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
Rubio: 'Very short window', maybe days, for Hamas to accept deal
Al Mayadeen correspondent to southern Lebanon: Israeli warplanes launched a raid on the Ksar Zaatar neighborhood in western Nabatieh.
Al Mayadeen's correspondent in Gaza: The tower destroyed by the Israeli occupation in Gaza includes media offices, including Al Mayadeen's bureau.
Al Mayadeen's correspondent in Gaza: Four fetuses and three premature babies died at Nasser Medical Complex due to malnutrition
Lebanese Ministry of Health: One person was killed in an Israeli airstrike on a car in the town of Burj Qalawieh, south Lebanon.
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City

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

  • By Al Mayadeen English
  • Source: Agencies
  • 23 May 2022 12:59
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

US adds Colombia to drug list, drawing Petro’s rebuke

China, US reach framework agreement on TikTok

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

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
President Nicolas Maduro gestures to supporters during the inauguration of a monument in China's honor on the 80th anniversary of the end of World War II, in Caracas, Venezuela, Wednesday, September 3, 2025 (AP)
Politics

Maduro warns of threats, urges 'battle for truth' to defend Venezuela

Damage is seen after an Israeli strike targeted a compound that hosted Hamas' political leadership in Doha, Qatar, Wednesday, Sept. 10, 2025. (AP Photo/Jon Gambrell)
Politics

Netanyahu informed Trump before deadly attack in Doha: Reports

Israeli Prime Minister Benjamin Netanyahu and US Secretary of State Marco Rubio hold a joint press conference at the Prime Minister's Office, during Rubio's visit, in occupied al-Quds, occupied Palestine, Monday, September 15, 2025 (AP)
Politics

Netanyahu warns of Israeli isolation, calls to boost self-reliance

Spain axes €700Mln arms deals with 'Israel' over Gaza genocide
Politics

Spain axes €700 mln arms deals with 'Israel' over Gaza genocide

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