In the last two years, the wealth of billionaires in the food and energy sectors has increased by about $450 billion, or $1 billion every two days.
Even as wages have barely budged and workers struggle with decades-high prices, the surge in billionaires comes as food and energy companies post record-high profits.
Five of the largest energy companies are making $2,600 profit every second, and there are now 62 new food billionaires, according to calculations.
The calculation was based on the Forbes Billionaires List in the food, oil, gas, and coal sectors. Their combined wealth is now over $1 trillion, up from over $1 trillion since March 2020.
Supply chain disruptions have caused energy and food prices to go up. Russia invaded Ukraine. Both countries produce energy and food.
The Bureau of Labor Statistics says the US Consumer Price Index increased 8.3% in the year through April. The pace of inflation slowed in April, but it was still close to the four-decade high of 8.5% in March.
In the energy, food, and pharma sectors, monopolies are common and contribute to a rise in billionaire fortunes.
The non-profit wrote that the Cargill family controls 70% of the global agricultural market. The four largest food companies in the world are known as the ABCD quartet, after their initials.
According to Forbes, the biggest private company in the US is Cargill. The company recorded a $5 billion profit in 2021, the largest in its 156-year history, according to an August report. The results of Cargill were not released in 2020.
The clan that owns the business has gotten richer. The family now has 12 billionaires, up from eight before the epidemic, according to a report.
Millions of others are skipping meals, turning off the heating, and falling behind on their bills as the super-rich get richer.
The pharmaceutical and tech industries have experienced windfalls from the Pandemic.
The rich and powerful are making money from pain and suffering. "This is unconscionable." said Bucher.
Some have grown rich by denying billions of people access to vaccines, others by exploiting rising food and energy prices. They are paying huge bonuses and dividends while paying very little tax.
It is time for permanent wealth taxes on the super-rich and one-off solidarity taxes on billionaires that will go into supporting those struggling with energy and food inflation. It proposed a temporary excess profit tax of 90% on windfall profits of big companies.
Three groups of wealthy people from Patriotic Millionaires, Patriotic Millionaires UK, and taxmenow echoed the call against extreme wealth. In an announcement on Sunday, they called for wealth taxes to narrow inequality and help deal with the cost of living scandal playing out in multiple nations around the world.
All Rights Reserved © 2024
