World’s 722 biggest companies ‘making $1tn in windfall profits’

Collective profit comes on back of soaring energy prices and rising interest rates, according to Oxfam and ActionAid

The world’s 722 biggest companies collectively are making more than $1tn a year (£780bn) in windfall profits on the back of soaring energy prices and rising interest rates, according to research by development charities.

The companies made $1.08tn this way in 2021 and $1.09tn last year, according to analysis of Forbes magazine data by the charities Oxfam and ActionAid. The collective profits were 89% higher than the previous four-year average covering 2017-2020.

18 food and beverage companies made on average about $14bn a year in windfall profits in 2021 and 2022. Global food prices rose more than 14% in 2022.

28 pharmaceutical companies made on average $47bn a year in windfall profits, and 42 major retailers and supermarkets made on average $28bn.

Nine aerospace and defence corporations raked in on average $8bn in windfall profits

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