The world's 10 richest men doubled their fortunes during the COVID-19 pandemic as poverty and inequality soared, an Oxfam study revealed on Monday.

The charity, which is focused on combating global poverty, said the 10 wealthiest men's fortunes skyrocketed collectively from $700 billion to $1.5 trillion (€1.314 trillion), at a rate of around $1.3 billion per day.

While the fortunes of the world's billionaires have soared, the world's poorest are facing even more dire circumstances.

"Over 160 million people are projected to have been pushed into poverty," according to the paper "Inequality Kills," published ahead of the World Economic Forum's Davos meeting, which this year is being held online due to the ongoing pandemic.