Global Arms Giants Hit Record $679 Billion in 2024 as Wars in Gaza and Ukraine Fuel Boom

The world’s 100 largest arms producers raked in an all-time high of $679 billion in 2024, a 5.9 percent jump from 2023, driven by the wars in Gaza and Ukraine and soaring global military spending, the Stockholm International Peace Research Institute (SIPRI) revealed Monday.

U.S. and European companies dominated the surge. American firms alone generated $334 billion (+3.8 percent), led by Lockheed Martin, Northrop Grumman and General Dynamics, despite persistent delays in flagship programmes like the F-35 jet and next-generation submarines. Elon Musk’s SpaceX debuted on the list with $1.8 billion in military revenue after more than doubling its defence contracts.

Global Arms Giants

Europe’s 26 top-100 companies (excluding Russia) saw revenues leap 13 percent to $151 billion. The Czech Republic’s Czechoslovak Group posted the biggest percentage gain globally (+193 percent to $3.6 billion) by ramping up artillery shell production for Ukraine, while Ukraine’s own state-owned defence conglomerate surged 41 percent to $3 billion.

Russia’s two sanctioned giants, Rostec and United Shipbuilding Corporation, still managed a 23 percent increase to $31.2 billion. In contrast, Asia-Oceania revenues dipped 1.2 percent to $130 billion, dragged down by a 10 percent decline among Chinese firms amid corruption scandals that froze major contracts at NORINCO and others.

Japan and South Korea bucked the regional trend, with Japanese producers up 40 percent ($13.3 billion) and South Korean firms rising 31 percent ($14.1 billion), led by Hanwha Group’s 42 percent export-driven boom. SIPRI warned that Europe’s rush to expand production faces growing supply-chain risks as China tightens critical mineral exports.

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