Global nuclear spending hits $100 Billion in 2024: US tops list with $56.8 Billion, India retains spot in top 9 nuclear power countries
The United States once again set the global nuclear spending record, contributing $56.8 billion, more than all other nuclear-armed countries put together. China spent $12.5 billion, a far cry from the $10.4 billion spent by the UK, which came in third. The UK led the list with a 26 per cent increase in its nuclear spending year over year, followed by Pakistan (18 per cent) and France (13 per cent).
While the US saw the biggest absolute jump, $5.3 billion more than in 2023, ICAN warns that the cost of nuclear weapons is being borne in many ways, and not just by the countries that build them. Several nations continue to quietly host US or Russian nuclear weapons, often without public knowledge or parliamentary oversight.
Beyond governments, private defense contractors are also cashing in. In 2024 alone, at least 26 companies involved in developing and maintaining nuclear arms earned a combined $43.5 billion, with ongoing contracts worth around $463 billion. These companies weren't just busy building weapons, they were also busy lobbying. In the past year, they spent over $128 million lobbying officials in the US and France, and held 196 high-level meetings with UK officials, including 18 with the prime minister's office.
To put things in perspective, ICAN notes that the money spent on nuclear weapons in just one year could fund the entire United Nations budget 28 times. Meanwhile, 98 countries have chosen a different course by joining the Treaty on the Prohibition of Nuclear Weapons (TPNW), which bans all nuclear weapons-related activities and pledges to eliminate them altogether. Yet, the nine countries with nuclear capabilities have spent a combined $415.9 billion on their arsenals over the past five years, from 2020 to 2024, with a 34 per cent rise already recorded between 2019 and 2023.
India is estimated to possess 172 nuclear weapons with the ability to launch them from land, air, and sea. Though official data is scarce, ICAN, using a Stimson Center methodology, estimates India spent around $2.6 billion on its nuclear arsenal in 2024–roughly three per cent of its total military budget. This equals $4,976 every minute or $2 per citizen. Key contributors include DRDO, Bharat Dynamics Limited, and Walchandnagar Industries.
Source: The International Campaign to Abolish Nuclear Weapons (ICAN)
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