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G7 energy billionaires pocket $300 million a day since start of unlawful US and Israel war against Iran

  • Billionaire wealth has so far surged by nearly $10 trillion amid the fifth global economic crisis since 2020.

  • G7 countries slashed aid to the world’s poorest countries by $48 billion between 2024 and 2025 —a sum G7 billionaires accumulated in just nine days.

  • Oxfam calls on the “G6″ to stop using US intransigence as an excuse for inaction, urging taxes on excessive profits and the super-rich, debt suspension, more aid, and new Special Drawing Rights.

41 G7 energy billionaires have increased their wealth by $23.5 billion since the unlawful US and Israel war against Iran began, reveals new Oxfam analysis published ahead of the G7 summit in Evian, France. This is equivalent to about $1,000 in the time it takes to blink. Billionaires globally have gained $9.8 trillion since 2020.

Soaring energy and food prices are devastating households worldwide, particularly across low- and middle-income countries already battered by years of economic turmoil, debt crises, and climate shocks.

At the same time, six oil majors’ profits are projected to skyrocket by 80 percent ($68 billion) over pre-war forecasts. Their profits are on track to hit $152 billion in 2026, equivalent to $416 million a day. This windfall extends to other industries: three of the world’s top fertilizer corporations are expected to see profits jump by 23 percent ($928 million) compared to pre-war estimates. Overall, combined profits for some of the largest G7-headquartered corporations are expected to exceed pre-war projections by $413 million on average.

“Conflict devastates countries and costs countless lives, yet for some it is extraordinarily profitable,” said Oxfam International Executive Director Amitabh Behar. “This is a brutal system that redistributes wealth upwards —from workers to shareholders, from the poorest to the richest, from those with the least power to those who already have far too much of it. While families are skipping meals and governments slash lifesaving aid, we are witnessing a grotesque billionaire bonanza.”

This fifth major global crisis since 2020 is being met with political paralysis and retreat. Unlike the coordinated international action seen in the immediate aftermath of the COVID-19 pandemic and Russia’s invasion of Ukraine —when governments temporarily suspended debt service payments and the International Monetary Fund provided emergency lending—, G7 leaders are doing less than ever to help poorer countries.

Crucially, Oxfam warns that the remaining “G6” leaders —Canada, France, Germany, Italy, Japan and the UK— must stop using the US administration’s destructive actions in the global economy and in fueling conflict as an excuse for their own inaction. The G6 possesses immense, independent financial and diplomatic leverage that they are choosing to withhold.

Between 2024 and 2025, the G7 presided over the largest reduction in official development assistance (ODA) in its history, slashing aid to the world’s poorest countries by $48 billion. This is equivalent to the wealth accumulated by G7 billionaires in just nine days during that same period.

The human cost of the G7’s inaction is catastrophic. Since France last chaired the G7 summit, 44 people have fallen into a humanitarian emergency every single minute. From the preventable Ebola crisis in the Democratic Republic of Congo to the ongoing genocide in Gaza —the most extreme and devastating example of G7 inaction, where not a single G7 country has imposed an arms embargo on Israel, let alone cut off arms being used in atrocities— multilateralism is being actively destroyed.

“To secure President Trump’s attendance at this summit, President Macron agreed to ignore discussions on climate breakdown, spiraling inequality, and the need for coordinated responses to overlapping global crises,” said Behar. “Even words like ‘gender’ or ‘climate’ have been expunged from the agenda to appease Washington. Rather than defending collective governance, Macron and his peers are accommodating its destruction. This will have consequences measured in lives.”

“The G6 can’t plead powerlessness,” Behar added. “They can cancel debt. They can tax windfall profits and extreme wealth. They can advocate for a new issuance of Special Drawing Rights. They can provide poorer countries with aid. Refusing to act simply because Washington will not join them is not diplomacy —it is cowardice. And it will only accelerate the G6’s slide into global irrelevance.”

Oxfam is calling on G7 leaders —and the G6 independently if necessary— to immediately implement a four-part response to protect ordinary people from the crisis:

  • Tax the excessive profits of corporations and the super-rich to reduce inequality.

