War Profiteers Benefit as Nuclear Weapons Spending Soared Above $100 Billion Last Year

The world's nine nuclear-armed nations spent more than $100 billion on their atomic arsenals last year—up 11% from 2023—with the United States accounting for both the largest share and biggest increase in expenditures, a report published Friday by the International Campaign to Abolish Nuclear Weapons reveals.

The new ICAN analysis identifies a $9.9 billion increase in global nuclear weapons spending in 2024, with the U.S.—the only country to ever carry out a nuclear attack on another nation—spending $56.8 billion, more than the combined expenditures of the eight other countries with nukes. In addition to the U.S., Russia, China, France, the United Kingdom, India, Pakistan, Israel, and North Korea have nuclear arsenals. The $5.3 billion annual spending increase by the U.S. was also more than any other nuclear power.

All that spending on doomsday weapons padded the profits of major arms makers. According to the report:

In 2024, at least twenty-six companies working on nuclear weapons development and maintenance held significant contracts for their work. These companies earned at least $43.5 billion in the year and hold at least $463 billion in outstanding contracts. In 2024, new contracts worth around $20 billion were awarded to these companies. The companies identified in this report paid lobbyists in France and the United States more than $128 million to represent their interests last year. They also had 196 meetings with high-level U.K. officials including 18 with the prime minister's office in 2024.

"Nuclear-armed countries could have paid the United Nations' budget 28 times with what they spent to build and maintain nuclear weapons in 2024," the report states. "They could feed all of the 345 million people currently facing the most severe levels of hunger globally, including starvation, for nearly two years."

Noting that "98 countries have signed, ratified, or acceded" to the Treaty on the Prohibition of Nuclear Weapons (TPNW), ICAN—which was awarded the 2017 Nobel Peace Prize for its work on the landmark accord—asserted that "it is up to each government, and the citizens of that country, to decide which path they will choose."

ICAN asserted that the stakes are higher than at any time in a generation.

"With two major wars involving nuclear-armed states in Ukraine and Gaza, as well as nuclear tensions escalating between India and Pakistan and on the Korean Peninsula, the risk that nuclear weapons could be used in combat is widely regarded as the highest it has been since the Cold War and possibly ever," the group warned Friday in a separate statement. "In response, the nuclear-armed states are clinging to the doctrine of deterrence which is based on brinkmanship and the threat to use nuclear weapons, exacerbating the risk of conflict."

Susi Snyder, ICAN program coordinator and report co-author, said Friday that the global crisis of nuclear proliferation and out-of-control spending can be solved, but that "doing so means understanding the vested interests fiercely defending the option for nine countries to indiscriminately murder civilians."

"The good news," she added, "is a majority are going in another direction. Ninety-eight states, supported by over 700 civil society organizations, have either signed, ratified, or directly acceded to the... TPNW that came into force four years ago."

This year's ICAN report highlighted the "hidden costs" of nuclear weapons.

"It's an affront to democracy that citizens and lawmakers in countries that boast of their democratic credentials are not allowed to know that nuclear weapons from other countries are based on their soil or how much of their taxes is being spent on them," ICAN policy and research coordinator and report co-author Alicia Sanders-Zakre said. "It is time for these democratically elected leaders to heed the call of their people to remove nuclear weapons from their countries and work for their total elimination."

Responding to the report, Oliver Meier, policy and research director at the European Leadership Network, a London-based think tank, said, "At a time when better transparency and accountability of nuclear weapon states range high on the agenda of many non-nuclear weapon states, the absolute secrecy and lack of engagement on the costs of Russian and NATO nuclear sharing arrangements are an anachronism."

"In democratic societies, legislators and other stakeholders must have opportunities to review these arrangements, including relevant expenditure," he added.

The day before ICAN published the report, Ben Cohen, co-founder of Ben & Jerry's ice cream, was joined by retired military officers and national security experts in Washington, D.C. for the launch of Up In Arms, a four-year campaign "to bring common sense to the Department of Defense and the country's budgetary bottom line."

"There will be no peace, there will be no security, until we start using our resources to provide for the needs of our people at home and around the world," said Cohen. "And we have the money to do it, at no additional taxpayer expense. If we take half the money budgeted for the Pentagon and invested in the things people need and want, the American Dream can become a reality again."