South African President Cyril Ramaphosa has launched the G20’s first-ever taskforce on global wealth inequality. Chaired by Nobel laureate Joseph Stiglitz, this six-member panel will investigate how extreme wealth concentration undermines economic growth, deepens poverty, and weakens multilateral cooperation. The initiative represents a key priority of South Africa’s G20 presidency, focusing attention on challenges facing poorer nations, including sovereign debt and unfair global systems. Ramaphosa cited vaccine inequity during the pandemic as a stark example of how inequality “undermines dignity.” The taskforce aims to transform public frustration over growing inequality into concrete policy proposals, offering G20 leaders a practical roadmap when they convene in Johannesburg this November. With the world’s richest 10% controlling 76% of global wealth, this effort marks a significant step toward addressing one of the most pressing issues of our time.
Reuters
