Published On 4/24/2026
On Friday, non-governmental organizations warned of the tendency of an increasing number of financial institutions to invest in the production of nuclear weapons, warning of the risk of escalation amid increasing international tensions and unprecedented military spending.
Many experts express their concern about the danger of a new nuclear arms race, at a time when countries with nuclear weapons are engaged in conflicts in Europe, Asia and the Middle East, while decades-long efforts to control arms and prevent nuclear proliferation are losing momentum.
The Nobel Peace Prize-winning International Campaign to Abolish Nuclear Weapons and the anti-nuclear organization PAX highlighted in the report the increasing interest of many financial institutions in companies working to develop and modernize the nuclear arsenals of the nine countries.
The annual report, entitled “Don’t Bet on the Bomb,” was based on data covering the period between January 2023 and September 2025.
The report stated that 301 banks, pension funds, insurance companies and other financial institutions financed or invested in companies concerned with the production of nuclear weapons.
He pointed out that this number of investors represents an increase of 15% compared to the previous year, after years of decline.
A risky strategy
Program Director of the International Campaign to Abolish Nuclear Weapons, Susie Snyder, who participated in preparing the report, pointed out that “the number of investors seeking to profit from the arms race is increasing for the first time in years.”
She warned in a statement, saying, “It is a short-term strategy fraught with dangers and contributes to a dangerous escalation,” stressing that “it is impossible to profit from the arms race without inflaming it.”
The organizations confirmed that the nine countries that possess nuclear weapons – Russia, China, France, Pakistan, India, Israel, North Korea, Britain and the United States – are currently working to modernize or develop their arsenals, noting the increasing demand for these weapons.
The report highlights a sharp rise in the market value of several major arms companies with the expiration of the New START Treaty between Russia and the United States last February, which was the last treaty between the two major nuclear powers aimed at limiting the spread of nuclear weapons.
The report also highlighted the increasing pressure exerted by governments, especially in Europe, to urge investors to lift ethical restrictions restricting their investments in arms companies.
Governments stress that investments in re-arming Europe should not be subject to moral restrictions, and some of them, such as Britain, go so far as to consider these investments a moral duty in the face of the Russian threat and the growing fears of Europe losing Washington’s protection.
709 billion dollars
The report talked about the participation of 25 companies in the production of nuclear weapons. Honeywell International, General Dynamics, and Northrop Grumman are the largest producers, excluding conglomerates and joint ventures.
Other major producers include BAE Systems, Bechtel and Lockheed Martin.
The report stated that the three largest investors in these companies, in terms of the value of stocks and bonds, are the American funds “Vanguard,” “BlackRock,” and “Capital Group.”
During the period covered by the report, investors owned stocks and bonds worth more than $709 billion in the 25 companies that produce nuclear weapons, an increase of more than $195 billion compared to the previous period.
At the same time, about $300 billion were provided in the form of loans and guarantees to nuclear weapons manufacturers, an increase of about $30 billion over the last report.
The report, which was published days before the Conference of States Parties to the Treaty on the Non-Proliferation of Nuclear Weapons, which opens next Monday in New York, indicated that the three main lenders are the giant American banks “Bank of America”, “JPMorgan Chase” and “Citigroup”.
