Report says world’s biggest arms producers increased revenue by 5.9% last year to record level
The Stockholm International Peace Research Institute, or SIPRI, said the revenues of the 100 largest arms makers grew to $679 billion in 2024, the highest figure it has recorded.
The bulk of the increase was down to companies based in Europe and the United States, but there were increases around the world — except in Asia and Oceania, where problems in the Chinese arms industry led to a slight fall.
Thirty of the 39 U.S. companies in the top 100 — including Lockheed Martin, Northrop Grumman and General Dynamics — posted increases. Their combined revenue was up 3.8% at $334 billion. But SIPRI noted that “widespread delays and budget overruns continue to plague development and production” in major U.S.-led programs, including the F-35 fighter jet.
Twenty-three of the 26 companies in Europe, excluding Russia, saw their arms revenue increase as the continent boosted spending. Their aggregate income rose by 13% to $151 billion, fueled by demand linked to the war in Ukraine and the perceived threat from Russia.
War is coming.
We should be investing in our diplomatic channels, embassies, space and drones.
We must be enemy to none, friend to all but play to our strengths.
We must use our UN voice for independence and the rule of law while leaning into our space advantages, 5 Eyes and start a drone industry.
War is coming.
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