The world's 10 richest men doubled their fortunes in the pandemic, while the incomes of 99 per cent of humanity fell, an Oxfam report reveals today.

A new billionaire was created every 26 hours, said the charity.

The world’s 10 richest men more than doubled their fortunes from $700 billion to $1.5 trillion - at a rate of $1.3 billion a day - while over 160 million people were forced into poverty and inequality contributing to the death of one person every four seconds.

The report Inequality Kills, published on the opening day of the World Economic Forum’s Davos Agenda, found that a new billionaire has been created every 26 hours since the start of the pandemic while the collective wealth of all 2,755 billionaires surged more than in the last 14 years put together.

At $5 trillion dollars, this is the biggest increase in billionaire wealth since Forbes records began in 1987.

If the 10 richest men were to lose 99.999 per cent of their combined wealth tomorrow, they would still be richer than 99 per cent of people on the planet and their wealth is six times more than that of the poorest 3.1 billion people.