multinationals got rich with Covid-19 or the war in Ukraine

With Covid-19 and the war in Ukraine, agrifood giants or energy multinationals have increased their profits. Monday, May 23, the Oxfam association accuses its companies of taking advantage of the crisis. The billionaires in these sectors have seen their wealth increase by $453 billion since 2020. The NGO denounces the birth of new billionaires, while populations are getting poorer.

“The concentration of wealth in the hands of a few also has an impact on the most precarious. It creates poverty traps“, explains Quentin Parrinello, of Oxfam France. The profits of the digital sector or the pharmaceutical industry have also been record. According to Oxfam, 263 million people could fall into extreme poverty. The association calls for a temporary tax on the profits made by large groups.”It is a short-term solution that does not resolve the issue of growing inequalities“, underlines Anne-Sophie Alsif, economist BDO France.