Despite a looming nuclear arms race, the number of investors in the nuclear weapons industry is rising worldwide. This is revealed in the new edition of the ‘Don’t Bank on the Bomb’ report. The report identifies 301 financial institutions worldwide with significant financial exposure to companies involved in the development, maintenance and modernisation of nuclear weapons, up from 206 institutions in last year’s findings.
The findings, covering the period between January 2023 and September 2025, include loans and underwriting as well as share- and bond holding. The report also details the nuclear weapons-related activities of 25 companies. These companies contribute to the arsenals of China, France, India, the United Kingdom and the United States.
