As G20 leaders converge in Johannesburg this November, experts are sounding the alarm on an inequality emergency that risks undermining democracy and social cohesion worldwide.
A team led by Nobel Prize-winning economist Joseph Stiglitz draws parallels with the UN’s Intergovernmental Panel on Climate Change. They propose an International Panel on Inequality to scrutinize issues from land ownership to tax avoidance—and guide G20 policymakers toward solutions.
The report delivers sobering data: one in four people now regularly skip meals, while billionaire wealth has soared to record highs. Between 2000 and 2024, just 1 percent of the population captured 41 percent of all new wealth—leaving the poorest half of society with a mere 1 percent share.
According to Stiglitz, it isn’t just unfair—it undermines societal cohesion and poses a threat to our economy and politics.
The analysis links high inequality to democratic erosion: more than 80 percent of nations meet the World Bank’s high inequality threshold, and these countries are seven times more likely to see democratic decline. Trust in institutions falters, political polarization spikes, and participation among under-resourced communities dips.
South Africa, the first African nation to hold the G20 presidency, hopes to elevate these findings. Representing 85 percent of global GDP, 75 percent of international trade, and two-thirds of the world’s population, the G20 has significant leverage to address systemic gaps.
US President Donald Trump has indicated he will not attend the November 22–23 summit. Meanwhile, South African President Cyril Ramaphosa called the report a blueprint for greater equality and urged G20 leaders to adopt prudent, pragmatic steps to tackle the crisis.
Reference(s):
cgtn.com
