The ten biggest defence budgets in 2016 added up to over $1.1trn, according to the International Institute for Strategic Studies (IISS). America remains the biggest spender, China ranks second. The balance of power is shifting to Asia though: between 2012 and 2016 defence spending in Asia grew on average by 5-6% a year in real terms and now stands at $367bn. China makes up 10% of global military spending, up from 3% a decade ago. Commodity exporters in the Middle East have been hit by low oil prices: spending in the region was down by 12% in real terms last year. Saudi Arabia has particularly suffered: its defence budget shrank by 31% last year, although it was still worth almost 10% of GDP.