India has the 7th largest area and 2nd highest population in the world. However, its GDP of $4.711 trillion in 2012 was lower than the US's $15.685 trillion and China's $7.318 trillion. The top 10 richest people in India have a combined wealth of $131.3 billion, which is only 2.8% of India's GDP. India spends 25% of its large budget on its military each year but its army still cannot produce its own weapons. India has fought three major wars with China and had skirmishes in 1962, 1967, and 1987, but its top 100 richest individuals have more wealth than all of Pakistan.