Global experts are sounding the alarm on wealth inequality as a pressing threat to democracy and social stability, urging G20 leaders to establish an international panel to address the crisis during their upcoming summit in South Africa. The call comes as a new report reveals one in four people worldwide regularly skip meals while billionaire wealth reaches historic highs.
The report, led by Nobel laureate Joseph Stiglitz, shows that between 2000 and 2024, the top 1% captured 41% of new global wealth, compared to just 1% for the poorest half of humanity. "We face an inequality emergency that destabilizes economies and political systems," Stiglitz stated, comparing the proposed International Panel on Inequality to the UN's climate change body.
Researchers found that over 80% of countries suffer "high inequality" by World Bank standards, with these nations seven times more likely to experience democratic backsliding. The study links concentrated wealth to eroded institutional trust, political polarization, and reduced civic participation.
South African President Cyril Ramaphosa endorsed the findings as a "blueprint for greater equality," positioning the November 22-23 summit as a platform for global action. The G20 bloc represents 85% of global GDP and two-thirds of the world's population.
As the first African nation to hold the G20 presidency, South Africa aims to prioritize economic reforms addressing land distribution, tax systems, and social safety nets. The proposed inequality panel would analyze these systemic issues and recommend policy solutions.
