South Africa has unveiled a new G20 taskforce to address global wealth inequality, with its findings set to be presented at the G20 summit in Johannesburg this November, as reported by Reuters.
The taskforce will be chaired by Nobel Prize-winning economist Joseph Stiglitz and include leading figures such as UNAIDS Executive Director Winnie Byanyima and development economist Jayati Ghosh, the outlet highlighted.
President Cyril Ramaphosa stressed that widening inequality undermines global economic resilience, citing challenges such as unequal access to vaccines during the pandemic and rising energy costs, the report noted.
Stiglitz argued that inequality is the outcome of deliberate policy decisions, urging G20 nations to channel public discontent into actionable reforms through fiscal and structural measures, the coverage stated.
The urgency of the initiative was underscored by the World Inequality Report, which revealed that by 2021, the richest 10% of the world’s population controlled 76% of global wealth, while the poorest half held just 2%, the publication showed.
