Untenable investments: Nuclear weapon producers and their financiers

The report “Untenable Investments”  provides an overview of investments in 24 companies heavily involved in the production of nuclear weapons for the arsenals of China, France, India, the Russian Federation, the United Kingdom and the United States in 2023. Overall, the report finds that financial institutions held more than $476.8 billion in bonds and shares, while also providing $342.6 billion in financing. US-based Vanguard remains the largest single investor, with $72.4 billion invested in the nuclear weapon industry.  

This is the latest in a series of Don’t Bank on the Bomb reports produced since 2012 by ICAN and PAX. 

Download the Executive Summary (PDF)

Download the Full Report (PDF)