Rafael, Israel’s state defense firm, is in the news for attending the UK arms fair amid Gaza controversy, as global arms revenues hit $679B.
As of late 2025, the world's top 100 arms manufacturers reported record revenues of $679 billion in 2024, a 5.9% increase driven mainly by European and U.S. companies amid wars in Ukraine and Gaza. However, Asia and Oceania saw a slight decline due to corruption scandals delaying Chinese arms contracts, raising doubts about China's military modernization.