Select Page

Global Military Spending Hit Record High In 2020 With US In The Lead

Global Military Spending Hit Record High In 2020 With US In The Lead

Authored by Dave DeCamp via,

Despite the damage coronavirus lockdowns did to the world’s economy, 2020 marked a record high in global military spending, according to a new report. As always, the US was in the lead, accounting for 40.3 percent of the world’s military expenditures at $738 billion.

The report, released by the International Institute for Strategic Studies (IISS), says total military expenditures added up to $1.83 trillion in 2020, a 3.9 percent increase from 2019. “This came despite the coronavirus pandemic and the subsequent contraction in global economic output,” the IISS said.

Via War on the Rocks

Second behind the US was China, which accounted for 10.6 percent, or $193.3 billion. After the US and China, the top spenders were India, the UK, and Russia.

The report said military spending increased in the US by 6.3 percent in 2020. In China, it grew by 5.3 percent, slightly lower than the 5.9 percent growth seen in 2019.

Based on the research, Stars & Stripes had some interesting observations on China:

However, IISS and other research groups have questioned China’s budget transparency in recent years. The Stockholm International Peace Research Institute pegged Chinese defense spending at $261 billion in 2019.

China’s maritime paramilitary forces are using facilities in the South China Sea as forward operating bases, the report noted. China has also built artificial islands in the sea over the last decade and constructed bases on natural features claimed by other nations in the region.

“Beijing seems intent on achieving primacy in its littoral areas,” IISS said.

Meanwhile, China’s navy has maintained an “over-the-horizon” presence focused on extending its reach.

The top 15 military budgets in fiscal year 2020, via IISS

European NATO countries have increased military spending by 20 percent since 2014, according to the report. Although in 2020, Europe’s military spending only grew by 2 percent, compared with 4.1 the year prior.

But overall, IISS believes Europe could be where the most growth in defense spending is seen in the coming years.

Tyler Durden
Fri, 02/26/2021 – 19:00

This post has been republished with permission from a publicly-available RSS feed found on Zero Hedge. The views expressed by the original author(s) do not necessarily reflect the opinions or views of The Libertarian Hub, its owners or administrators. Any images included in the original article belong to and are the sole responsibility of the original author/website. The Libertarian Hub makes no claims of ownership of any imported photos/images and shall not be held liable for any unintended copyright infringement. Submit a DCMA takedown request.

-> Click Here to Read the Original Article <-

About The Author

Tyler Durden

Zero Hedge's mission is to widen the scope of financial, economic and political information available to the professional investing public, to skeptically examine and, where necessary, attack the flaccid institution that financial journalism has become, to liberate oppressed knowledge, to provide analysis uninhibited by political constraint and to facilitate information's unending quest for freedom. Visit

Leave a reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Bringing together a variety of news and information from some of today’s most important libertarian thought leaders. All feeds are checked and refreshed every hour and pages auto-refresh every 15 minutes. External images are deleted after 30 days.

Time since last refresh: 0 second

Publish Your Own Article

Follow The Libertarian Hub


Support Our Work

Support the Libertarian Hub by tipping with Bitcoin!

Weekly Newsletter

Newsletter Signup

Subscribe to our newsletter to receive a weekly email report of the top five most popular articles on the Libertarian Hub!

Weekly Newsletter SignupTop 5 Stories of the Week

Subscribe to our newsletter to receive a weekly email report of the top five most popular articles on the Libertarian Hub!