Oxfam International released a report on Monday detailing wealth changes among energy industry owners in G7 countries. The report found that 41 energy billionaires in these countries collectively increased their wealth by $23.5 billion since late February.

This increase occurred while leaders of the Group of Seven industrialized economies are meeting during the summit. Between March 1 and May 18, owners of the largest oil and energy companies in Canada, France, Germany, Italy, Japan, the U.S., and the U.K. added an average of $300 million per day to their collective wealth. Oxfam identified Chevron, Shell, BP, ConocoPhillips, Exxon, and TotalEnergies as the six largest oil companies in its analysis.

The six major oil companies are projected to grow their profits this year by 80 percent above pre-war forecasts. Global billionaire wealth increased by an average of 0.42 percent between March and mid-May, but G7 energy industry billionaire wealth increased by 9 percent during the same period. G7 oil and gas billionaire wealth specifically increased by nearly 11 percent.

French President Emmanuel Macron selected certain agenda items for the summit to secure United States participation. The summit agenda excluded discussions regarding the Iran conflict, military operations in Gaza and Lebanon, and climate change policy. While this occurred, Oxfam estimated that billionaire wealth has increased by nearly $10 trillion since 2020.

The report also stated that G7 nations have reduced financial aid to the poorest nations by $48 billion. This reduction is equivalent to the wealth accumulated by G7 billionaires over a nine-day period. Amitabh Behar, executive director of Oxfam, stated, "Rather than defending collective governance, Macron and his peers are accommodating its destruction. This will have consequences measured in lives."

Oxfam recommended that the six non-U.S. G7 member countries develop a plan to mitigate economic turmoil. Behar added, "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."

No independent assessment of Oxfam International’s claims was available.