In 2023, the total revenue of the world's 100 largest weapons producers grew to $632 billion, a 4.2% increase from 2022, driven by conflicts.
The biggest development in 2023 was how especially European and US companies are finally able to translate rising demand from the war in Ukraine into actual increasing revenue.
Russia's military spending increased significantly in 2023, with a 40% rise in income for its weapons manufacturers as they ramped up production.
Only two Russian companies are listed among the top 100 armaments companies because most stopped publishing financial figures since 2022, indicating lack of transparency.
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