Financial institutions are increasing investments in nuclear weapons production, anti-nuclear campaigners warned on Friday, cautioning that the trend could accelerate global military spending amid escalating conflicts. Experts have already raised concerns about a renewed atomic arms race as nuclear-armed states remain involved in tensions across Europe, Asia, and the Middle East.
In a report released jointly by the International Campaign to Abolish Nuclear Weapons and PAX, researchers revealed that a growing number of financial institutions are backing companies linked to nuclear weapons production. According to the “Don’t Bank on the Bomb” report, 301 banks, pension funds, and insurers had invested in such companies as of September 2025, marking a 15 percent increase compared to the previous year.
Campaigners warned that this shift reverses years of declining investment and reflects a dangerous change in global priorities. They stressed that all nine nuclear-armed states, including Russia, United States, China, France, United Kingdom, Pakistan, India, Israel, and North Korea are modernising or expanding their arsenals, thereby increasing demand for such weapons.
Moreover, the lapse of the New START between Washington and Moscow has further weakened arms control efforts. At the same time, defence contractors such as Honeywell International, General Dynamics, and Northrop Grumman have seen rising market valuations.
The report found that investors held over $709 billion in shares and bonds in 25 nuclear weapons-related companies between January 2023 and September 2025, while nearly $300 billion was provided through loans and underwriting. Meanwhile, campaigners emphasized that some institutions managing more than $4 trillion in assets have successfully avoided such investments without sacrificing profitability.
