• About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Top Stories

Global Nuclear Spending Increases to a Record $91.4 Billion

The Global Economics by The Global Economics
June 17, 2024
in Top Stories
Reading Time: 3 mins read
0
Global Nuclear Spending Increases to a Record $91.4 Billion

Global Nuclear Spending Increases to a Record $91.4 Billion (Source: depositphotos)

29
SHARES
161
VIEWS
FacebookTwitterRedditWhatsAppLinkedInFacebook

The amount spent on nuclear weapons has increased by 34%, or $23.2 billion, in the last five years since Ican started its investigation

The International Campaign to Abolish Nuclear Weapons (Ican) has estimated that global spending on nuclear weapons will have increased by 13% to a record $91.4 billion in 2023.  

The new figure has increased by $10.7 billion more than the previous year and is mostly the result of higher defense budgets during a period of increased political unrest mainly caused by Russia’s invasion of Ukraine and the conflict between Israel and Hamas.  

Ican also stated that all nine nuclear-armed countries in the world are increasing their spending. The second biggest spender is thought to be China with a budget of $11.9 billion. Beijing’s total, however, is far less than the $51.5 billion that the US is said to be paying.    

Russia bags the third place with $8.3 billion, right behind France ($6.1 billion) and the UK ($8.1 billion). However, estimates for authoritarian nations and the three nations—India, Pakistan, and Israel—that have undeclared programs are all hampered by a lack of transparency.

One of the research’s authors, Susy Snyder, expressed concern that nuclear states are “on course to be spending $100bn a year on nuclear weapons” and suggested that the funds might be better utilized for social and environmental programs.

“These billions could have been used to improve health and education services globally, fight climate change, and save animals and plants that support life on Earth from extinction,” Snyder stated.

The amount spent on weapons has increased by 34%, or $23.2 billion, in the last five years since Ican started its investigation. During that period, US spending rose by 45%, while UK spending jumped by 43%. If current trends continue, US spending will top $100 billion by 2024.

Since initiating the full-scale attack in February 2022, Russian President Vladimir Putin has frequently referred to his nation’s nuclear resources to caution the West against a direct military engagement in Ukraine. Additionally, in May, Russia started a series of drills modeling the use of tactical nuclear weapons close to the Ukrainian border.

The Stockholm International Peace Research Institute (Sipri) has compiled further data that indicates a marginal increase in the total number of operational nuclear weapons, at 9,585, primarily due to China‘s decision to increase its arsenal from 410 to 500.

As they have been since the 1950s, the US and Russia continue to be the two biggest nuclear powers, holding almost 90% of all warheads. According to the experts, Russia possesses 4,380 nuclear warheads that are either deployed or stored, while the US has 3,708 warheads.

Despite public declarations from Putin and Belarus’s president, the Sipri researchers stated that “Russia is estimated to have deployed about 36 more warheads with operational forces than in January 2023,” but they added that there was no concrete proof that Moscow had placed any of its nuclear missiles in Belarus.

The United Kingdom and France both have nuclear weapon arsenals estimated to be 225 and 290, respectively. However, three years ago, the UK said that it would increase the maximum number of warheads it was willing to stockpile to 260 Trident warheads in order to address perceived threats from China and Russia.

“We have not seen nuclear weapons playing such a prominent role in international relations since the cold war,” stated Wilfred Wan, the director of Sipri’s weapons of mass destruction program.

He compared the total number of weapons in use to a joint declaration that China, Russia, the US, the UK, and France signed in 2022. The five nations reaffirmed their prior declaration that “a nuclear war cannot be won and must never be fought.”

Source: Short URL
Tags: BeijingindiaisraelNuclear Spendingrussiauk
The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

Related Posts

US and Ukraine Sign the High-Stakes Critical Mineral Pact
Trending

US and Ukraine Sign the High-Stakes Critical Mineral Pact

by The Global Economics
May 1, 2025
Global Tariffs Can't Slow Down China’s Growing Steel Production
Global Trade

Global Tariffs Can’t Slow Down China’s Growing Steel Production

by The Global Economics
April 16, 2025
Google to Finalize its Biggest Deal with Cyber-Security Startup Wiz
Technology

Google to Finalize its Biggest Deal with Cyber-Security Startup Wiz

by The Global Economics
March 19, 2025
Alibaba's RISC-V Chip Will Be a Game-Changer for China's Semiconductor Industry
Technology

Alibaba’s RISC-V Chip Will Be a Game-Changer for China’s Semiconductor Industry

by The Global Economics
March 10, 2025
Cop16 Deal Secures Billions of Dollars for Biodiversity Protection
Top Stories

Cop16 Deal Secures Billions of Dollars for Biodiversity Protection

by The Global Economics
February 28, 2025
Twitter Youtube LinkedIn Soundcloud
the global economics logo

The Global Economics Limited is a UK based financial publication and a Bi-Monthly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

Australia's Biggest LNG Plant Receives Backlash to Operate until 2070

Australia’s Biggest LNG Plant Receives Backlash to Operate until 2070

May 28, 2025
China’s Industrial Profits Increase Due To Stimulus Package, But Trade Risks Remain Constant

China’s Industrial Profits Increase Due To Stimulus Package, But Trade Risks Remain Constant

May 27, 2025
Vietjet Orders 20 New Jets From Airbus

VietJet Orders 20 New Jets From Airbus

May 26, 2025
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version