Making a killing: how private armies became a $120bn global industry

September 21, 2007
Making a killing: how private armies became a $120bn global industry

This is a snapshot of a working day in the burgeoning world of private military companies, arguably the fastest-growing industry in the global economy. The sector is now worth up to $120bn annually with operations in at least 50 countries, according to Peter Singer, a security analyst with the Brookings Institution in Washington.

"The rate of growth in the security industry has been phenomenal," says Deborah Avant, a professor of political science at UCLA. The single largest spur to this boom is the conflict in Iraq.