A G20 taskforce established by South African President Cyril Ramaphosa has called for the creation of an international panel to tackle inequality, warning that extreme wealth disparities disrupt democracy and cause economic instability.
“The world understands that we have a climate emergency; it’s time we recognize that we face an inequality emergency too,” said Joseph Stiglitz, who heads the Extraordinary Committee of Independent Experts on Global Inequality.
The committee’s report — commissioned as part of South Africa’s G20 presidency — found that the richest 1% of the global population captured 41% of new wealth since the year 2000.
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