The global economy must be reordered to ensure it serves ordinary people around the world rather than the “frivolous and destructive demands of the ultra-rich”, according to a leading UN figure.

Olivier De Schutter, the UN special rapporteur on extreme poverty and human rights, says politicians must stop prioritising “socially and ecologically destructive growth” that only increases the profits – and serves the consumption demands – of the world’s richest individuals and corporations.

Instead, to tackle the interwoven crises of rising inequality, ecological collapse and resurgent far-right politics, a new economic agenda is needed.

“The scarce resources we have should be used to prioritise the basic needs of people in poverty and to create what is of societal value rather than serve the frivolous desires of the ultra-rich.”