Iran conflict boosts G7 energy billionaire wealth by $23.5B
The combined wealth of 41 energy billionaires from G7 countries has increased by $23.5 billion since the start of the Iran conflict, according to a new analysis released by Oxfam ahead of the G7 summit in France, Qazinform News Agency correspondent reports.
The gain amounts to roughly $301 million per day, $3,487 per second or $1,046 every 0.3 seconds (average time it takes to blink). Oxfam's analysis is based on data from Forbes' Real-Time Billionaires List.
The report also points to a sharp rise in expected profits for major energy companies. The world's six largest oil corporations are projected to earn around $152 billion in 2026, an increase of 80% compared with forecasts made before the conflict. That would translate into approximately $416 million in profits every day.
Higher commodity prices have also benefited other sectors linked to the energy market. Three of the world's largest publicly listed fertilizer companies are expected to see their profits rise by 23% compared with earlier projections.
According to Oxfam, billionaire wealth worldwide has increased by an estimated $9.8 trillion since 2020, a period marked by multiple economic disruptions, including the COVID-19 pandemic, inflationary pressures, geopolitical tensions and supply chain shocks.
Earlier, Qazinform News Agency reported that Bitcoin climbed to its highest level in nearly two weeks after the United States and Iran announced an agreement to end hostilities and reopen the Strait of Hormuz.