Create Global Panel to Bridge Deepening Wealth Gap, Experts Urge G20
Economic and social experts have called on G20 leaders to establish a global panel to address what they describe as a worsening “inequality emergency” that threatens democracy, economic stability, and social cohesion worldwide.
The call came ahead of this month’s G20 summit in Johannesburg, South Africa, where leaders are expected to deliberate on global economic challenges.
A new report commissioned by South African President Cyril Ramaphosa and led by Nobel Laureate Professor Joseph Stiglitz warned that deepening wealth inequality had reached “crisis proportions,” with billions of people going hungry while global billionaire wealth hit an all-time high.
According to the report, the world’s richest one per cent captured 41 per cent of all new wealth generated between 2000 and 2024, while the poorest half of the global population received just one per cent.
“The world understands that we have a climate emergency; it’s time we recognise that we face an inequality emergency too,” Stiglitz said.
“It isn’t just unfair and undermining societal cohesion — it’s a problem for our economy and our politics too.”
The six-member committee proposed the creation of an International Panel on Inequality, modelled after the Intergovernmental Panel on Climate Change, to analyse the causes and consequences of inequality and guide policy responses.
The report criticised the United States’ current trade approach under President Donald Trump, describing it as a “law of the jungle” system that allows powerful nations to disregard international norms.
It warned that such policies could worsen global inequality by reinforcing unequal trade and investment patterns.
“Inequality erodes trust in institutions, fuels political polarisation, and weakens democracy,” the report stated, noting that more than 80 per cent of countries currently face high inequality levels, with such nations seven times more likely to experience democratic decline.
The committee recommended fairer taxation for multinational corporations and ultra-wealthy individuals, the breakup of monopolies, price stabilisation measures, and debt restructuring for heavily indebted nations as key steps to narrow the wealth gap.
President Ramaphosa described the report as “a blueprint for greater equality,” pledging to push the recommendations onto the global agenda during South Africa’s G20 presidency.
“Addressing inequality is our inescapable generational challenge,” he said. “This report lays out prudent and pragmatic steps we can take to reduce it.”
South Africa is the first African country to chair the G20, which represents 85 per cent of global GDP, 75 per cent of international trade, and two-thirds of the world’s population.
Although Trump is not expected to attend the November 22–23 summit, Stiglitz expressed optimism that “a majority of countries would eventually join in” to support the proposed initiative.
