Some of the world’s most prominent economies spend the most amount of money, traditionally, the military spending leading the way in terms of national budget spending.
The defense sectors of a particular country accounts for a single portion of a country’s spending. Nations from around the world have also allot money for education, social services, health care, infrastructure development and other sectors.
We have listed below the top 10 biggest spending countries in the world in terms of actual dollar expenditures.
Here’s the List of the Highest Spending Countries in the World:
1. United States – $2.86 Trillion
The United States is the biggest spender in the world. The figure above only represents the spending of the federal government. The amount may balloon up to $6 Trillion. Because of the fact that the US is the remaining superpower in the world, the country doesn’t have any choice but to spend higher on military spending which is seven times higher compared to Japan.
2. Japan – $2.49 Trillion
The country is home of some of the largest electronic manufacturers in the world. Their current spending is due to the reconstruction projects because of the previous earthquake and tsunamis that hits Japan. The country has a revenue of $1.97 Trillion but was not enough to offset its spending, leaving a deficit of $524 Billion, or a rate of 21 percent.
3. China – $3.73 Trillion
One of the fastest growing economies in the world, it’s spending tries to support the modern structure and transport systems. The country has recorded revenues of $1.65 Trillion, has a deficit of $83 Trillion or a rate of 4.8%.
4. Germany – $1.59 Trillion
The country have already emerged as the strongest economy in the entire European continent. Germany’s revenues amounting to $1.55 Trillion for a deficit amount of $37 Billion or a rate o 2.33 percent.
5. France – $1.54 Trillion
France revenue only stood at $1.29 Trillion, way below the $1.54 Trillion that is budgeted for spending. The difference is around $149 Billion or a deficit of about 9.71 percent.
6. United Kingdom – $1.19 Trillion
The United Kingdom’s deficit is now recorded at $201.5 Billion but it’s revenues earned is only at $986.5 Billion. It has a deficit rate of around 16.7 percent.
7. Italy – $1.11 Trillion
Italy’s revenue this year amounted only to $1.02 Trillion, the country has a deficit rate of 7.81 percent amounting to $86.9 Billion.
8. Brazil – $901 Billion
One of the world’s rapidly emerging nation. Brazil’s coffers are being buffered up by the discovery of abundant oil fields off the Brazilian coasts. The country has a surplus , the only country in the Top 10. Brazil’s revenues of $978.3 Billion has an 8.6 percent surplus amounting to $77.3 Billion.
9. Canada – $747.8 Billion
The country’s economy is highly integrated to that of the United States. Most of their products were marketed to the US, even the dirty crude oil that is a heavy pollutant. Despite it’s revenue, the country still faces a deficit of $87.6 Billion after earning revenues of only $660.2 Billion, or a deficit rate of 11.71 percent.
10. Spain – $672.1 Billion
Although Spain has been experiencing economic problems brought about by the financial crisis the past few years. Spain faces a deficit amounting to $127 Billion, a rate of $18.9 Billion from the total revenues of $545 Billion.