As food and energy costs rise, so do number and wealth of billionaires

[ck4829]

Consumers around the world are contending with the soaring cost of energy and food, but corporations in these industries and their leaders are benefiting from the rise in prices, Oxfam said.

Billionaires in the food and agribusiness sector have seen their total wealth increase by $382 billion, or 45%, over the past two years, after adjusting for inflation. Some 62 food billionaires were created since 2020.

Meanwhile, the net worth of their peers in the oil, gas and coal sectors jumped by $53 billion, or 24%, since 2020, after adjusting for inflation.

Forty new pandemic billionaires were created in the pharmaceutical industry, which has been at the forefront of the battle against Covid-19 and the beneficiary of billions in public funding.

https://www.cnn.com/2022/05/22/economy/billionaires-poverty-oxfam-davos/index.html

[onecaliberal]

1. It's all greed. Look at record profits in nearly every sector. Hostage to the minority.

[LoisB]

2. Totally agree.

[ck4829]

4. Hopefully, people will realize this. Consent of the governed needs to be withdrawn.

[andym]

5. Tech billionaires' wealth has declined as their stock values decrease

First among the losing billionaires is Elon Musk.