Global defense spending rose this year to $1.57 trillion, ushering in what is expected to be a decade of booming military expenditures around the world, according to the annual Jane's Defense Budgets Report from research firm IHS Markit.
America's defense budget represents about 40% of the total global defense budget. Since the terrorist attacks of Sept. 11, 2001, more than $9.35 trillion has been allocated to the U.S. defense budget. During the presidential campaign, President-elect Donald Trump bemoaned what he characterized as a neglected and hollowed-out U.S. military, which is clearly an absurd notion in light of these numbers.
Nonetheless, he has promised to massively boost the Pentagon's budget. What's more, Trump's extremely hawkish and provocative foreign policy views almost guarantee an expanded military. But the U.S. is not the only country likely to spend more on defense. China's defense budget will nearly double within 10 years, to $223 billion in 2020 from $123 billion in 2010. India's defense budget this year overtook Saudi Arabia's and Russia's to become one of the top five defense spenders globally for the first time. Western Europe's aggregate defense budget should grow about $10 billion across the region over the next five years, as fears rise over an expansionist Russia.
This article was written by a staff member of TheStreet.