How Big Of A Danger Is Iran?

Juan Cole busts ten myths about Iran. Number two:

Iran's military budget is a little over $6 billion annually. Sweden, Singapore and Greece all have larger military budgets. Moreover, Iran is a country of 70 million, so that its per capita spending on defense is tiny compared to these others, since they are much smaller countries with regard to population. Iran spends less per capita on its military than any other country in the Persian Gulf region with the exception of the United Arab Emirates.

I wonder what the equivalent would be for Israel, which you and I partly pay for.