According to the source, there is a list of top 8 countries by military expenditure in a given year. Military expenditure figures are presented in United States dollars based on either constant or current exchange rates.
The list is based on the SIPRI (Stockholm International Peace Research Institute) fact sheet which includes a list of the world’s top 8 military spenders in 2020, based on current market exchange rates.
As per the below mentioned statistics United States is the top spending country in the world on its defense. After the US, China is ranked number second in the world for its military expenditures, which is less than three times from the United States. Moreover, there is a top 8 countries’ military expenditures list mentioned below in the table.
| RANK | COUNTRY | SPENDING USD (Bn) |
|---|---|---|
| 1 | United States | 778.0 |
| 2 | China | 252.0 |
| 3 | India | 72.9 |
| 4 | Russian Federation | 61.7 |
| 5 | United Kingdom | 59.2 |
| 6 | Saudi Arabia | 57.5 |
| 7 | Germany | 52.8 |
| 8 | France | 52.7 |
