A new report shows the 12 richest billionaires globally own more wealth than the poorest half of the world's population.
The report from Oxfam, shows the collective wealth of billionaires across the world rose by $2.5 trillion.
The 'Resisting the Rule of the Rich' report shows the 11 billionaires living here are wealthier than 3.5 million Irish people combined.
The data also shows it would take just over seven hours for the average Irish billionaire to make the average person’s annual income.
The report by the global charity also found the concentration of extreme wealth is driving an inequality emergency and eroding democracy.
It found billionaires are four thousand times more likely to hold political office than ordinary people, while nine of the top 10 social media companies are owned by just 6 billionaires, and 8 of the top 10 AI companies are billionaire-run.
Social media icons on smartphone screen, © PA Archive/PA ImagesCEO of Oxfam Ireland, Jim Clarken, says a small group of elite people can't be allowed to have such control over online narratives.
" Specifically, this report looks at the control of media, particularly social media, which is now sowing division, misinformation, disinformation.
"There's an 'algorithm of hate', which is creating toxic narratives and deliberately trying to pit people against each other, and we've seen the interference in elections".
Oxfam is calling on Government to fairly tax the super-rich, regulate big tech and fight disinformation and hate online.
