Collective profit comes on back of soaring energy prices and rising interest rates, according to Oxfam and ActionAid
The world’s 722 biggest companies collectively are making more than $1tn a year (£780bn) in windfall profits on the back of soaring energy prices and rising interest rates, according to research by development charities.
The companies made $1.08tn this way in 2021 and $1.09tn last year, according to analysis of Forbes magazine data by the charities Oxfam and ActionAid. The collective profits were 89% higher than the previous four-year average covering 2017-2020.
18 food and beverage companies made on average about $14bn a year in windfall profits in 2021 and 2022. Global food prices rose more than 14% in 2022.
28 pharmaceutical companies made on average $47bn a year in windfall profits, and 42 major retailers and supermarkets made on average $28bn.
Nine aerospace and defence corporations raked in on average $8bn in windfall profits