  • Suspend and cancel debt. Replicate the COVID-19 playbook by immediately suspending all bilateral debt payments from low- and middle-income countries and use legislative mechanisms to force private creditors to do the same. Cancel unsustainable debt, which forces governments to make devastating cuts to essential public services.

  • Boost aid. Meet ODA commitments by returning to the 0.7 percent Gross National Income (GNI) target.

  • Unlock global liquidity. Support an immediate new issuance of Special Drawing Rights through the IMF —decoupled from quota shares— to inject much-needed liquidity into struggling economies without adding to their debt burdens. Concurrently, International financial institutions must deploy conditionality-free emergency lending, mirroring the crisis response deployed during the pandemic.

Notes to editors

Download Oxfam’s media brief and methodology note.

Overlapping crises since 2020 are deepening inequality, entrenching poverty and accelerating the concentration of wealth and power.

G7 energy billionaires increased their wealth by $23.5 billion since the war began. This is equivalent to $301 million per day, $3,487 per second or $1,046 every 0.3 seconds (average time it takes to blink).

The UNDP estimates that the unlawful US and Israel war against Iran could push more than 30 million people into poverty worldwide. The FAO Food Price Index —which tracks the international prices of a basket of globally-traded food commodities— rose more than three times faster during the February-April period in 2026 than it did during the corresponding months in 2025.

Billionaire wealth data is based on Oxfam’s analysis of Forbes’ Real-Time Billionaire List as of 18 May 2026.

Corporate profit projections were calculated using 2026 consensus net income estimates —the average forecast of a corporation’s profits based on analyst projections— sourced from S&P Capital IQ. Pre-war estimates from 25 February 2026, were compared against the most current forecasts as of 26 May 2026. The analysis focused on the world’s “Big Six” oil corporations and the three largest publicly listed fertilizer corporations by 2025 revenue. For the broader G7 analysis, researchers evaluated corporations within the S&P 1,200 Index, filtering out non-G7 countries, corporations projected to post net losses, and those without available consensus estimates. This resulted in a final sample size of 691 corporations.

G7 countries account for around three-quarters of all official development assistance (ODA).

Across the occupied Palestinian territory (oPt), Lebanon, and Iran, Israeli military operations have killed over 78,000 people, injured more than 200,000, and displaced millions.

  • Gaza: over 72,000 Palestinians have been killed and 172,000 injured.

  • Lebanon: recent escalations have killed 3,185 people, injured more than 9,600, and forced over 1.2 million from their homes.\

  • Iran: UN agencies estimate that up to 3.2 million people have been displaced, alongside thousands killed and tens of thousands injured.

The Ebola outbreak in the Democratic Republic of Congo (DRC) is hitting a country already stretched to breaking point. Ongoing conflict and years of aid cuts have deepened a humanitarian crisis of staggering scale: one in four people are going hungry. Those same aid cuts left DRC effectively exposed to Ebola, weakening the surveillance systems that should have detected this outbreak weeks earlier.

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More Palestinians killed by Israeli military and settlers across occupied West Bank in last 3 years since Gaza hostilities than previous 17 combined – Oxfam 

More Palestinians killed by Israeli military and settlers across occupied West Bank in last 3 years since Gaza hostilities than previous 17 combined – Oxfam

More than one in five killed over last 20 years were children

More Palestinians have been killed by the Israeli military and settlers across the occupied West Bank in the last three years than in the previous 17 years combined, analysis from Oxfam has found. The number of children killed over the last three years was also higher.

An analysis of United Nations data found that 1,036 Palestinians – including 225 children – had been killed by Israeli forces or settlers between 2006 and the end of 2022. However, in the last three years, from 2023 to the end of last year by comparison, 1,244 Palestinians – including 268 children – have been killed.

Over the 20 years, 22 per cent – more than one in five of those killed – have been children.

