America is the arms merchant to the world and is likely to sell $50 billion in weapons this year. Business may not be as good in the near term, however. Military spending among all the world’s nations totaled $1.63 trillion last year, but that was up only 1.3% from the year before. Spending includes weapons, soldiers, and the costs to maintain a country’s military infrastructure.
The U.S. defence budget is by far the world’s largest, and that has been the case since World War II. Last year that figure was just below $700 billion largely because of the wars in Afghanistan and Iraq. The US is the only nation that maintains naval, air force and ground troops in nearly every part of the world, from South Korea to Europe to the Persian Gulf.