Purchasing weapons tends to increase the risk of future wars and negatively impacts a country's stock market, with arms imports serving as a strong predictor of market declines. This effect is more pronounced in democratic countries with strong rule of law and less so in autocratic regimes or NATO members. Military build-ups exacerbate geopolitical tensions and impose economic costs beyond procurement expenses, affecting investors and pensioners alike. Armed conflicts disrupt trade, supply chains, and foreign investment, causing long-term GDP reductions. Wars like those in Ukraine and Iran further trigger global economic instability through rising energy prices and inflation.