For the same periods analysed, in the 17 years between 2006 until the end of 2022, 86 Israeli settlers, including 12 children, were killed by Palestinians. In the last three years – from 2023 to the end of 2025 – 43 Israeli settlers have been killed, including ten children.

The West Bank continues to be subjected to Israeli policies and practices of fast-tracked annexation, amid record mass forced displacement, movement restrictions, killings by army and settler militias, and ongoing military operations. Checkpoints and closures are fragmenting the territory and limiting access to essential services and livelihoods, while repeated state-backed settler violence is driving mass displacement.

Bushra Khalidi, Oxfam International Humanitarian Policy Lead said: “The mounting killing of civilians in the West Bank is tragic and horrifying. While the eyes of the world have been on Gaza, attacks in the West Bank have been accelerating. Since the atrocities committed by Hamas and other armed groups in 2023, Israel has committed genocide in Gaza while also enabling an unprecedented surge of violence across the West Bank.

“Oxfam works with Palestinian families whose lives have been destroyed. It is devastating that scores of children are being killed. This is the human cost of impunity, Israeli violence and cruelty in full view, while world leaders look the other way”.

A record number of Palestinians in the West Bank – nearly 46,000 – have been forcibly displaced over the last three years, compared to just over 13,000 for the previous 14 years combined by Israeli military operations, settler violence, demolitions and access restrictions. Many families are having to live in unstable and insecure conditions, often with host communities or in informal shelter arrangements, with limited access to essential services.

Saed* is 50 years old and was forced out of his home in the Ein Samya community. He said: “We used to deal with settlers all the time, but over the past three years, settler violence has increased massively. Eventually we had to leave and now a settler is staying in my home. I saw him. He took over the community too. It breaks my heart to talk about the past.

“We went to another community in Jericho, but it did not stop there. Settlers closed the roads, carried weapons, harassed and terrified our children on their way to school, and grazed their livestock inside our community, next to our houses. In the worst cases they would steal our livestock under the protection of the army and police.”

Communities across the West Bank have experienced repeated demolitions and destruction not just of their homes but water pipelines, animal shelters and trees. Last year, the World Health Organisation documented over 230 attacks on healthcare facilities, including obstructed access, the vandalization of ambulances and harassment of medical staff.

There is now a record 925 obstacles that permanently or intermittently restrict the movement of over 3 million Palestinians across the West Bank including East Jerusalem. This is 43 per cent more than the annual average of 647 movement obstacles in the preceding 20 years.

In the first three months of this year alone there have been more than 540 settler attacks, 33 Palestinian people killed and more than 2,200 people displaced. More than 60 water and sanitation structures have been vandalized, including pipelines, irrigation systems and water tanks, which have undermined access to water in 32 Palestinian communities.

Despite Israel’s ongoing process of ethnic cleansing in the West Bank, Oxfam and its partners continue to support vulnerable communities across the West Bank with humanitarian assistance, including clean water, food, the rehabilitation of agricultural water cisterns and livestock shelters.

Oxfam is calling for an end to Israel’s unlawful occupation and further annexation of the West Bank, including East Jerusalem, and to the foreign complicity in the illegal occupation and settlement enterprise. A just and sustainable peace must be anchored in international law and the right to self-determination.

Ends

Notes to editor

Calculations are from data using the United Nations Office for the Coordination of Humanitarian Affairs 2025 snapshot, which breaks down the number of attacks, deaths, injuries and people displaced. OCHA separately provided both the number of children and Israelis killed for the periods analysed

There were 2,280 Palestinians killed between 2006-2025, 493 of those killed were children, which is 22 per cent – more than one in five

The World Health Organisation statistics for West Bank healthcare attacks in 2025 are detailed here

Data for the number of obstacles is taken from the OCHA Movement and Access Snapshot

2026 data is taken from the OCHA 2026 snapshot and OCHA Humanitarian Situation Report

In line with the July 2024 International Court of Justice Advisory Opinion, states are obliged to take meaningful measures, including by banning trade with illegal settlements, halting arms trade where there is a clear risk of misuse, and reviewing or suspending trade and cooperation agreements where these may contribute to violations of international law.

