Food giants reap enormous profits during times of crisis

Food and agribusiness billionaires reportedly raised their collective wealth by 42 per cent in the last two years. (Shutterstock)

A recent report by Oxfam International has found that 62 new “food billionaires” were created during the pandemic. The report, released ahead of this year’s World Economic Forum in Davos, Switzerland, highlights the record profits made by industry titans.

Food and agribusiness billionaires reportedly raised their collective wealth by 42 per cent in the past two years, all while global food prices soared by 33.6 per cent in 2021, and are expected to rise by another 23 per cent in 2022.