41 G7 energy-billionaires have increased their wealth by $23.5-billion since the unlawful US and Israel war against Iran began, reveals new Oxfam analysis published ahead of the G7 summit in Evian, France. This is equivalent to about $1 000 in the time it takes to blink. Billionaires globally have gained $9.8-trillion since 2020.

Soaring energy and food prices are devastating households worldwide, particularly across low- and middle-income countries already battered by years of economic turmoil, debt crises, and climate shocks.

At the same time, six oil majors’ profits are projected to skyrocket by 80 percent ($68-billion) over pre-war forecasts. Their profits are on track to hit $152-billion in 2026, equivalent to $416-million a day. This windfall extends to other industries: three of the world’s top fertiliser corporations are expected to see profits jump by 23 percent ($928-million) compared to pre-war estimates. Overall, combined profits for some of the largest G7-headquartered corporations are expected to exceed pre-war projections by $413-million on average.

Report by Oxfam