 

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For more information or to arrange an interview contact: [email protected]

Aid cuts left DRC exposed to Ebola – Oxfam is mounting a response

Reacting to the World Health Organization’s declaration of the Ebola outbreak as a Public Health Emergency of International Concern (PHEIC) — with over 400 suspected cases and 89 deaths in the Democratic Republic of Congo — Dr. Manenji Mangudu, Oxfam Country Director in the DRC, said:

“Our partners are sending us deeply alarming reports. One doctor in Mongwalu Health Zone, Ituri told us: ‘There are already deaths in the community. When people die at home, it means there are many more undetected cases. Yesterday alone, we had 15 suspected cases in isolation. By the time patients reach us, it is often too late to save them.’ With millions lacking access to functioning health facilities, this novel strain risks an already catastrophic crisis over the edge.

“This outbreak is hitting a country already stretched to breaking point. Ongoing conflict and years of aid cuts have deepened a humanitarian crisis of staggering scale: one in four people are going hungry. Those same aid cuts left DRC effectively exposed to Ebola, weakening the surveillance systems that should have detected this outbreak weeks earlier.

“Oxfam and its partners are mounting an emergency response in Ituri, providing clean water, sanitation and health awareness to affected communities. But this crisis is arriving at a moment of critically depleted humanitarian funding. Without urgent financial assistance, efforts to save lives risk being fatally undermined.”

ENDS

Notes to editors

  • Oxfam’s Ebola response is focused on public health promotion and supporting community-lead solutions to break the chain of transmission. Oxfam will also be providing safe, clean water in affected communities and improving the health centres infrastructure.

  • Oxfam needs £10m to scale up its emergency response in DRC, aiming to reach most vulnerable communities in Bunia, Beni and Butembo regions.

  • According to the latest IPC findings, 26.5 million people are facing high levels of acute food insecurity from January to June 2026, including 3.6 million in IPC Phase 4 (Emergency) and 22.9 million in IPC Phase 3 (Crisis)

Contact information:

[email protected]

Somalia IPC Reaction

Reacting to the UN’s Integrated Food Security Phase Classification (IPC) published today for Somalia which shows that over 6 million people are experiencing hunger (IPC Phase 3 or above), including nearly 1.9 million in emergency levels (IPC Phase 4), Oxfam’s Somalia Humanitarian lead, Sameer Kariya said:

“Somalia is once again sliding dangerously close to catastrophe. More than 6 million people – nearly one in every three people is struggling to find food.

“Three poor rainy seasons have pushed communities in the country at risk of famine particularly in Burhakaba district of Bay region where worsening acute malnutrition and the projected failure of the Gu rains (April-June rainy season) threaten to deepen the crisis.

“Water sources have dried up while crops and livestock continue to be wiped out and families are forced to abandon their homes in search of water and pasture. For communities and particularly women, it’s no longer about rebuilding but surviving to find at least one meal a day to keep their children alive.”

“The conflict in the Middle East is further driving up the cost of living with food prices rising by 30% and fuel costs increasing by 50% putting basic necessities out of reach for millions of people. Disruption to supply routes are also making it significantly harder and more expensive to deliver lifesaving aid to those most in need, with no foreseeable end to the blockage, Oxfam fears prices of the basic commodities will continue to exacerbate further.

“Somalia has also suffered heavy funding cuts which continue to undermine its response and are forcing aid agencies to make the impossible choices as to who gets support and who doesn’t.

“The world must not wait for famine to be declared before acting — by then, countless lives will have been lost. Urgent support must be delivered immediately.”

