Global arms spending has increased to $1.7 trillion but Western militaries are spending less and less, the Stockholm International Peace Research Institute ( SIPRI ) reports.
According to SIPRI, the defense budgets have collectively increased by 1 percent in 2015 compared with 2014, with the U.S. retaining the top spot with $596 billion despite decreasing spending from the year before by 2.4 percent.
China placed second after increasing spending by 7.4 percent to $215 billion and Saudi Arabia reached third spot with a 5.7 percent increase to reach $76.6 billion. Russia ranks fourth after registering a 7.5 percent increase to raise …read more
Source: Newsweek
