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The fortunes of the world’s ­billionaires rose by £2billion a day last year, while 3.4 billion people were forced to survive on less than £4.27 a day each.

The 26 richest people globally now hold the same wealth as the poorest half of the population – compared with the richest 43 in 2017.

Oxfam’s Public Good or Private Wealth? study showed the wealth of billionaires rocketed by £700billion in 2018.

The world’s richest man, Amazon founder Jeff Bezos, could fund Ethiopia’s health budget with 1% of his estimated £108.7billion fortune.

Meanwhile, the poorest 10% of people in Britain now pay a higher proportion of their income in tax than the richest 10%, the study added.

(Image: REX/Shutterstock)

Matthew Spencer, Oxfam’s director of campaigns and policy, said: “The way our economies are organised means wealth is increasingly and unfairly concentrated among a few while millions are barely subsisting.”

Oxfam has urged governments to pump cash into public services and overhaul tax policy.

Recommendations include universal free healthcare, an end to “under-taxation” and policies to halt gender inequality.

The charity claims forcing the top 1% to pay an extra 0.5% tax would raise an estimated £324.6billion per year worldwide to achieve the aims.

Mr Spencer added: “Women are dying for lack of decent maternity care and children are being denied an education that could be their route out of poverty.

“No one should be condemned to an earlier grave or a life of illiteracy because they were born poor. There is enough wealth to give everyone a fair chance in life.

“Governments should ensure taxes raised from wealth and businesses paying their fair share are used to fund free, quality public services.”

Oxfam says governments are “exacerbating” inequality by failing to put enough cash into public services.

An estimated 10,000 die daily due to a lack of healthcare, while 262 million kids miss out on school.

Oxfam warns failing to tackle issues now will make it hard to hit a UN goal of ending extreme poverty – living on under 97p per day – by 2030.

Oxfam also wants measures to tackle the estimated 16.4 billion hours of unpaid care work done globally daily.

The report said: “Governments face a choice between a life of dignity for all citizens

or continued extreme wealth for a tiny few.”