The global arms race continues to escalate, with the fifth consecutive year of increased spending on weapons and military equipment. According to a study by the Stockholm International Peace Research Institute (SIPRI), the world’s 25 largest arms manufacturers generated a total revenue of $361 billion in the past year, an increase of 8.5% from the previous year. The United States remains the largest producer of weapons, with American companies occupying 12 of the top 25 spots and responsible for 61% of the global arms trade. China and Russia follow in second and third place, respectively.
Chinese arms companies have benefited from military modernization programs for the People’s Liberation Army, resulting in a 4.8% increase in revenue for the four companies tracked by SIPRI. Meanwhile, Russian arms manufacturers have been limited in their ability to export due to sanctions related to the annexation of Crimea and the conflict in Ukraine. Despite this, Russia remains a strong player in the arms industry, with a robust domestic market and a slow but steady modernization of its military.
The top six arms producers in Western Europe account for 18% of the global revenue, but no German companies made the top 25 list. Greenpeace and other organizations are calling for a radical shift in priorities, arguing that the money spent on weapons would be better used to address pressing global issues such as the COVID-19 pandemic and healthcare. As Greenpeace disarmament expert Alexander Lurz stated, “Rarely has a misdirection of resources been so starkly illustrated.”
