The numerous wars did not prevent the new states from exploring and conquering wide portions of the world, particularly in Asia (Siberia) and the newly-discovered Americas. In the 15th century, Portugal led the way in geographical exploration, followed by Spain in the early 16th century. They were the first states to set up colonies in America and trade stations on the shores of Africa and Asia, but they were soon followed by France, England and the Netherlands. In 1552, Russian tsar Ivan the Terrible conquered two major Tatar khanates, Kazan and Astrakhan, and the Yermak's voyage of 1580 led to the annexation of Siberia into Russia.
Colonial expansion proceeded in the following centuries (with some setbacks, such as successful wars of independence in the British American colonies and then later Mexico, Brazil, and others surrounding the Napoleonic Wars). Spain had control of part of North America and a great deal of Central America and South America, the Caribbean and the Philippines; Britain took the whole of Australia and New Zealand, most of India, and large parts of Africa and North America; France held parts of Canada and India (nearly all of which was lost to Britain in 1763), Indochina, large parts of Africa and Caribbean islands; the Netherlands gained the East Indies (now Indonesia) and islands in the Caribbean; Portugal obtained Brazil and several territories in Africa and Asia; and later, powers such as Germany, Belgium, Italy and Russia acquired further colonies.
This expansion helped the economy of the countries owning them. Trade flourished, because of the minor stability of the empires. By the late 16th century American silver accounted for one-fifth of the Spain's total budget. The European countries fought wars that were largely paid for by the money coming in from the colonies. Nevertheless, the profits of the slave trade and of plantations of the West Indies, most profitable of all the British colonies at that time, amounted to less than 5% of the British Empire's economy (but was generally more profitable) at the time of the Industrial Revolution in the late 18th century.
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