There are more than 1.2 million horses used for racing, equestrian sports and recreation in Australia. The thoroughbred racing industry spans 45 countries world-wide with 256,000 horses competing in 171,000 races in 2003. Australia is the second largest breeding and racing nation after the USA. There are approximately 110,000 foals born annually throughout the world with approximately 20,000 being born in Australia and New Zealand.