Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: One was killed, another injured in a raid by an Israeli drone on the city of Khiam in South Lebanon
London views possibility of setting fire to tanker in port of friendly country to Russia to damage port infrastructure, initiate an international probe: Moscow
One of London's scenarios involves setting up accident with 'undesirable' tanker in one of the bottlenecks of maritime communications: Russian foreign intelligence agency
London plans to organize major sabotage with tankers to declare transportation of Russian oil to international shipping: Russian foreign intelligence agency
UK intelligence agencies plan to use NATO allies to launch massive raid on 'Shadow Fleet': Russian foreign intelligence agency
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.

Food & energy fortunes grew by $453 bln during pandemic, war

  • By Al Mayadeen English
  • Source: Agencies
  • 23 May 2022 13:59
3 Min Read

Crisis profiteering has exhibited itself brazenly in the last two years.

  • x
  • Cargill plant in Venezuela.
    Cargill plant in Venezuela.

Food and energy billionaires have raked up profits that grew their fortunes by $453 billion over the past two years, thanks to soaring energy and commodity prices due to the COVID-19 pandemic and the war in Ukraine, both of which have sunken the world into an economic crisis.

According to the Oxfam report, the crises have helped create "62 new food billionaires" in no more than two years.

One of the world's largest food corporations (and the US' largest private company), Cargill, now has 12 billionaire family members - four up since the start of the pandemic. The company controls 70% of global agricultural market. 

On average, food prices have been up 30% over the past year - this will likely push 263 million more people into acute poverty in comparison with pre-pandemic times. There will be 860 million people living on less than $1.90 a day by the end of 2022. That is the populations of the UK, France, Germany and Spain combined.

The chief executive of Oxfam GB, Danny Sriskandarajah, said “It is morally indefensible that people in east Africa are dying of hunger while the fortunes of the world’s super-rich are fuelled by skyrocketing food and energy prices.

“At a time when hundreds of millions more people are facing extreme poverty, there can be no excuse for governments not to address gargantuan profits and wealth in order to ensure that no one is left behind.”

Related News

UK, NATO plotting sabotage of Russian oil tankers, says SVR

Clashes erupt in Deir Hafer between SDF, Syrian army factions

In a meeting between ultra-rich businessmen at the World Economic Forum in Davos, Switzerland, Oxfam called on world leaders to introduce wealth taxes on the exceptionally rich to help tackle “the biggest increase in extreme poverty in over 20 years”.

Governments, according to Oxfam, should follow suit with Argentina, and introduce a "one-off solidarity tax on billionaires' pandemic windfalls." Last year, Argentina raised $1.88 billion from this policy. 

Oxfam also called for the introduction of permanent annual wealth taxes to “rein in extreme wealth and monopoly power," which would tax millionaires 2% and billionaires 5%, making $2.5 trillion per year.

According to Oxfam, this would lift 2.3 billion out of poverty, make enough vaccines for everyone on the planet, and deliver universal healthcare and social protection for everyone in low and lower-middle-income countries.

Read more: COVID-19 hurts US purchasing power

 

A windfall tax should also be introduced on all major companies, which would limit "crisis profiteering:" The organization contended that a tax on “just 32 super-profitable multinational companies could have generated $104 billion in revenue in 2020”.

During the pandemic, 573 millionaires became billionaires: The pandemic, according to Oxfam, had been “the best time in recorded history for the billionaire class”.

Billionaires' wealth altogether make $12.7 trillion, according to Forbes - that not only constitutes 13.9% of the world's gross domestic product, but it's also a threefold increase from 2000. The richest 20 billionaires in the world have more money than the entire GDP of sub-Saharan Africa. 

Read more: 2021 Roundup: Two years after COVID-19, we crunch numbers
  • Cargill
  • United States
  • Oxfam
  • Ukraine
  • Russia
  • Billionaires
  • COVID-19
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS