[<< wikinews] Global annual military spending tops $1.2 trillion
Tuesday, June 12, 2007 
On Monday, the Stockholm International Peace Research Institute released their SIPRI Yearbook 2007.  In it they outline a number of world issues including annual global military expenditures. World military expenditure in 2006 is estimated to have reached $1,204 billion in current dollars with 15 countries having the highest spending and accounting for 83 per cent of the world total.
The large increase is the USA’s military.  Between September 2001 and June 2006, the US Government provided a total of $432 billion in annual and supplemental appropriations under the heading ‘global war on terrorism’.  China’s military expenditure continued to increase rapidly, for the first time surpassing that of Japan and hence making China the largest military spender in Asia and the fourth biggest in the world.  
The top five military spenders in US$ are: 

United States $528.7-B
United Kingdom $59.2-B
France $53.1-B
China $49.5-B
Japan $43.7-B

== See also ==
List of countries and federations by military expenditures

== Sources ==
Paul Koring. "China's defence spending races to match U.S." — The Globe and Mail, 12 June 2007Karl Ritter. "Report: Risk of nuclear warfare rising" — Associated Press, 12 June 2007Stefan Nicola. "The deja-vu arms race" — United Press International, 12 June 2007Pia Ohlin. "U.S. Leads Upturn in World Military Spending" — Defense News, 12 June 2007Staff. "Global military spending hits $1.2 trillion - study" — Reuters, 11 June 2007Stockholm International Peace Research Institute. "SIPRI Yearbook 2007" — SIPRI, 11 June 2007Staff. "Weapons spending tops $1 trillion" — BBC, 7 June 2007