Billionaire Bonanza: Big Oil Tycoons Pocket $23.5bn From Iran War
Oxfam said the gains came as oil shocks pushed fuel prices and inflation higher, with the Big Six oil firms projected to lift profits 80% above forecasts.
- On Monday, Oxfam International reported that 41 energy industry barons in Group of Seven countries collectively increased their wealth by $23.5 billion since the Iran War began in late February.
- While not solely attributable to the conflict, Oxfam noted that the Big Six oil companies—Chevron, Shell, ConocoPhillips, Exxon, and TotalEnergies—are projected to grow profits this year by 80% above pre-war forecasts.
- Between March 1 and May 18, owners of the largest energy companies in Canada, France, Germany, Italy, and Japan added $300 million daily to their collective wealth, according to the Forbes Real-Time Billionaire List.
- As Group of Seven leaders gather in France this week, French President Emmanuel Macron has reportedly avoided discussing the Iran War and US-backed military actions in Gaza and Lebanon to appease President Donald Trump.
- Oxfam International executive director Amitabh Behar noted that Group of Seven nations reduced aid to the poorest countries by $48 billion while the conflict pushes an additional 32 million people into poverty by year's end.
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A total of 41 billionaires of the energy sector in the G7 countries increased their combined wealth by $23.5 billion since the beginning of the aggression against Iran
In 'Grotesque Billionaire Bonanza,' 41 Energy Tycoons Saw Fortunes Grow by $23.5 Billion Since Trump Launched Iran War
While much of the world is holding out hope that the US-Israeli war against Iran may finally be reaching an end, the billionaire owners of the Western world's largest oil companies may not be so thrilled.
A report reveals that 41 billionaires in the energy sector of the G7 countries “have increased their combined wealth by 23.5 billion dollars since the beginning of the illegal war between the US and Israel against Iran.” Globally, billionaires have jointly accumulated 9.8 trillion dollars since 2020. The world’s post-millionaires, including those in the energy sector, multiplied their wealth during the war against Iran first appeared on Cubadeba…
LONDON – The wealth of 41 billionaires in the energy sector of the Group of Seven (G7) countries increased jointly by $23.5 billion since the beginning of the “illicit war” between the United States and Israel against Iran, a report by the coalition to fight Iran was presented on Monday 15 [...]
Oxfam's diagnosis peaks three days before the opening of the G7 summit in Evian. The figures speak for themselves: 41 billionaires of energy from the richest countries in the world have increased by $23.5 billion since the beginning of the Middle East conflict. The equivalent of $301 million a day, or $1,046 in the time it takes to blink. Behind this macabre accounting is a striking paradox. While households around the world are experiencing the…
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