Note to editors:

  • Poor rains and rising costs drive urgent food and nutrition needs with risk of famine in one area according to the latest IPC findings

  • The 2026 Humanitarian Needs and Response Plan estimates that 4.8 million people require humanitarian assistance, with 2.4 million targeted under the response. Funding levels remain critically low, limiting response capacity at a time of increasing needs

Contact information:

[email protected]

Reactive statement on the publication of the Acute Food Insecurity Analysis on the Democratic Republic of Congo (DRC)

Reacting to the UN’s Integrated Food Security Phase Classification (IPC) published today on the Democratic Republic of Congo (DRC), which shows that 26.5 million people are experiencing hunger (IPC Phase 3 or above), including nearly 3.6 million  in emergency levels (IPC Phase 4), Oxfam’s Country Director Dr, Manenji Mangundu said: 

“These latest figures show that conflict–driven hunger gripping the country continues to deteriorate with 1.7 million more people without enough food compared to the end of last year.  While the numbers are slightly lower than earlier projections, too many people are facing severe hunger. 

“The eastern side of the country – the epicentre of the conflict – remains one of the area worst affected by hunger, with nearly half a million people already in desperate need of life-saving assistance, such as food, clean water and shelter.  

“The impact of aid cuts to life-saving programmes continue to have a catastrophic impact. USAID was the leading donor in the country and most aid agencies relied on its funding to help people survive and rebuild their lives.  Without it, agencies have been forced to make terrible triage decisions including who gets to live and who might needlessly die. 

“The world cannot continue to look the other way, the situation is dire. Oxfam is calling on international partners to urgently scale up funding, to both alleviate immediate suffering and address the long-term food security needs.” 

Notes to editors:

  • Oxfam is helping over 670 000 people in eastern DRC with food, clean water, sanitation, cash assistance as well as hygiene kits for women and girls.
  • The United States Agency for International Development (USAID) was the leading humanitarian donor in the Democratic Republic of the Congo (DRC). In 2024, USAID report indicated that it provided over $838 million in Fiscal Year 2024 alone, which includes $414 million specifically for humanitarian needs resulting from ongoing conflict and displacement   

Contact information:

[email protected]

Top CEO pay increased 20 times faster than workers’ pay in 2025

  • Global real worker pay fell 12 percent while real CEO pay surged 54 percent between 2019 and 2025.

  • At least four CEOs of major corporations each pocketed over $100 million in pay and bonuses last year. Broadcom CEO Hock Tan led the pack at over $205 million.

  • Billionaires were paid $2,500 per second in dividends in 2025.

  • The International Trade Union Confederation (ITUC) and Oxfam are calling for urgent action to rein in extreme wealth, including higher, fairer taxes on the richest and binding limits on CEO pay.

‘Workers’ wages have fallen behind the cost of living in Aotearoa, as they have around the world, at the same time as the bosses of our biggest companies gave themselves huge raises’ said Nick Henry, Advocacy and Policy Lead at Oxfam Aotearoa.

“The economy is being rigged against working people and it’s about time we tilted the balance back toward fair pay.”

Across Aotearoa, Workers’ pay declined by 1.3% in real terms from 2024 to 2025, while the top CEOs increased their pay by 45%.

Chief executives of the world’s largest corporations enjoyed a 11 percent real-terms pay hike last year, while the average global worker saw real wages increase by just 0.5 percent, reveals new analysis by the ITUC and Oxfam ahead of International Workers’ Day (1 May).

The analysis covers the top-paying 1,500 corporations across 33 countries which have reported CEO pay for 2025. The average CEO pocketed $8.4 million in pay and bonuses last year, up from $7.6 million in 2024. It would take the average global worker 490 years to earn the same amount.

So far, four corporations, including Blackstone, Broadcom and Goldman Sachs, have reported paying their CEO more than $100 million in 2025. The top 10 highest-paid CEOs collectively made over $1 billion.

The gender pay gap for the workforce across these 1,500 corporations averages 16 percent, meaning that these women workers effectively work for free from 4 November each year.

The growing chasm between CEO compensation and average worker pay is part of a long-term trend in which executives and shareholders are capturing an ever-larger slice of the global economic pie.

Global real wages for workers have fallen by 12 percent since 2019. This means they have effectively worked 108 days for free between 2019 and 2025 (31 days for free last year alone). Meanwhile, CEO pay has skyrocketed ―from an average of $5.5 million in 2019 to $8.4 million in 2025, a 54 percent increase in real terms.

