As many as 41 G7 energy billionaires have increased their collective wealth by $23.5 billion since the US and Israel war against Iran began, according to a new Oxfam analysis released ahead of the G7 summit in Evian, France, The Caspian Post reports.

The report states this equates to roughly $1,000 gained in the time it takes to blink. It also notes that billionaires globally have accumulated $9.8 trillion in wealth since 2020.

At the same time, Oxfam warns that rising energy and food prices are severely impacting households worldwide, especially in low- and middle-income countries already affected by prolonged economic instability, debt crises, and climate-related shocks.

The analysis also projects that profits for six major oil companies will rise by 80% compared to pre-war forecasts, reaching a combined $68 billion increase and totaling $152 billion in 2026, or about $416 million per day. Other sectors are also expected to benefit: three leading global fertilizer companies are forecast to see profits rise by 23% ($928 million) compared to earlier projections. Overall, combined profits among major G7-headquartered corporations are expected to exceed pre-war estimates by an average of $413 million.

“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.”

The report describes the current situation as the fifth major global crisis since 2020, arguing that it is being met with political paralysis and reduced international coordination. It contrasts this with earlier global responses, such as those following the COVID-19 pandemic and Russia’s invasion of Ukraine, when debt relief measures and emergency lending were introduced.

Oxfam further argues that G7 countries, excluding the United States in some coordination scenarios, possess sufficient financial and diplomatic capacity to act independently but are failing to do so. It highlights that between 2024 and 2025, G7 countries oversaw a record $48 billion reduction in official development assistance (ODA), a decline the report says equals the wealth accumulated by G7 billionaires in just nine days.

The report also claims that since France last chaired the G7 summit, 44 people have fallen into humanitarian emergency conditions every minute, citing crises such as Ebola in the Democratic Republic of Congo and the war in Gaza. It criticizes the lack of coordinated action, including the absence of an arms embargo by G7 states on Israel.

“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.”

He added: “The G6 can’t plead powerlessness. 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.”