📊 Wealth gap is growing worldwide, and experts are sounding the alarm: it could undermine democracy and tear social bonds apart.
At the upcoming G20 Summit in Johannesburg, economists led by Nobel laureate Joseph Stiglitz released a report warning that one in four people skip meals regularly, while billionaire fortunes hit record highs. Between 2000 and 2024, just 1% of the world population captured 41% of new wealth—only a tiny fraction trickled down to the poorest half.
“We know we face a climate emergency. It’s time to recognize an inequality emergency too,” Stiglitz said. He argues that huge gaps in wealth fuel distrust, polarization, and political instability.
The report reveals that more than 80% of countries and regions are grappling with high inequality, and these nations are seven times more likely to see democratic backsliding. Experts propose an International Panel on Inequality, inspired by the UN’s climate panel, to analyze everything from land ownership to tax loopholes—and guide smart policymaking.
The G20 group, representing 85% of global GDP, 75% of international trade, and two-thirds of the planet’s people, is seen as the perfect forum to launch this initiative. South Africa, the first African nation to hold the presidency, calls the plan a “blueprint for greater equality.”
While some leaders, like U.S. President Donald Trump, may skip the summit, advocates say tackling inequality can boost economies, strengthen democracies, and keep societies united. 🌍💪
Reference(s):
cgtn.com
