According to the findings, the world’s top 722 companies, which includes giants in energy, food, banking, pharmaceuticals, etc., raked in a total profit of USD 1.09 trillion in 2021 and USD 1.1 trillion in 2022. The study notes that the rates of profits of the said companies in 2021 and 2022 was on average 89% higher than the average profits made by them in the previous four years. When the majority of people in the Global South were struggling to access basic health care, 28 pharmaceutical companies earned an average of USD 47 billion in 2021 and 2022. The study also noted that nine aerospace and defense enterprises earned an average of USD 8 billion. According to Chakrabortty, taxes on the windfall profit could even help solve the hunger crisis in East Africa, where one person is likely to die of hunger every 28 seconds as estimated by Oxfam.

Source: Forbes July 07, 2023 12:47 UTC