disaster
World: G7 energy billionaires pocket $300 million a day since start of unlawful US and Israel war against Iran
By Oxfam at ReliefWeb
· June 15, 2026
· 7 min read
Countries: World, Iran (Islamic Republic of) . Billionaire wealth has so far surged by nearly $10 trillion amid the fifth global economic crisis since 2020. G7 countries slashed aid to the world’s poorest countries by $48 billion between 2024 and 2025 —a sum G7 billionaires accumulated in just nine
Key takeaway Oxfam calls on the “G6" to stop using US intransigence as an excuse for inaction, urging taxes on excessive profits and the super-rich, debt suspension, more aid, and new Special Drawing Rights.
Why this matters
The surge in billionaire wealth, particularly among G7 energy billionaires, raises concerns about the unequal distribution of resources during times of global crisis. As Oxfam notes, the $10 trillion increase in billionaire wealth since 2020 coincides with a $48 billion decrease in aid to the world's poorest countries. This disparity is exacerbated by the fact that G7 countries have slashed aid while their billionaires have accumulated vast fortunes. The call for taxes on excessive profits and debt suspension highlights the need for a more equitable response to global crises. Furthermore, the projected profits of oil majors and fertilizer corporations underscore the need for greater accountability and regulation of industries that profit from conflict and crisis. As the world grapples with the fifth global economic crisis since 2020, it is crucial to examine the role of billionaire wealth and corporate profits in perpetuating inequality and undermining humanitarian efforts.
About this story
Original reporting by ReliefWeb . Christgiving surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
For the complete original report, visit ReliefWeb . Have a tip or correction? Contact our newsroom .
Category: disaster ·
Published: June 15, 2026 ·
Source: ReliefWeb ·
Reading time: 7 min
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Frequently asked about this story
What is this story about? Countries: World, Iran (Islamic Republic of) . Billionaire wealth has so far surged by nearly $10 trillion amid the fifth global economic crisis since 2020. G7 countries slashed aid to the world’s poorest countries by $48 billion between 2024 and 2025 —a sum G7 billionaires accumulated in just nine
When was this published? This article was first published on June 15, 2026 by ReliefWeb and curated for Christgiving readers.
Who reported this story? This story was reported by Oxfam at ReliefWeb. To learn more about how Christgiving selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more disaster coverage from Christgiving, or browse our daily briefing and topic hubs .