Food and Energy Billionaire Is $453 Billion Richer Than Two Years Ago, Oxfam Discovered

According to an Oxfam report, the fortunes of food and energy billionaires have increased by $453 billion over the past two years due to soaring energy and raw material prices during the pandemic and President Vladimir Putin’s war in Ukraine.

As global economic and political elites meet at the World Economic Forum in Davos, Switzerland, a development charity helps create “62 new food billionaires” in just 24 months as soaring world food prices rise said it was

Cargill, one of the world’s largest food traders, now counts a family of 12 billionaires. The Cargill family together with three other companies control 70% of the global agricultural market.

Food prices, which have risen, on average, by more than 30% over the past year, are likely to put more than 263 million people in extreme poverty than they were before the pandemic. This means that the number of people living on less than $190 a day will increase to 860 million by the end of the year. This is equivalent to the populations of England, France, Germany and Spain combined.

Danny Sriskandarajah, CEO of Oxfam GB said:

“With hundreds of millions of people facing extreme poverty, there is no excuse for governments not to deal with huge profits and wealth so that no one is left behind.”

Oxfam urged world leaders, held in Davos, to immediately introduce a property tax on the super-rich to address “the biggest increase in extreme poverty in 20 years”.

Development Charity Says Government Should Follow Argentina example And it introduces a “one-time solidarity tax on billionaire plague windfalls.” Argentine taxes rose 223 billion pesos (1.5 billion pounds) last year.

Oxfam has also called for a permanent property tax to “seize extreme wealth and monopolies.” He said annual property taxes, starting at 2% for millionaires and increasing to 5% for billionaires, could generate $2.5 trillion annually. “It will be enough to lift 2.3 billion people out of poverty, create enough vaccines for the world, and provide universal health and social protection to everyone living in low- and low-middle-income countries,” Oxfam said.

The third demand aims to put an end to “crisis gains” by introducing a temporary windfall tax on all large corporations, not just oil and gas companies, as proposed by the UK Labor Party. Oxfam said it could generate $104 billion in revenue in 2020 from taxes on just 32 ultra-high-margin multinationals.

Sriskandarajah said, “Introducing a wealth tax, for example, will raise huge sums that can help vulnerable people survive this crisis and build a better future.” “The windfall for energy companies here in the UK will be a strong starting point to help everyone struggling to eat and heat their homes.”

A total of 573 new billionaires were born during the pandemic. Oxfam said the COVID-19 crisis was “the best time in the history of the billionaire class.”

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According to Forbes magazine’s super-rich rankings, billionaires have a total net worth of $12.7 trillion. This is equivalent to 13.9% of global GDP, a three-fold increase compared to 2000. The 20 richest billionaires have more wealth than the total GDP of sub-Saharan Africa.

Nellie Kumambala, a teacher at Lumbadzi in Malawi, says the price of cooking oil has almost tripled in just a month.
Nellie Kumambala, a teacher at Lumbadzi in Malawi, says the price of cooking oil has almost tripled in just a month. photo: oxfam

Nellie Kumambala, an elementary school teacher in Lumbadzi, Malawi, with her husband, two children and mother, said: 2 liters of cooking oil, 2,600 kwacha last month, 7,500 now. Yesterday I went to the store to buy cooking oil, but I failed because I didn’t have money.

He added, “I think about ‘what should I eat today’, and I think about how to feed it at home every day.”

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