Bloomberg: Kim Jong Un's income at record high since start of war in Ukraine
Since 2022, North Korean leader Kim Jong Un has earned roughly $22 billion through cooperation with Russia — nearly four times more than in the previous four years, Bloomberg Economics estimates.
North Korean leader Kim Jong Un now has more financial resources than at any point in his 15-year rule, according to figures compiled by Bloomberg Economics. The sharp rise in income is linked to Russia's full-scale invasion of Ukraine, which began in 2022.
Estimates suggest that between 2022 and 2025 Pyongyang received about $22 billion in foreign currency — nearly four times more than in the preceding four-year period. Andrei Lankov, head of the Korea Risk Group consultancy, says North Korea is now in its strongest position since the early 1990s, comparing the ammunition sales to Russia to a lottery win, while renewed Chinese support is likened to a secure pension.
Ammunition and troops in exchange for resources
Part of Kim's earnings comes in the form of goods and technology, since he is barred from the international banking system. Russia initially turned to North Korea for its stockpiles of Soviet-standard munitions, which became a valuable source of income for Pyongyang. According to Ukrainian intelligence estimates, by the end of 2025 North Korean supplies covered up to half of Russia's needs for widely used 122mm and 152mm artillery shells.
North Korea has also sent between 16,000 and 22,000 troops to Russia, receiving about $2,000 per month for each soldier. South Korean opposition lawmaker Kang Dae-sik notes that military cooperation with Russia has become one of the main pillars supporting North Korea's economy.
Economic growth and new partners
South Korea's central bank forecasts that North Korea's economy grew by 3.5% in 2025, marking a third consecutive year of growth, though at a slightly slower pace than in 2024. China has also softened its stance toward Pyongyang — at a military parade in Beijing last September, Kim Jong Un stood alongside Xi Jinping and Vladimir Putin. At the same time, Pyongyang is seeking to reduce its diplomatic dependence on Russia, hosting senior officials from Singapore, Indonesia, Belarus and Vietnam over the past year.
