The world’s nine nuclear powers spent $91 billion on their nuclear arsenals in 2023, or nearly $3,000 per second, according to a new report by a global coalition of disarmament activists.

At the top of the list is the United States, which spent $51.5 billion - more than all of the other nations combined. That amounts to nearly $100,000 per minute aimed at developing new intercontinental ballistic missiles, new airplanes to drop bombs and new submarines, according to the International Campaign to Abolish Nuclear Weapons (ICAN) report. 

The U.S. spent 18% more than it did last year, according to the report. The $7.8 billion increase in spending on nuclear weapons accounted for nearly 80% of the $10.7 billion increase in spending worldwide, according to ICAN. Other big spenders were China with $11.9 billion; Russia with $8.3 billion; and the United Kingdom with $8.1 billion. The increase in worldwide spending in 2023 is the greatest ICAN has recorded in a single year.

ICAN is a coalition of non-governmental organizations in 100 countries that advocates the adoption of the United Nations' Treaty on the Prohibition of Nuclear Weapons. The Geneva-based group won the Nobel Peace Prize in 2017 for their work drawing attention to the UN treaty and the catastrophic impact of nuclear weapons. 

“Acceleration of spending on these inhumane and destructive weapons over the past five years is not improving global security but posing a global threat,” Alicia Sanders-Zakre, co-author of the report, said in a statement.

ICAN's fifth annual report comes out in a year where the Bulletin of Atomic Scientists’ infamous Doomsday Clock remains at 90 seconds to midnight. It also comes as Russian President Vladimir Putin has said his nation will practice deploying tactical nukes in response to the U.S.’ support of Ukraine and nuclear-armed power Israel’s war in Gaza threatens to create conflict across the Middle East.

Here’s what else you need to know from the report. 

Worldwide spending

Every nuclear-armed power increased its spending on nuclear arsenals, according to the report. The other nations in order of spending are: France, India, Israel, Pakistan and North Korea. China surpassed Russia to become the second-biggest spender.

Annual spending on nuclear arsenals has increased by 34%, or $23.2 billion, in the five years that ICAN has published its annual analysis. Meanwhile, nearly 100 countries have signed onto the United Nations’ Treaty on the Prohibition of Nuclear Weapons since 2017.

The U.S. had the highest single increase of $16.1 billion, followed by the U.K. Pakistan, which spent $1 billion in 2023, has seen the highest rate of increased spending at 60%. The U.S. and U.K. had the second and third highest, 45% and 43%.

The total spent by all the nuclear powers over five years is $386.9 billion, or $27 billion more than what the U.N.’s World Food Programme Executive Director David Beasley in 2021 said would take to end world hunger in a decade. 

Future US spending

American spending on nukes isn’t expected to fall anytime soon. 

A Congressional Budget Office report from 2023 projected U.S. arsenal expenditures would cost $756 billion between 2023 and 2032, a $122 billion increase over their estimates for the period of 2021 to 2030. The average annual projected spending was $75 billion per year. 

The total includes $305 billion for maintenance of current and future nuclear arsenals and systems; $247 billion for modernization of nuclear delivery systems; $108 billion for modernization of nuclear weapons laboratories as well as early-warning systems; and $96 billion for unexpected costs. 

Funding would be split between the Department of Defense and the Department of Energy, according to the Congressional report. Defense would take on about two-thirds of the costs, primarily for nuclear subs and intercontinental ballistic missiles; Energy’s spending would primarily be for nuclear weapons laboratories.

Company profits

Twenty companies working on nuclear weapons development and maintenance earned over $30 billion for their work, including at least $7.9 billion in new contracts, according to the ICAN report.

The leading companies in the report are: Honeywell International with $6.1 billion; Northrop Grumman with $5.9 billion; BAE Systems with $3.3 billion; Lockheed Martin with $2.8 billion; and General Dynamics with $2.7 billion.

Babcock International’s $884 million accounts for nearly a quarter of their total revenue. The company is involved in producing nuclear-armed submarines for the U.S. and U.K. 

The companies are spending more and more on lobbying governments in the U.S. and France to continue their work.

The leading spenders are: Boeing with $17.7 million; Lockheed Martin with $15.9 million; General Dynamics with $15.4 million; and RTX with $14.7 million.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.