Global Inequality Taskforce Launched to Tackle Extreme Wealth Disparity

President Cyril Ramaphosa

President Cyril Ramaphosa of South Africa launched the G20 Extraordinary Committee of Independent Experts. Chaired by Nobel Prize-winning economist Professor Joseph Stiglitz, this committee aims to deliver a comprehensive report on global inequality to world leaders.

The committee comprises six renowned experts from around the world, including Dr. Adriana E. Abdenur, Ms. Winnie Byanyima, Professor Jayati Ghosh, Professor Imraan Valodia, and Dr. Wanga Zembe-Mkabile. Together, they will analyze the state of wealth and income inequality, its impact on growth, poverty, and multilateralism, and propose effective solutions for leaders.

According to President Ramaphosa, "A new oligarchy in our global economy is becoming apparent. South Africa's G20 Presidency is proud to launch an initiative that will target this issue of global wealth inequality – a first for the G20 – and offer a practical way forward."

Professor Stiglitz emphasized that "inequality has widened to extremes that threaten democracy itself and should be a concern of all of us." He added that the committee's task is to translate evidence and public anger into sound, practical, and transformative policy proposals for G20 leaders.

The launch of this committee comes at a time when global wealth inequality is reaching alarming levels. Recent analysis shows that the world's richest 1% have increased their wealth by over $33.9 trillion since 2015, enough to eliminate annual global poverty 22 times over.

With the expertise of its members, the Extraordinary Committee is poised to provide a critical examination of global wealth inequality and propose actionable solutions to address this pressing issue.