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The world’s 22 richest men have more combined wealth than all 325 million women in Africa, according to a study.

Women and girls across the globe contribute an estimated £8.28tn ($10.8tn) to the global economy with a total of 12.5bn hours a day of unpaid care work, a figure more than three times the worth of the global tech industry, claims an Oxfam report published on Monday ahead of the World Economic Forum in Davos.

The charity says women around the world, especially those living in poverty, do more than three-quarters of all unpaid care work, which is chronically undervalued and taken for granted by businesses and governments alike.

Ageing populations, cuts in public spending, and the climate crisis will exacerbate gender and economic inequality, the report warns.

“When 22 men have more wealth than all the women in Africa combined, it’s clear that our economy is just plain sexist,” said Oxfam GB’s chief executive, Danny Sriskandarajah.

“If world leaders meeting this week are serious about reducing poverty and inequality, they urgently need to invest in care and other public services that make life easier for those with care responsibilities, and tackle the discrimination holding back women and girls.”

In spite of increasing awareness about the wealth divide, most world leaders continue to pursue policy agendas that benefit the rich and hurt the poor, the report claims, pointing to tax cuts for billionaires promoted by US President Donald Trump and Brazil’s leader Jair Bolsonaro.