Report: Global Arms Sales Surge to $679 Billion Driven by Wars in Gaza and Ukraine

SadaNews - A report published on Monday revealed that the largest arms-producing companies in the world have seen a rise in revenue influenced by increased military spending, particularly due to the wars in Gaza and Ukraine.

The report from the Stockholm International Peace Research Institute (SIPRI) indicated that global arms sales and military services increased by 5.9 percent, driven by demand stemming from the wars in Ukraine and Gaza, along with greater military expenditures by states.

Revenue from the top 100 arms manufacturing companies rose to $679 billion in 2024, the highest figure recorded by the institute.

Most of the increase came from companies based in Europe and the United States, although there were increases around the world, except for Asia and Oceania, where problems in the Chinese arms industry led to a slight decline.

Thirty out of 39 American companies on the top 100 list recorded increases, including Lockheed Martin, Northrop Grumman, and General Dynamics.

The total revenue of these companies increased by 8.3 percent to $334 billion, but SIPRI noted that "widespread delays and budget overruns continue to hinder development and production" in major programs led by the United States, including the F-35 fighter jet.

Twenty-three out of 26 companies in Europe, excluding Russia, saw an increase in their arms revenue as the continent bolstered spending. Their total income rose by 13 percent to $151 billion, driven by demand related to the war in Ukraine and the perceived threat from Russia.