A new Oxfam report reveals that 41 G7 energy billionaires have collectively gained $23.5 billion since the US-Israel war on Iran started in February, as millions worldwide are pushed deeper into poverty.
While families skip meals and governments slash aid, G7 energy billionaires have been laughing all the way to the bank.
Peoples Gazette reports that a new Oxfam study found 41 energy billionaires across G7 nations pocketed $23.5 billion — roughly $301 million daily — since the US-Israel war on Iran began on February 28. Six major oil companies are projected to earn $152 billion in 2026 alone.
Oxfam’s executive director Amitabh Behar called it “a grotesque billionaire bonanza,” warning that the crisis has pushed over 30 million people toward poverty while food prices surged three times faster than in 2025.
The organisation slammed G7 leaders for cutting development aid and urged the G6 to tax windfall profits and cancel debt, saying their refusal to act without US backing “is not diplomacy — it is cowardice.”
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