The rich are getting richer and the poor are getting poorer, according to a new report that highlights the reasons behind worrying figures — such as the fact that global poverty will not be eradicated for another 229 years.

While the vast majority of the EU’s population has become steadily poorer recently, its top five richest billionaires have increased their wealth from €244bn in 2020 to €429bn in 2023, an Oxfam report revealed on Monday (15 January).

This represents a 76 percent increase in just three years — at a rate of €5.7m per hour.

“This inequality is no accident; the billionaire class is ensuring that corporations deliver more wealth to them at the expense of everyone else,” said Amitabh Behar, Oxfam International’s interim executive director.