Lord of war: the man rearming Europe

战争之王

Money Talks from The Economist

2025-09-26

35 分钟
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One man has profited more than almost anyone else from the war in Ukraine: Armin Papperger. He is the boss of Rheinmetall, one of Europe's largest defence firms, which has seen its share price increase more than 2,500% in the past five years. This week, we speak to him about the business of war. Hosts: Alice Fulwood, Ethan Wu and Mike Bird. Guests: Armin Papperger and The Economist's Vendeline von Bredow. Transcripts of our podcasts are available via economist.com/podcasts. Listen to what matters most, from global politics and business to science and technology—subscribe to Economist Podcasts+.
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  • The Economist.

  • These are dramatic and dangerous times.

  • It's long been threatened and now it's started.

  • Explosions were heard in Ukraine's capital, Kyiv and here in Kharkiv.

  • Since Russia's full-scale invasion of Ukraine in 2022 and now with Trump in the White House again,

  • Europe is arming up and one CEO is leading the charge.

  • We have to work for freedom and we have to work for democracy, and nobody can stop us.

  • Armin Papperger is the boss of German defense company, Rheinmetall.

  • It's Europe's largest ammunition manufacturer and a major beneficiary of the continent's biggest defense build-up in decades.

  • It's very important that we help the Ukrainians, that they are independent.

  • Papperger has been enthusiastically arming Ukraine.

  • It's brought his company unprecedented riches.

  • Look at the numbers for Rheinmetall.

  • The defense company up more than 200% year to date.

  • They are indeed the best performer for the German market.

  • But this success has also made Papperger a target.

  • A Russian plot to assassinate the boss of a German weapons manufacturer was foiled earlier this year thanks to US intelligence.

  • Last year, Armin Papperger was the object of a Russian assassination plot.

  • But he's not letting up.

  • He now travels the world under round-the-clock protection,