The double burden of maldistribution: a descriptive analysis of corporate wealth and income distribution in four unhealthy commodity industries

Figures & data

Table 1. Size, number of active US-listed firms, and countries represented in the four unhealthy commodity industries selected for analysis, 2019.

Industry	Total size by revenue (USD billion, 2019)	Firms active, 2019	Number of countries where firms were headquartered, 2019
Ultra-processed foods	509.2	75	12
Tobacco	109.5	13	3
Fossil fuels	3,599.0	305	20
Alcohol	150.7	16	7

Source: Compustat (accessed via WRDS). Countries represented refers to the number of countries in which firms listed on US stock exchanges were incorporated as of 2019.

Figure 1. Aggregated effective tax rates for public US-listed corporations in four unhealthy commodity industries, 1960 to 2019.

Source: Compustat (accessed via Wharton Data Research Services). Effective tax rate = total income tax (foreign and domestic)/total pre-tax income (foreign and domestic).Fossil fuel industry = Global Industry Classification Standard (GICS) industry 101,020 (oil, gas, and consumable fuels)Ultra-processed food industry = GICS sub-industries 30,201,030 (soft = drinks) and 30,202,030 (packaged foods and meats)MINUS SIC 4-digit industries related to agricultural production (0100,0200); fishing, hunting, and trapping (0900); meat processing and packing (2011, 2015); and dairy processing (2020).Alcohol industry = GICS sub-industries 30,201,010 (brewers) and 30,201,020 (distillers and vintners)Tobacco industry = GICS industry 302,030

Figure 2. Distribution of consumption according to total retail sales revenue (real values) generated from ultra-processed foods, alcohol, and tobacco products, 2007–2019.

Source: Euromonitor International (Passport)). Country Income status based on 2020 World Bank data. Value fixed to 2020 USD value. Ultra-processed food products = (packaged foods – edibleoil – dairy products) + (soft drinks – bottled water). HICs = High-income countries; UMICs = Upper middle-income countries; LMICs & LICs = Lower middle-income countries and low-income countries.

Figure 3. Wealth transfers to shareholders (adjusted values) and the shareholder value ratios of public US-listed corporations active in the four unhealthy commodity industries, 1960–2019.

Source: Compustat (accessed via Wharton Data Research Services). Values adjusted to 2015 USD value using World Bank’s GDP deflator. Dividends paid = cash dividends on common stocks (DVC). Shareholder value ratio = [common/ordinary dividends (DVC) + share repurchases (PRSTKC)]/total revenues (REVT)Fossil fuel industry = Global Industry Classification Standard (GICS) industry 101,020 (oil, gas, and consumable fuels)Ultra-processed food industry = GICS sub-industries 30,201,030 (soft drinks) and 30,202,030 (packaged foods and meats)MINUS SIC 4-digit industries related to agricultural production (0100,0200); fishing, hunting, and trapping (0900); meat processing and packing (2011, 2015); and dairy processing (2020).Alcohol industry = GICS sub-industries 30,201,010 (brewers) and 30,201,020 (distillers and vintners)Tobacco industry = GICS industry 302,030

Table 2. Traded share ownership of the top five firms in each industry, disaggregated by investor country of origin, 2021.

	High-income countries			Upper middle-income countries		Lower middle-income countries	Low-income countries	Value of traded shares (USD billion)
	US	Western European countries	Other HICs	China (Mainland)	Other UMICs
Top 5 ultra-processed food corporations	69.816%	25.342%	4.607%	0.006%	0.222%	0.006%	0%	484.91
Top 5 tobacco corporations	73.260%	17.517%	7.371%	0.027%	1.788%	0.037%	0%	241.85
Top 5 fossil fuel corporations	44.504%	12.557%	3.380%	39.438%	0.104%	0.016%	0%	320.44
Top 5 alcohol corporations	22.336%	66.696%	5.972%	0.032%	4.961%	0.002%	0%	213.20
Aggregated	56.010%	27.585%	5.056%	10.040%	1.294%	0.014%	0%	1260.40

Source: Eikon database, based on latest available ownership structure data for traded shares, as of 30 September 2021.

Country Income status based on 2020 World Bank data.