LONDON

The world’s billionaires have seen their wealth surge $2.5 trillion over the past year, enough to eradicate extreme poverty 26 times over, global charity Oxfam has said, warning of rising inequality and declining civil liberties.

Oxfam’s latest report describes the period as a “Billionaire’s decade,” highlighting that while extreme wealth grows rapidly, nearly half of the world’s population still lives in poverty and one in four people do not regularly have enough to eat.

The number of billionaires in the world has now reached 3,000 for the first time ever, it noted.

The study also examines how the super-rich are increasingly using political power and media influence to shape economies and societies in their favor.

“Almost half of people surveyed in 66 countries say that ‘the rich often buy elections’ in their country,” Oxfam said, a trend it says is fueling popular protests.

"Extreme wealth is increasingly translating into political power, with billionaires estimated to be 4,000 times more likely to hold political office than ordinary citizens," it added.

Governments are responding to the resulting unrest by curbing civil liberties, the charity added.

“Tens of millions of people, feeling trapped in poverty and powerless to influence the system, are taking to the streets but they are met with authoritarian measures,” the report stated.

Oxfam is urging governments to take immediate action to break the cycle by tackling extreme inequality, safeguarding democracy, and defending people’s rights.

This includes taxing the super-rich, strengthening rules on lobbying and campaign finance, and ensuring that ordinary people and civil society organizations can organize, protest, and be heard without fear, it said.