales go to developing nations. $45-60 billion worth of arms sales are agreed upon (in billions of constant 2010 U.S. dollars) each year, according to the infographic. The infographic also shows how these sales have been dispersed among developed and developing nations from 2003 through 2010 and how developing nations have taken up the greatest amount of sales over recent years.
Arms sales agreements by supplier are depicted in the infographic and approximately seventy-five percent of sales are to developing countries. The United States, Russia, France, United Kingdom and China (the five permanent members of the UN Security Council), along with Italy and Germany accounted for almost eighty-five percent of these sales between 2002 and 2009. Therefore, when it comes to the economic analogy of butter and guns, the later is still the dominant driver of economic growth around the world. This is despite all the advancement in technology, medicine, healthcare and the notion of a rising standard of living.
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