May 2, 2018 - World

Military spending around the globe is on the rise

Chinese military delegates

Military delegates arriving for the National People's Congress in China. Photo: Nicolas Asfouri/AFP via Getty Images

Global military spending rose by 1.1% in 2017 to $1.739 trillion, per ABC News, with military spending now accounting for 2.2% of worldwide GDP. The United States, China, Russia, Saudi Arabia and India together accounted for 60% of the world's overall military budget expenditures.

The big picture: This year's hike was fueled by increased spending in Asia — especially by China, India, and Saudi Arabia — highlighting the tensions as major regional players attempt further expand their spheres of influence.

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