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573 billionaires more than at the beginning of the pandemic
Inflation, war, covid … Since 2020 the world’s population has been suffering and its finances have been suffering. However, according to a report by the NGO Oxfam, the richest have taken advantage of various crises. Incomplete overview of these billionaires, always richer in recent years.
This Oxfam report may stifle the appetite of all the French who struggle to survive. War or pandemic, no matter, some companies have managed to amplify their fortunes. “The pandemic, which includes tragedy and disruption for most of humanity, has become one of the most prosperous periods in history for billionaires,” Oxfam said in a study published on Monday, May 23 and titled “When suffering bears fruit “.
The report cites a tragic increase in inequality. Due to rising prices, as a result of the war between Ukraine and Russia and the pandemic, an additional 250 million people could fall below the threshold of “extreme poverty” this year. And as the world’s population is working hard, “billionaires have seen their fortunes increase as much in 24 months as in 23 years.” First, those in the agrifood and energy sector will see “their fortunes rise by a billion dollars every two days”. The fields of pharmaceuticals and new technologies are also of concern.
2,668 billionaires in total
In particular, public policies that have made it possible to sustain the world economy during the health crisis. “Central banks have injected trillions of dollars into economies around the world,” according to the NGO. This had the effect of “taking the price of assets, and in the same way, the net worth of billionaires and classes that own assets.”
Overall, the world now has 573 billionaires than at the beginning of the pandemic for a total of 2,668 billionaires. Their fortune will amount to 12,700 billion dollars, which will still represent, according to Oxfam, 13.9% of the world’s gross domestic product (GDP). These include: the Cargill family, Jeff Bezos or the shareholders of Pfizer and Moderna …
The American company (Minnesota, United States) was founded in 1865 by the family of the same name, which still owns 87% of it. Cargill specializes in providing food ingredients and other raw materials. According to Oxfam, the fortunes of one of the eleven richest families in the world have “increased by 14.4 billion (65%) since 2020, an increase of nearly 20 million dollars a day during the pandemic”. By 2021, Cargill would have made the “largest revenue in its history”.
This name is probably unfamiliar to you. It is one of the most popular supermarket chains in North America. Only the Walton family owns about half of Walmart’s stock. In other words, +8.8 billion dollars since 2020. Or 503,000 dollars per hour, the NGO reports.
- BP, Shell, TotalEnergies, Exxon and Chevron…
Not surprisingly, major oil groups were able to take advantage of the crisis. The report states that their profit margins “doubled during the pandemic.” And to add: “Over the past year, energy sector revenue has increased by 45%”. For billionaires in the industry, that’s an increase of $ 53.3 billion over the past two years.
- Moderna at Pfizer
Thanks to the pandemic, 40 new names in the pharmaceutical sector rose to the rank of billionaire. That is to be expected. First of all, the two laboratory origins of vaccines against covid-19, which are widely distributed in the West, are concerned. Regarding Moderna, the report states: “This pharmaceutical company has only one product on the market: a covid-19 vaccine for which it makes a pre-tax profit margin of 70%. At $ 12 billion already vaccine revenue per day, the company “spawned four new billionaires.” Pfizer, meanwhile, is said to be “conservatively estimated” to have earned a pre-tax profit margin of 43% on the vaccine and paid “$ 8.7 billion which is a dividend to its shareholders. “
“Amazon is probably the company that has benefited the most from the pandemic.” Its revenues will have “more than tripled” since 2019. It’s true that at the time of the incarceration the online sales site proved to be one of our most loyal ally. Thus, “the personal fortune of its founder, Mr. Jeff Bezos, has increased by $ 45 billion since 2020”.