JOHANNESBURG / LONDON (IT BOLTWISE) – A new report from leading economists, including Nobel Prize winner Joseph E. Stiglitz, warns of a global inequality emergency. The richest one percent of the world’s population captured a large part of the global wealth increase between 2000 and 2024. This development not only endangers social cohesion, but also democratic structures worldwide.
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The latest analysis from leading economists, released ahead of the G20 summit in Johannesburg, sheds worrying light on rising inequality around the world. Led by Joseph E. Stiglitz, a renowned Nobel Prize-winning economist, the report shows that the richest one percent of the world’s population captured about 41 percent of global wealth growth between 2000 and 2024. This concentration of wealth is in stark contrast to the poorest 50 percent of the world’s population, who received only one percent of the wealth increase.
Particularly alarming is the forecast that a small minority is expected to inherit $70 billion over the next decade. This concentration of wealth undermines not only economic stability but also democratic structures, as countries with high inequality are seven times more likely to experience a deterioration in the democratic environment.
The reasons for this development are diverse. Events such as the coronavirus pandemic, the war in Ukraine and trade disputes, particularly through new US tariffs, have further exacerbated economic disparities. These factors have created a ‘perfect storm’ that is further fueling poverty and inequality worldwide.
To counteract this development, the authors of the report recommend the creation of an ‘International Panel on Inequality’, which would advise political decision-makers in a similar way to the Intergovernmental Panel on Climate Change. There are also calls for reform of international economic rules to ensure fairer taxation of multinational companies and very wealthy individuals. At the national level, worker-friendly regulations should be strengthened and investments should be made in public services.
The G20 summit, which has the motto ‘Solidarity, Equality and Sustainability’, offers a platform to address these issues. South Africa, which holds the presidency this year, plans to address the debt burden of developing countries and promote a fair energy transition. These measures could be an important step towards reducing global inequality and strengthening social cohesion.
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