The ITUC and Oxfam’s analysis of shareholdings reveals that the super-rich are receiving significant payouts from the corporations they control. Nearly 1,000 billionaires whose investment portfolios were identified collectively received $79 billion in dividends in 2025 —equivalent to $2,500 per second.

The average billionaire made more in dividends in less than two hours than the average worker earned in pay in an entire year.

Some of the largest payouts in 2025 went to Bernard Arnault, owner of luxury brand LVMH, who pocketed $3.8 billion and Amancio Ortega, owner of Inditex (Zara), who received $3.7 billion.

Payouts from corporations are often funneled into undermining workers’ rights and democracy.

  • Larry Ellison, the founder of Oracle, has used his wealth to become a major stakeholder in Paramount, which was purchased by his son’s company and includes major broadcast networks CBS.

  • In France, far-right billionaire Vincent Bolloré now controls CNews, and has rebranded it as the French equivalent of Fox News.

  • In 2024, Oxfam filed a formal UN complaint against Amazon and Walmart’s systematic human rights violations. Amazon and Walmart’s outsized wealth and power in the economy have enabled them to clamp down on unionization efforts and collective organizing.

Billionaires are also leveraging their wealth to buy political influence. A global survey found that half of people believe “the rich often buy elections” in their countries. Oxfam estimates that billionaires are 4,000 times more likely to hold political office than ordinary people. Many super-rich politicians have sought to erode workers’ rights, cut public services, and deliver tax cuts to the richest.

“This analysis exposes the billionaire coup against democracy, and its costs for working people. Companies promise us a virtuous cycle, but what we see is a vicious cycle led by mega corporations —they undermine collective bargaining and social dialogue while billionaire CEOs capture the wealth created by productivity gains. The super-rich then use enormous resources to fund anti-democratic political projects,” said ITUC General Secretary Luc Triangle.

“These projects shift the blame for growing inequality onto marginalized groups, such as migrants, women and minorities in order to distract from the true culprits: their rich benefactors. They divide working people while dismantling and undermining democratic institutions and promoting policies that allow the super-rich to become even richer, at the expense of workers’ rights, safety and livelihoods. They attack democratic organizations like unions and block any avenues for popular reform, ensuring that the vicious anti-worker cycle continues.”

Billionaire wealth has reached record highs in 2026. In just 12 months, they have gained $4 trillion —bringing their wealth to $1.5 trillion more than that of the poorest 4.1 billion people combined. There are 400 more billionaires compared to last year, and 45 of these new billionaires have made their fortunes in artificial intelligence.

“We can’t continue to let a handful of super-rich people siphon off the rewards of work that belong to millions. Governments must cap CEO pay, fairly tax the super-rich and ensure minimum wages at the very least keep pace with inflation and ensure a dignified living. And workers must be able to exercise, without fear or obstruction, their rights to organize, to strike, and to bargain collectively. They are the ones who generate society’s wealth; they should be able to claim, as a matter of justice, what they are due,” said Oxfam International Executive Director Amitabh Behar.

“These measures can do far more than redistribute income; they can create economies that reward work, invest in communities, and hold powerful interests accountable. This is how we turn a system rigged for the few into one that works for everyone.”

Notes to editors:

New Zealand CEO pay increased 45% in real terms in the year to December 2025 (for the 21 CEOs in the NZX50 for whom data was available).

New Zealand Workers’ pay declined 1.3% in real terms in the year to December 2025 (comparing Labour Cost Index to Consumer Price Index).

Download the ITUC and Oxfam’s media briefing and methodology note for more information, tables and graphs.

In 2024, Oxfam submitted a formal complaint against Amazon and Walmart to the United Nations. Read more about surveillance and suffering at Amazon and Walmart warehouses.

The World Values Survey Wave 7 found that half of people believe “the rich often buy elections” in their countries.

Oxfam’s estimates that billionaires are 4,000 times more likely to hold political office than ordinary people.

Download the ITUC’s report “Corporate Underminers of Democracy 2025.”

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