The world’s richest have absorbed a greater proportion of global wealth during the pandemic and over the past decade, while global poverty has increased for the first time in 25 years, according to the report, titled “Survival of the Richest.” It added that the planet is facing a “polycrisis” of climate change, cost-of-living burdens, widespread hunger and an unprecedented decline in human development.

Oxfam is calling on world leaders to significantly increase taxes on the ultrawealthy. This includes higher taxes on income and capital gains, which it argued are the most important source of income for the rich in most countries.

“As a starting point, the world should aim to halve the wealth and number of billionaires between now and 2030, both by increasing taxes on the top 1% and adopting other billionaire-busting policies,” the report said. “This would bring billionaire wealth and numbers back to where they were just a decade ago in 2012.”

Oxfam timed its report to the start of the World Economic Forum, a gathering of the world’s political and business elites that runs until Jan. 20, with panels on a variety of topics scheduled,…