The revenues of the world’s 100 largest military service providers and arms manufacturers increased by 5.9 percent in 2024, reaching a record $679 billion, according to a research institute’s report published on Dec. 1.
“Last year global arms revenues reached the highest level ever recorded by SIPRI as producers capitalized on high demand,” said Lorenzo Scarazzato, co-author of the report and researcher at the Stockholm International Peace Research Institute (SIPRI).
SIPRI said in the summary of its findings that demand was “boosted by the wars in Ukraine and Gaza,” as well as by an increase in governments’ military expenditure and geopolitical tensions.
There were year-on-year increases in almost all regions worldwide, except Asia and Oceania, with the bulk of the rise driven by companies based in the United States and Europe….
World’s Top Arms Producers Saw Record Revenue Last Year, Report Says
