With increasing geopolitical tensions due to wars in Ukraine and the Middle East, global military spending has surged by 6.8% between 2022 and 2023, marking the highest rise in over a decade according to SIPRI. This upsurge has fueled a booming private defense sector, with major contractors reporting record arms sales driven by demand from both NATO allies and nations like China and Russia. The top 100 military contractors garnered approximately $632 billion in arms revenue, highlighting the defense industry's growth during a period of global instability.
According to SIPRI, the 100 largest military contractors globally reported nearly $632 billion in combined arms sale revenue alone in 2023, about $25.3 billion more than in 2022.
Global military spending increased by 6.8% in real terms between 2022 and 2023, reaching about $152.1 billion, marking the largest year-over-year increase in nearly a decade and a half.
While growing tensions and instability between nations are disrupting millions of lives around the world, they are a boon for the defense industry as rising demand is driving revenue gains.
The 35 companies on this list reported a combined $493.6 billion in military contracts, with each larger contractor selling over $1 billion in military services and arms in 2023.
Collection
[
|
...
]