In this article, we look at the 5 largest private military contractors in the world. You can read about the history of private military companies and the consolidation taking place in the industry after the rolling back of America’s military campaigns in Iraq and Afghanistan, by heading over to the 9 Largest Private Military Contractors In The World, where we have also shed light on why ceding the monopoly of power to private contractors may not always be beneficial for nation states.
5. Erinys
Personnel: 16,000
We begin our list with Erinys, a British private military contractor that is famed for protecting oil assets in the Middle East and Africa. The group was contracted by the US State Department to secure key oil pipelines across 282 locations in Iraq with its manpower of 16,000 personnel. Erinys also maintains a presence in Congo to protect its iron ore mines, and oil and gas projects.
4. Olive Group
Personnel: 20,000
Next up on our list of the largest private military contractors in the world is the Olive Group, which has a manpower of 20,000 personnel. Founded in 2001, the company has been protecting oil facilities in Iraq from attackers since 2003. According to a report, the Olive Group recruits its staff from the UK’s Special Air Service team for higher salaries.
3. Academi (formerly Blackwater)
Personnel: 20,000
Academi is one of the largest military contractors in the world. Founded by Erik Prince in 1996 as Blackwater, the company was renamed as Academi in 2011, before it merged with Triple Canopy to form Constellis Holdings in 2014. The private military contractor had an active involvement in America’s wars in Afghanistan and Iraq. During its peak, the force had its own fleet of armored vehicles and military aircraft, and even recently in 2017, Erik Prince offered assistance to the Afghan Air Force to boost their aerial capabilities. The offer, however, was declined by Kabul. According to Business Insider, Academi operates a 7,000 acre training facility in North Carolina.
2. PMC Wagner
Personnel: 50,000
Russia’s PMC Wagner is the second largest private military contractor in the world, with a manpower of over 50,000 personnel that are actively engaged in conflicts in Mali, Libya, Sudan, Syria, and Ukraine. The group is believed to be backed by the Russian government, but operates independently from the conventional military forces. Ties between the Kremlin and Wagner received a dent in 2023 after Wagner chief Yevgeny Prigozhin staged a rebellion against Putin’s regime.
1. G4S
Personnel: 620,000
British private security company, G4S, is one of the largest employers in the world, with around 620,000 personnel. While the majority of the group’s operations are centered around securing airports, prisons, and banks, its operatives also play an active role in some of the most volatile crisis zones in the world. G4S is present in 125 countries of the world, including in the war-hit regions of Africa and Latin America. The company acquired ArmorGroup in 2008, whose 9,000 guards provided security to a third of all non-military convoys in Iraq. In 2015, G4S was awarded a £100m contract to secure a gas plant in Iraq and provide security to British diplomats in Afghanistan.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out our articles on the 12 Under-the-Radar High Dividend Stocks to Invest in Now and 13 Best Growth Stocks To Invest In For the Next 5 Years.
Follow Insider Monkey on X.
